What Does an Attorney Do During a Real Estate Transaction?
Originally posted by Zara Law Group
What Do attorneys Do During Real Estate Transactions?
There are a lot of details that go into any real estate transaction. While it can be anticipated that purchasing commercial property is a lengthy process, purchasing a home involves negotiations, inspections, contract drafts, revisions and a multitude of changes before both parties reach the closing table.
Whether you're a buyer or seller, your real estate attorney acts wholly in your best interests throughout your transaction.
From negotiating & verifying contract details, to reviewing all information in regards to your transaction, an experienced real estate attorney helps guide you through the process. Your attorney is your attorney, and works for your interests at all times and works to benefit you and your transaction to bring it to a successful conclusion.
What Does a Real Estate Attorney Do For a Buyer?
If you're buying real estate, your attorney will also help you create a modification letter, or list of items you request to be repaired or changes made to the property before closing. This list is comprised of items discovered during the home inspection, though having an experienced attorney can give you additional considerations for potential changes as well as protection against previous claims such as mechanics liens on the property.
Purchasing Real Estate in a New Location
When you are purchasing a new home or business in an area you're unfamiliar with, you need an experienced real estate attorney that knows the local market and gives you additional insights and considerations of the local area that someone moving from another area may not know. This could be from additional local taxes, ordinances or other local conditions.
Buying a Historic Property or Homes With a Homeowners Association
Before purchasing a home in a historic neighborhood or one subject to a HOA agreement, you must have your attorney give you information on all pertinent details, limitations and obligations you must uphold if you purchase the property. These types of homes can come with restrictions you may be unprepared for which is where your attorney will help you understand the whole breadth of additional requirements you will be beholden to after purchase.
Considering Purchasing Real Estate With Structural or Other Issues
Even if a seller discloses defects, structural issues or other problems with a property, doesn't mean you can't be effected by unknown issues that, if unaddressed in your purchase agreement, could cause you money, or worse, liability in the event a serious issue arises.
Business Purchases & Commercial Acquisitions
Many business purchases and acquisitions involve inventory, equipment and real estate. If you're looking to purchase a business, having an experienced attorney that understands your commercial, business and real estate needs helps you maximize your investment from the beginning.
Purchasing Property With Tenants
Whether you purchase an investment home or commercial office space with tenants, you will have individual contracts involved with the tenants and your a good real estate attorney will inform you of all obligations, status as well as additional information regarding up-to-date payment status on each tenant.
Short Sale & Foreclosure Property
As with properties that can be subject to mechanics or lax liens, short sale and foreclosure properties more often that have mechanical, structural or other defects that is causing the seller to A) sell fast to get out from the property, or B) a foreclosure property due to the previous owners unable to stay current on their payments. In this instance, you have to assume the previous tenants didn't keep up to date on routine maintenance.
Using an experienced attorney provides you with the personal and investment protection when undertaking a distressed property.
What Does a Real Estate Attorney Do For a Seller?
As a seller, your attorney reviews requests made in the modification letter. At this stage of the transaction, you can make changes requested or choose to counter-offer the buyer, this is where an experienced attorney can help you negotiate modification or buyer requests that can be advantageous to you.
During your real estate transaction from the negotiating to the drafting and review of the final contract, your attorney reviews the details of your transaction from the smallest details of past repairs to current issues from recent home inspections & surveys to keep you aware of the pertinent details of your transaction.
Protecting You From Liability
Even if you believe your real estate sale will go smoothly, having an attorney when you sell can be particularly advantageous if you own a property that has a history of repairs, has failed inspection or has other high-profile issues associated with it.
Estate & Probate Administration for Real Estate Property
If you've lost someone, the process of distributing a loved ones assets after they pass can vary depending on if the die with or without a will or trust. If you've been named as an executor or an heir, an experienced real estate attorney will help ensure the proper administration of your ones estate.
Disclosure & Local Issues
When you hire an experienced real estate attorney, there job is to gather as much information from you as possible including issues and problems you've had at your property including major repairs, potential flooding and other relevant details. Being open and honest about your property not only keeps your attorney informed so they can disclose pertinent details, but your attorney will ensure you're protected from liability for these issues.
Selling Real Estate to Family Members
Real estate transactions between family members may seem like it would be a straight forward transaction due to the perceived trust of family members, however, an attorney ensures that the transaction is not only fair, but ensures fair terms and is there to protect your personal & property rights.
Selling Your Property Due to the Division of Property & Assets
If you're involved in divorce proceedings in Illinois and the divorce settlement stipulates the sale of your real estate or other physical assets, you need an attorney to ensure that not only are you getting maximum value, you have a legal advocate to give you the best recommendations on how to proceed.
Jointly Owned & Disputed Business Property
If you jointly own property with another party and either you, or they are looking to sell their portion of their investment, you need a real estate attorney to ensure your share of the investment is protected. In the event of a dispute, your real estate attorney will fight to protect your personal & professional interests.
The Property You're Selling Has Tenants
Whether you're selling a home or commercial office space with tenants and existing leases, you need an experienced real estate attorney to protect you from liability while ensuring the best possible terms in your agreement.
Protection Against Mechanics Liens & Other Judgements
During probate administration or selling after years of ownership, liens and other judgements can be discovered that need to be addressed before selling. Having an experienced attorney allows you to get all of the information and help you address them.
Property Tax & Other Tax Liabilities
Real estate attorneys help you understand the impact of taxes on your sale. They assist you in addressing concerns as well as maximizing your tax benefits on your sale, as well as by assisting you in reducing your property tax liability.
Having an experienced real estate attorney for your residential & commercial real estate transactions helps alleviate contract concerns as well as actively managing the details of your transaction to minimize and eliminate delays.
While you're able to sell a home without having your attorney, while 90% of transactions without a real estate attorney can go smoothly, if your purchase is a part of that 10%, it can cost you time, money and potentially liability. If you're considering buying or selling a property in Illinois, schedule a free consultation with our Illinois real estate attorneys to learn how we assist you with every phase of your residential & commercial real estate contracts, transactions and property tax matters.
Illinois Real Estate, FSBO, Contract, Landlord & Tenant Legal Services
Zara Law Group has a long standing history of excellence in successful real estate closings. Real estate closings can be stressful for those who aren't properly prepared. Our attorneys know real estate law and focus on the clients wants and needs. Call 708-365-8411.