Buying a home, especially for the first time, can be an experience filled with excitement and trepidation. After all, buying a home is both an enormous financial commitment and a major milestone in a person or couple’s life. If you are interested in buying a home in Illinois for the first time, you probably have a million questions about what you need to do. Fortunately, with the help of a residential real estate attorney, the process of buying a home can be simple and straightforward.
Do I Have to Have a Lawyer to Buy a House in Illinois?
Because buying a house entails signing major contracts, Illinois requires homebuyers to have an attorney review the purchase agreement before a home purchase can be finalized. Even if you do not have a real estate attorney for any other reason, this part, at least, is mandatory. Your contract should always have something called a “contingency clause,” which allows an attorney to review and change the contract. Your attorney will make sure this clause is there and that he or she makes other necessary changes to protect your interests. However, residential real estate attorneys can be helpful for many other reasons.
What Else Does a Residential Real Estate Lawyer Do?
You will want the help of a residential real estate attorney before you even begin looking at a house. This is because an attorney can explain how long you can expect to wait in general before a purchase is finalized, and offer more specific advice on a specific property. This can be very important, especially if you are moving out of another home or apartment on a tight deadline.
Your attorney will also make sure you understand whether the house requires repairs and, more importantly, whether those repairs are addressed in the contract’s contingencies. He or she will help you understand your financing options and make sure you understand the tax implications of purchasing a home.
You can also expect your attorney to make sure the home is free of title encumbrances or defects that could come back to hurt you later down the road. Some title encumbrances, like zoning laws, do not hurt potential buyers and help them to understand their rights, as well as any potential property development possibilities. Other encumbrances, like liens placed against a property, can prevent it from being sold until the encumbrance is lifted.
Finally, your attorney will review all the final paperwork to make sure you understand the entire contract and that everything is in place. After the sale has been completed, the attorney will usually record the deed and title transfer for you.
Contact a Glen Ellyn, IL Residential Real Estate Lawyer
Whether you are buying a home for the first time or you are a seasoned expert, a DuPage County residential real estate lawyer can make sure you are fully protected. Make sure you have all the information you need when taking such a major step; schedule a free consultation with the office of NN Legal Group by calling us today at 630-474-0925.