In Chicago, real estate buyers and sellers gain advantages by using legal counsel. Through legal assistance, they discover their rights throughout the purchase or sale process. They also define opportunities to enforce these rights. A real estate lawyer in Chicago guides both sellers and buyers through this process.
Managing the Sales Contract
The sales contract defines the responsibilities of both the seller and the buyer. These responsibilities include the exact selling price, when the buyer takes possession of the property, and who pays the closing expenses. The attorney evaluates the contractor to ensure each party understands these responsibilities. They also determine if the real estate agent acquired the sale through unethical means.
Title Insurance and the Title Search
The attorney must conduct a title search for at least the last twenty years. This search allows the attorney to evaluate the transfer of ownership of the property. The purpose is to ensure that the seller has the legal right to sell the property to the buyer. The attorney also provides title insurance for the buyer. The insurance provides a refund to the buyer if the seller isn’t the legal owner.
Reviewing the Terms of the Mortgage
The mortgage must be based on affordability. The lender must assess the buyer’s income-to-debt ratio first, which determines what mortgage value is accessible by the buyer. The terms of the mortgage loan must also provide fair and reasonable options for the buyer; they cannot present any predatory actions that could lead to foreclosures purposely.
Preparing for the Closing
The closing process requires a wire transfer to the seller. The attorney must ensure that all applicable laws are followed and they must complete the title transfer to the buyer or their lender.
In Chicago, real estate buyers and sellers have rights when entering into a real estate transaction, such as acquiring legal counsel throughout the process. An attorney must also officiate the closing process. Sellers or buyers who need to hire a real estate lawyer in Chicago should contact Starr, Bejgiert, Zink & Rowells.
