Hiring a real estate attorney is a wise decision for many reasons. While Illinois law does not require you to retain counsel when buying or selling your home, doing so is almost always necessary because of the substantial benefits it provides. For example, appointing one of Midwest Law Works' experienced real estate attorneys ensures that your purchase or sale contract is fair and can potentially save you money by avoiding real estate litigation post-closing. When you agree to buy or sell your home, the contract typically includes a five-day attorney review period. If you retain one of our highly capable attorneys during this window, they will not only explain the contract terms to you in plain language but can also modify provisions if needed and protect you from any misleading or unfavorable language. Our seasoned attorneys are there to safeguard your interests if the deal falls through or if problems arise during your transaction. 

Furthermore, a real estate attorney increases the likelihood that your transaction will close successfully. In addition to finding mutually acceptable solutions to unexpected issues, such as problems uncovered by a home inspector, your attorney will keep track of critical deadlines, including proof that your mortgage application is progressing on schedule. Real estate contracts are complex documents with many moving parts, and there are numerous opportunities for problems to arise. If these issues are not resolved promptly and correctly, the deal can fall through. Real estate attorneys ensure that any complications are addressed efficiently, whether that means extending deadlines or resolving defects in the chain of title. A failed transaction can result in the loss of your earnest money, which is neither beneficial to you nor conducive to achieving your homeownership goals.

Moreover, failing to hire a real estate attorney to assist with your home purchase or sale could result in significantly higher costs due to post-closing litigation. If there are mistakes or ambiguities in the contract, a real estate attorney can identify and correct them before closing, thereby reducing the risk of disputes later. This saves you money because, unlike real estate attorneys who typically charge a modest flat fee, litigation attorneys are considerably more expensive. When negotiating agreements about repairs and disclosures, your real estate attorney will ensure that these terms are properly documented in the contract to prevent litigation after the transaction closes. When both sides retain real estate attorneys, the likelihood of needing a costly litigation attorney due to contractual errors is greatly reduced.

The process of purchasing or selling a house is exceptionally time-consuming and involves not only communication between the buyer and seller but also coordination with the local municipality, lenders, homeowners associations, title companies, and the county tax assessor. Even for experienced attorneys, this process can be challenging, let alone for buyers and sellers who are unfamiliar with real estate transactions. If you choose to forgo representation by a real estate attorney, the process will become extremely time-consuming, and there are numerous points at which errors can occur that may delay closing for months or cause the transaction to collapse entirely. One of the primary responsibilities of real estate attorneys is performing the technical work that protects the interests of both parties. For instance, the seller's attorney typically acts as the title agent, which means they must communicate with the title company to confirm that the seller has the legal right to transfer title to the buyer. If any issues arise with the title, the attorney can work with the title company to resolve them without causing you additional stress. It is equally important for the buyer's attorney to review the land survey and deed to ensure that the property the buyer intends to purchase is the property the buyer actually receives, and that there are no misunderstandings or encroachments.

In addition to all the reasons discussed above, when you hire a real estate attorney, you gain a trusted advisor who listens to your concerns and explains every step of the process in clear, accessible language - no confusing legal jargon. The benefits of hiring a real estate attorney far outweigh the modest cost of retaining one. Your attorney will ensure that you receive a fair deal that may save you money, reduce the likelihood that your contract will be delayed or fall through, minimize the risk of post-closing litigation, save you valuable time, and ensure that title to the property passes cleanly from seller to buyer. Contact our office to speak with one of Midwest Law Works' highly skilled real estate attorneys for all your property buying and selling needs.