Why You Need A Real Estate Lawyer

Do you intend to buy or sell real estate in the Chicago area? Hiring a real estate agent is not enough. You also need an experienced Chicago real estate lawyer. One reason is that, unlike agents and brokers, a real estate lawyer isn’t paid by commission, so your lawyer is genuinely free to advocate in your best interests. Agents and brokers must close a deal to earn a commission, so your real estate lawyer is the one person who can be entirely objective on your behalf.

Real estate agents aren’t lawyers, so they can’t draft legal documents like deeds or riders that will protect your interests. Riders are common for most purchase and sale agreements, and your lawyer may choose to draft a rider that covers you in the manner your lawyer deems best. A real estate agent can’t give you legal advice about your contract and loan documents; only a lawyer can. You should also know that while your agent can’t act as an lawyer, the reverse is also true. You can be a licensed lawyer and a licensed real estate agent in Illinois, but you cannot act in both capacities on the same transaction.

Don’t wait until the closing to hire a real estate lawyer. Before you launch any real estate transaction, make the call. If you hire a lawyer in a timely fashion, you’ll avoid or minimize major risks. An lawyer can also advise you regarding the legal promises you must fulfill and help you avoid a lawsuit or any other legal action. If you’re buying or selling a property in the Chicago area, there’s no doubt about it; you need a good real estate agent. But you also need to speak early in the process with an experienced Chicago real estate lawyer who will look out for your best interests. Real estate is a wise investment. When you hire a good real estate lawyer, you make another wise investment. If you’re involved in a transaction or considering a real estate sale or purchase in or near Chicago, don’t hesitate to make the call.