Matters of real estate are almost always complex, and generally involve much more money than any other purchase or sale transaction you may conduct. You would think only the buyer and seller, the true parties in interest, are affected, but there are many other persons at the table with a financial interest in closing a real estate transaction. The only one in the room other than you who has your best interests at heart is your lawyer.
Real estate law and its effects can often be difficult for most people to process and understand completely. Virtually all persons engaged in buying or selling real estate, even other lawyers, would be best served by hiring a real estate attorney.
Questioning whether or not you should hire a real estate attorney? Here are 5 situations in which it would be wise to do so.
1. When the Situation is Stressful.
An occasion in which you should always have a real estate lawyer on your side is when you struggle to process exactly what's going on. Most of us don't buy or sell real estate more than once or twice in a lifetime. Real estate deals have quite a few intricacies, and if you are under stress, some of the nuances can escape you at the moment, and come back to haunt you later.
Contingencies, concessions, and other contract language are important, and should not be looked at casually, or without being informed as to their effect, by a signer of the contract.
Having an experienced real estate lawyer review the contract language and the later closing documents will allow you to know whether or not you're getting what you intend.
2. When You're Dealing With a Great Deal of Money
If your real estate transaction involves a great deal of money, it's almost always a good idea to bring a real estate lawyer into the mix. Truthfully, the only time you would be advised not to is if you yourself are a real estate attorney, and even then, careful real estate lawyers have another attorney review their transaction before it is complete.
Unlike real estate agents or mortgage brokers who you hire, real estate lawyers don't have a personal financial interest in whether you make a deal, or for how much. They will not receive any commission, and consequently will provide the most unbiased and informed advice.
3. When it's Legally Required
In some states, you are legally required to hire a real estate lawyer when making a real estate transaction. As of 2017, the states which require this are Alabama, South Carolina, Delaware, Georgia, South Carolina, Massachusetts, and New York.
In the state of Illinois, you are not legally required to use a real estate lawyer when closing a deal. It is, however, recommended in order to get the fairest and most legal deal possible.
4. When You've Got a Legal Dispute with Real Estate
This might be fairly obvious, but if you've got a dispute with a buyer or seller before or after a deal has been made, or with a neighbor, tenant or other person affecting your use and enjoyment of real estate, you should seek legal advice as soon as possible.
A lawyer can objectively assess the situation, and then inform you on what is and isn't legally allowed in your circumstances. He or she can also help you pursue legal action if you wish for it to be taken.
5. When You're in Completely Over Your Head
If the thought of real estate transactions is intimidating to you, you'd be well served by bringing in a real estate lawyer. While you can certainly do research on your own, your lawyer will have the knowledge and experience necessary to let you know exactly what is going on.
The buying and selling processes are stress-ridden, but they can be less stressful if you've got truly informed parties on your side. And, many of the voices you hear regarding real estate may be uniformed about your circumstances or the law that applies to your facts.
Let a Park Ridge, Illinois Real Estate Attorneys Work for You
Seeking out a reputable real estate attorney in Park Ridge, Illinois? If so, we here at John J. Pembroke & Associates are exactly who you're looking for.
Our team of real estate lawyers are well-versed in Illinois real estate law, and are ready to ensure that you're making a fair and legal real estate transaction. We aim to make your transaction as smooth as possible.
Contact us today for a free consultation!