YES. Thanks for reading...
In all honesty, I get this question a lot, in some form or another. Although I believe the answer is an emphatic "yes," there are many reasons I believe this.
For most people, the purchase of a home is the largest and most important transaction they will make in their lives. This is not running to Walmart for a couple household items. We are talking about spending thousands, if not hundreds of thousands, of dollars. We are talking about making obligations that could last for as long as 30 years. Seems to me that someone making a purchase of this caliber would want to assure that it was done properly.
Since everyone loves a good list, here are seven reasons why hiring an attorney to assist with your real estate purchase is a good idea:
1. Attorneys understand contracts.
This is what we do, folks. We read, we comprehend, we explain the ramifications. Most real estate agents in Illinois utilize a fill-in-the blank form contract. Every sale is unique, and as you might suspect, a form does not always fit every circumstance. Attorneys are uniquely equipped to draft and tailor a contract to fit the needs of the transaction.
2. Attorneys understand title issues.
Any real estate purchase should involve title insurance. When a title company issues a title commitment to insure the title, the commitment will outline any issues, or clouds, on the title. These items may need to be resolved, and attorneys are equipped to resolve most of those issues.
3. Attorneys have ONLY your best interest in mind.
Illinois allows real estate agents and brokers to act as dual agents. If someone is acting as a dual agent, that means they represent both parties to the transaction. The rules of attorney ethics dictate that we are only allowed to represent one side of a transaction. That means the attorney only has the client's best interests in mind and works diligently to protect those interests.
4. Attorneys are not paid based on a successful transaction.
Most real estate agents are paid based on a commission, which is a percentage of the purchase price. If the transaction does not close, the agents do not get paid. Attorneys typically bill based on an hourly rate or a flat fee. Since the attorney's fee is not based on the transaction closing, attorneys are uniquely able to advise against consummating a transaction when it is not in client's best interest.
5. Attorneys understand and are familiar with the process.
Attorneys have done this before. Most people do not routinely buy real estate. For that reason alone, they usually have no reason to be familiar with the process. For better or worse, all counties in Illinois are unique and have their own quirks. An attorney can help Buyers smoothly navigate potential pitfalls they might face during a transaction.
6. Attorneys can save you time and money.
For many of the reasons I have already listed, attorneys help a transaction to go smoothly. The more smoothly the transaction goes, the less time the Buyer has to spend on it. Plainly stated, time is money.
7. Attorneys can save you headache.
Whether it's contract negotiations, issues with title to the real estate, mortgage issues, issues with the title company, easement issues, home inspection issues, or myriad other items, the attorney can make sure the transaction closes cleanly and that the Buyer will not be haunted with unresolved issues after the closing. Buyers certainly do not want to have to deal with outstanding issues after the transaction has closed, especially if such issues involve litigation. Litigation is expensive and time consuming. (Refer to #6 above.)
I have never represented a client who regretted hiring our firm to assist with their purchase of real estate. I am somewhat biased, but I believe hiring an attorney to guide a Buyer through the process is always a wise decision.
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