What would you do if, after taking possession of your new home, you received a notice of taxes due to the county, and you must pay or forfeit the property? This has happened, and it will happen again – but it does not have to happen to you.
Read Before Signing.
If you don’t read every line of every document in your real estate transaction, you make the assumption that all involved parties have your best interests at heart. This assumption could cost you a lot of time and money down the road. Every member of a real estate transaction has his or her own interests in mind, and you are responsible for yourself. Often without malice, someone may include verbiage that you were either unaware of or did not take time to read prior to signing a document. You’re still responsible for your signature as a sign of your agreement with the document’s contents.
At your home closing, you’ll have many documents to review and sign. Each signature you inscribe comes with a promise that you agree to what’s written on the paper you sign. If you do not agree with anything on any of the paperwork, you must speak up and have it changed before signing.
Who will alter the agreement on your behalf? Who will look out for your interests? Who will make sure that you understand everything you must sign in order to take ownership of your new home? Who will identify discrepancies in taxes owed or mortgage interest rates? A real estate attorney.
What Your Real Estate Lawyer Will Do.
Thomas Emalfarb, P.C., Attorney at Law in Highland Park, Illinois, will make sure that you’re protected when buying your home. As your real estate lawyer, he can:
• Read, review, and explain your purchase and sales contract
• Check the title commitment and explain how you’ll take title to the property
• Include verbiage for contract termination upon failed property inspection
• Check for errors in loan documents
• Review and check validity of adjustments on closing documents
• Draft legal documents, as necessary
• Arrange title insurance
• Work with your mortgage lender, as necessary
• Attend the closing with you
Don’t expect anyone to look out for you, unless you have an attorney. If you plan to purchase a home soon, call today to schedule your consultation with Mr. Emalfarb.