Do You Really Need A Real Estate Lawyer?

Many who are buying a home in the Chicago area – especially younger people who are first-time homebuyers – want the homebuying process to be as simple and straightforward as possible. Why, you might ask, is a real estate lawyer even needed? Legally, there’s nothing requiring you to retain the services of a real estate lawyer. However, what you save in the short-term by not hiring a real estate lawyer may not even compare to the long-term risks and costs of failing to negotiate the best possible deal. Especially if you are an international or out-of-state buyer, if there are any structural or locational issues (it’s in a flood zone, for example), or if the property is a short sale, bank-owned, or part of an estate sale, the help of a good real estate lawyer can make all the difference.

An experienced Chicago real estate lawyer can help you negotiate the real estate contract, and then your lawyer can help you renegotiate if a home inspector finds problems or if an appraisal determines that the home is worth less than the sale price. A real estate lawyer represents your interests at the closing and does the biggest share of the paperwork associated with the closing. Your lawyer can review all the documents associated with the transaction to ensure that those documents are legally compliant and in line with your own best long-term interests.

Unlike agents, lenders, and the others involved in your purchase of a home, a real estate lawyer is dedicated exclusively to looking out for your interests at every stage of the transaction. Whenever you buy or sell a property in the greater Chicago area, having the help of an experienced Chicago real estate lawyer is a very smart move. If you’re involved in a real estate transaction or considering a transaction, make the call promptly.