Real Estate Law
Buying or selling a home can be stressful. The real estate process can be challenging and confusing if you’re going through it alone, and realtors may not always have the answers or the legal capability to help with some of the intricate aspects of real estate transactions. It is wise to hire an Aurora, IL real estate attorney to assist you during your venture.
Having an experienced real estate attorney can protect your interests and make sure that your desired outcome is achieved. A knowledgeable attorney knows how to implement resources and execute a smooth real estate transaction. After all, the sale or purchase of a home is usually the single most significant investment that most people make.
Illinois doesn’t require buyers or sellers to have an attorney throughout the real estate process; however, hiring an attorney can save you from faulty deals, having a deal fall through, and risky transactions. Your real estate attorney can also help you save time and money, and make sure that the due diligence of home buying and selling is covered.
A skilled real estate attorney will ensure that a real estate transaction or deal is fair. When a contract is drafted for the purchase or sale of your home, your attorney can review it and request modifications. Modifications can be made to a contract within a specified timeframe, which is usually five days. If an agreement of the requested modifications is not reached, then the attorney can revoke the contract on your behalf. Your attorney will take the time to explain the contract and ensure that you understand the terms of the deal and make sure that the transaction is fair. Protecting your interest is a priority. Your Aurora, IL real estate attorney, will be guiding you in case the deal falls through or through any problematic circumstances that may occur from a contract’s first draft to the closing.
Real estate is dynamic – there a number of parties involved in order to make a transaction happen. Your real estate attorney is an essential cog in the wheel of real estate – he or she keeps everything moving. Having an attorney will significantly decrease the chances of any rising issues or the potential of a deal falling apart. However, not always do contracts run smooth, and problems can arise. If not adequately resolved, the chances of closing a transaction are low. An experienced attorney, however, can help turn things around and put the deal back on track. Your Aurora, IL real estate attorney, will work and negotiate a plausible solution to help bring your transaction toward closing.
Often, a simple uncompleted task such as a deadline may cause a contract to fall through. If either party involved misses a deadline, it can delay or cause the deal to end. Deadlines can be a headache, but your attorney can help you keep your deadlines and avoid a breach of contract, loss of earnest money, or the unfortunate circumstance of having a deal fall apart. A resourceful real estate attorney will ensure that an extension is negotiated in case a deadline is not feasible.
Your expert attorney should meticulously review your contract, make appropriate modifications, and focus his or her efforts on making sure that your transaction makes it to the end with little to no issues.
At Velazquez Consumer Law, you will find an experienced Aurora, IL real estate attorney who is dedicated to providing unparalleled support and service. Contact Attorney Orlando Velazquez Esq. today.
What Areas Or Cases Does Your Firm Handle Under Real Estate Law?
The cases I cover are primarily transactional matters, like real estate closings. I also handle breach of contract cases when there’s some type of dispute after the closing, but these types of cases are rare if the transaction is done correctly from the beginning.
Do You Work With Both Commercial Real Estate As Well As Residential?
I only work on residential real estate matters.
What Are Some Common Reasons That People Might Find They Need A Real Estate Attorney?
When buying or selling a house, you typically need an attorney to review the contract with you to make sure that it says what you want it to say. Contracts usually have a clause that allows the attorney to request modifications to the contract within a certain period of time, so changes can be made if necessary. Some municipalities have several requirements that must be met when selling a house and others have minimal to none. When representing the seller in a real estate sales transaction, the attorney will make sure that all the legal requirements of the local municipality are complied with in a timely manner. This can be anything from making sure that the final water reading is scheduled properly to making sure that any required inspections are completed in a timely manner. The attorney will also order the title commitment and any other items that are required by the contract, such as a survey or termite inspection.
When representing the buyer in a real estate sales transaction, the attorney will review the inspection report with the buyer to determine what items the buyer would like repaired. The attorney will then negotiate with the seller’s attorney to have as much of those repairs as possible done. He will also review the title commitment provided by the seller’s attorney to confirm that the title being conveyed is good and that there are no liens on the property. He will also review the survey to make sure that there are no violations of the building lines or encroachments on the property. At the real estate closing, the attorney will review all mortgage and closing documents with the buyer prior to the buyer signing the documents and answer any of the buyer’s questions.
Should I Use The Same Attorney I Used To Buy Or Sell A Property If I Have A Claim after The Transaction?
The attorney who represented you in the sale or purchase of a property is in the best position to help you with any post-closing issues because they’re familiar with the transaction.
How Often Do You Handle Disputes In Real Estate Matters?
Part of my responsibility in representing a seller or a buyer in a real estate transaction is making sure that I do everything correctly during the real estate transaction to avoid any post-closing disputes or issues. It’s very rare that I’ll have some type of a post-closing dispute because most of my emphasis is on making sure that everything is done properly. The few instances where I have dealt with disputes are due to minor issues, such as situations where the seller forgot to leave something behind, such as a garage door opener. I have represented buyers in breach of contract claims but it’s because they did not use an attorney so something was not done correctly.
Should I Talk To A Realtor Prior To Engaging An Attorney For a Real Estate Dispute?
Realtors are generally very knowledgeable about real estate, but if there is a real estate dispute I recommend that the client call an attorney. An attorney is in the best position to take care of a dispute, even if it’s something minor, because an attorney knows the law. An attorney can get things resolved quickly, so that it doesn’t escalate into something worse. Also, an attorney has the option of filing a lawsuit if the real estate dispute cannot be resolved amicably between the parties.
The first step in buying a property is to get pre-approved for a mortgage. The bank or mortgage company will pre-approve you for an amount that you can afford, based on your financial situation, so that you are not wasting your time looking at houses that you cannot afford. The pre-approval is also essential when you make an offer, as a seller will want to see that you are a qualified buyer. Once you have been pre-approved, you should hire a knowledgeable realtor who can help you find the house of your dreams. Read More
A foreclosure happens when you fail to pay your mortgage. If you fail to pay your mortgage, the mortgage lender will start foreclosure proceedings against you. When a foreclosure case is filed, the sheriff will serve you, the homeowner, with a summons. You then have 30 days to file your appearance and answer with the courts. Read More
For more information on Real Estate Issues In the State Of Illinois, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (630) 509-8989 today.
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