Why Should a Real Estate Lawyer Look Over My Contract?
If you’re considering buying or selling a home in Illinois, you might be wondering why people choose to work with real estate attorneys in conjunction with a real estate agent. Many people believe that working with a real estate agent is sufficient for protecting their financial interests when buying or selling a house; however, this is not necessarily the case. Although real estate agents are dedicated professionals who provide valuable services in areas such as these, there are a number of things that only attorneys can provide.
In this blog we discuss areas where seeking the expertise of a real estate lawyer proves to be quite beneficial.
A Real Estate Lawyer Frequently Deals With Contracts
Attorneys who practice real estate law are quite familiar with the process of drafting contracts and determining what components should be included in attempt to protect the interests of buyers and sellers. This knowledge works to ensure that contracts are free from expensive errors and helps clients to better anticipate expenses if the transaction were to fall apart.
A standard real estate contract contains a number of responsibilities that must be executed along with deadlines. One small misstep could affect the sale of a property and may eventually lead to increased costs -- something no seller or buyer wants.
Although real estate agents are familiar with property contracts, they cannot provide any legal advice. Additionally, real estate agents do not have the ability to customize contracts on your behalf like an attorney can. When working with an attorney, clients have access to a level of expertise that can further simplify the buying/selling process, avoid costly errors, and protect their financial interests.
Lawyers Can Help Save Money
Misunderstanding a contract has the potential to cause more than a headache, as it could cost you lots and lots of money. For example, buyers might assume that the washer and dryer will transfer in a sale, but the contract isn’t specific. It’s not uncommon for a buyer to move into a home to realize that they must also buy a washer and dryer at the last minute.
Other issues clients might encounter that increase costs include plats of survey, septic and well tests, appraisals, and home inspections. If a sale were to fall through, costs associated with these items have the potential to be the seller’s responsibility. Further, if plats of survey or inspections are done incorrectly, it can also increase costs. Real estate lawyers can help ensure that all elements of a contract are executed correctly and on time. This can prevent transactions from falling through and prevent avoidable expenses.
Overall...
These are just a few instances that can cause problems in real estate transactions. Fortunately, working with an attorney can help minimize issues like these so buyers and sellers can transition to the next chapter of their lives with ease.
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