Purchasing, selling, renting, or leasing property requires significant documentation to protect all involved parties. Real estate paperwork can be difficult for anyone outside of the legal field to understand. You need to feel completely comfortable with documents that you sign. If you’re going to be part of a real estate transaction, knowing your rights and understanding all pertinent documentation will protect you and your assets.
As a real estate law attorney, I provide legal services for the buyer, seller, or landlord of residential, commercial, or mixed use properties. The legal services you need will be based on your specific situation.
If you want protection during a real estate transaction, I will meet with you to discuss your needs, then make recommendations regarding how I can assist you.
A real estate lawyer can:
Initially, the seller will hire a broker to market the home and signs a Listing Agreement with the broker. Shortly thereafter, the seller and buyer enter into a form Purchase Agreement supplied by the Broker. The seller and buyer typically then hire attorneys to review the contract and close the deal (in states where attorneys are still typically involved in such representation).
The attorney approval of the contract is usually performed within five to ten business days after the contract is signed. The inspection is typically performed within five to ten business days after the contract is signed. Whether these steps take place and the timing for them is governed by the terms of the purchase and sale agreement. Next, the buyer obtains a Mortgage Loan Commitment. Finally, the seller’s attorney prepares the acquisition Closing Documents (including the deed). Closing occurs, usually at the title company, with the title company acting as escrowee (with the net purchase price going to the seller, the title policy to the buyer and the deed to the recorder for recording).
When you add it all up, a typical deal usually takes approximately six to eight weeks from the time the purchase contract is entered into until the deal closes.
If you have real estate law questions or would like an appointment with myself, contact me today. As an attorney, I serve clients in Highland Park, as well as the greater Chicago area and surrounding communities.