Whether it’s residential or commercial real estate, it’s always recommended to receive the proper legal advice from a real estate lawyer in Chicago. Buying or selling real estate always begins with a friendly arrangement with a sales contract. This document can also be called the purchase agreement. After both parties have signed this document, the property will have to have a title search performed. This title search will let the buy know if there are liens or hindrances that come with the property being purchased. It is never recommended to complete a real estate transaction without and experienced attorney review all of these documents.
It could cost thousands of dollars in the future if a lien is discovered on the property after it’s been transferred. A real estate lawyer in Chicago can help a buyer or seller understand exactly what they’re signing. Signing a legal document regarding real estate without understanding it could be incredibly detrimental to the buyer or seller because once the deal is approved, each party is solely responsible for whatever is in the contract. A lawyer has no claim or vested interest in the agreement so they will be able to give sound legal information that is unbiased.
Real estate agreements generally have legalese language that can become confusing that a buyer or seller may not be able to comprehend if they need to pay for something or if the other party must pay a fee. Lawyers do more than just protect your personal interests. In addition to looking for liens on the property from non-payment of the current owners, they will search for third party rights. This could include right aways or easements. Right aways could be a gas line or utility that current travels above or below the ground on the property. Easements are documented for future right aways that can occur and limits use of the property in that area.
Most real estate closings require a lawyer to be present for the closing for both parties. So don’t purchase or sell real estate without contacting Starr, Bejgiert, Zink & Rowells for the proper legal representation that is needed in a real estate transaction.