One of the key team member when buying a home in Illinois is your attorney. Attorneys play four important roles when buying a home and it’s important for you to know what they do prior to starting your home purchase.
Contract Review
During the process of writing an offer to buy a home there will be a few items that aren’t covered in the contract but don’t worry, your attorney will be there to help you out. Real estate agents in Illinois are not allowed to practice law, so sometimes the contracts that we write don’t include certain language that protects both parties. For instance, most real estate attorneys will include an appraisal contingency in their attorney review letter, stating that, if the property appraises below the agreed upon sales price, the buyer has the opportunity to renegotiate the price of the sale or walk away from the sale. Your attorney will include this, and many more clauses to help keep you protected.
Contract Cancellation and Extension
After you have agreed basic terms in the contract, you will initiate a series of contingencies that will allow you to cancel the contract and get your earnest money back. Should you need some more time with the contingency, your attorney will be there to write an extension request that keeps you, and your earnest money, protected. Should you find a reason to need to cancel the contract, your attorney will have the proper language to ensure that you get your earnest money back when the cancellation happens.
Inspection Negotiations
After the inspection is completed, you will have an opportunity to ask the seller to repair or credit you at closing the cost of what the repair may cost. This negotiation will happen through the attorneys. You will meet with your attorney and real estate agent to discuss where you can push and where you need to accept the current condition of the home. Once you have agreement, your attorney will send a letter to the sellers attorney to start the negotiations.
Closing
The biggest benefit that an attorney plays is assisting you throughout the day of closing. When you get to the closing table you will have a lot of documents to sign in order to make the house yours. Your attorney will have pre-read the documents and made sure you aren’t signing anything that will put you in harms way. He or she will explain what you are signing and give you the go ahead to sign on the dotted line. Once all the documents are signed and the money has been transferred, you are a proud new home owner!