This article will help you learn about the real estate transaction process, and…
● Give some pointers when approaching an attorney before initiating a transaction.
● Explain some differences between real estate attorneys and real estate agents.
● Overview the significance of clear titles.
After getting an idea of the overall process, we recommend people discuss the specific role a residential real estate attorney would have in their real estate transaction in the state of Illinois.
The State of Illinois requires you to have an attorney if buying or selling real estate.
Attorneys have relationships with title companies. Title companies ensure you have a clear title and issue an insurance policy in case someone else claims to be the rightful owner of the property in the future.
Attorneys work simultaneously with realtors. Once you and your realtor find a property, the realtor enters you into a contract. When they do this, they actually list the attorney and their firm on the contract. From that point in time, the attorney has five days from entering the contract to do an attorney review. This consists of the attorney reviewing the contract to:
● Ensure it is properly executed.
● Ensure you are actually entering into all terms and agreements that you thought you were entering.
● Make corrections if there is anything negotiated outside of the contract. (Our law practice negotiates that on our letterhead to make sure that it is covered.)
So, for example, you might enter into a contract with a standard template but negotiate things outside the contract. A good example is when someone wants the seller to leave all furniture in the living room. This would not be entered into a contract. An attorney would ensure that this request is clearly conveyed once they get involved.
In addition to this, real estate transactions have inspection reports. This is where an inspector comes to the property and assesses it. After the inspection is completed, an attorney will negotiate the repairs. If there are no repairs, they may negotiate a credit in lieu of repairs.
Attorneys also maintain your extension request. This ensures you do not lose your earnest money and find yourself outside of the contract period in the event you do not close by the stated closing date or mortgage contingency date.
Lastly, the attorney will attend the real estate closing with you. Here, they review all documents one last time and summarize them for you. After this, they have you sign and date all documentation.
Clear title is simply a phrase that denotes when the seller and conveyor of a property is the right and truthful owner of it. Additionally, clear titles assure you that there are no easements or blots on the title that would otherwise affect the transaction and transfer of the property.
The main reason clear titles are used is to add a layer of protection to the real estate transaction process. Theoretically, anyone could walk into your house, claim they were the owner, and ask a potential buyer to write them a check for it. The title search and title clearance process verifies the identity of the parties entering into a real estate contract.
For more information on Real Estate Law in Illinois, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling +1-888 5WHISTLE today.
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