Many states do not require a home buyer to have legal representation during the purchase transaction, but considering the size of the investment and the problems that can often arise, it is very important to have an experienced real estate attorney on your side during this complex process.
Documents the Attorney Reviews
- Purchase agreement – many sellers use standard forms, but your attorney will read through the agreement and suggest changes to meet your specific needs. These could include the terms of financing, alterations to the property or the conditions of escrow.
- Mortgage documents – these documents are prepared by the lender and usually cannot be changed, but it is very important that you understand what they mean so you can abide by the terms
- Title documents – these show any current liens or claims against the property
- Transfer documents – these transfer ownership from seller to buyer
Problems Can Arise During the Transaction
While some transactions go perfectly smoothly, in many cases there will be problems that need to be resolved. Your attorney may find errors in the mortgage documents that need to be corrected, the inspection may uncover issues that need to be addressed before finalizing the purchase, the title search may reveal liens or claims against the property, or the seller may try to back out. It is in these cases where you will be thankful that you have an experienced attorney like those at Churchill, Quinn, Richtman & Hamilton to help sort through and resolve the issues.
Can’t You Just Use Your Real Estate Agent Instead of Hiring an Attorney?
Your real estate agent may be very good at their job, but they are not legally trained and should not give legal advice. Remember that this is a legal transaction and mistakes cannot be undone once the papers are signed.
The purchase process is very stressful and the closing can be overwhelming. The attorneys at Churchill, Quinn, Richtman & Hamilton have extensive experience in real estate law and will be there to worry about the details so you do not have to. Contact us at 847-223-1500 or visit grayslakelaw.com to see how we can help.