Purchasing residential property in Illinois is an exciting life event, but it can be challenging. Having reliable legal advice is vital to avoid unwanted delays, risks and expenses.
At Fagan, Fagan & Davis, our real estate lawyers in the greater Chicago area will help you navigate this important purchase in your life. Contact us at (847) 635-8200 to schedule a free phone consultation today.
Buying Residential Real Estate in Illinois
Your home might well be the most significant single investment you will ever make, and it helps to have some quality information about the home buying process, and the Illinois real estate attorneys of Fagan, Fagan & Davis are available to provide that guidance. In the meantime, here are some items to consider to make sure you set up a successful purchase.
Team Up with a Chicago area Real Estate Lawyer
An experienced lawyer will ensure your rights are protected while making sure your obligations are fulfilled within the contract and the law. The former ensures you get the best deal when making one of the largest investments of your life, while the latter ensures you do not suffer delays due to legal or formality issues. Making sure your real estate transaction is legally sound is critical.
A Real Estate Agent
Many people choose a DIY approach, but in many cases, an agent can save you and the seller both time and money. An agent can help you with the fun part - shopping for your new home - and can help you identify exactly what type of residential real estate you really want and need. Based on their connections and experience in the market, a quality agent can help guide you through the buying process, from determining your budget to finding your home and placing an appropriate offer, to closing on the purchase of your house.
Having an agent should not cost you anything out of pocket. In Illinois, the seller pays agents out of the proceeds from the sale of the house, even if you have your own agent working with you.
Make An Offer
Once you have chosen the home you wish to purchase, it is time to make an offer. If you have a real estate lawyer, it's best practice to start with their advice. Involving an attorney from the start gives you the greatest flexibility in negotiations and with crafting a favorable deal.
Financing, Appraisals, and Inspections
If you can pay cash for your new home, you do not have to worry about obtaining any type of financing. If you are obtaining financing, there are different sources from which you can do so. If you do not know where to begin, ask other people whom you know and trust. If you have a good relationship with your banker, that is always a good place to start.
Whether you obtain financing, you need to have the home and property inspected and appraised. This process should uncover any problems. If they exist, the lender will be informed, and you will have the opportunity to have the issues timely addressed. Keep in mind, anything that arises from the inspection could impact the value of the property.
Attend the Closing
Closing will be scheduled for you to close on your new home, and you will be told what to bring. Once the paperwork has been executed, you will get the keys and can move in. In Illinois, buyers and their attorneys typically do need to attend the closing, so that's something you'll want to coordinate with your real estate lawyer.
Seller Disclosure Requirements in Illinois
Sellers are required to disclose certain matters when they sell their homes. Although this varies widely by jurisdiction, some of the most common disclosures include:
- Neighborhood nuisances, such as a shooting range nearby
- Any known structural defects or hazards
- Environmental hazards
Failure to disclose the required information can result in lawsuits or fines against the seller. That said, keep in mind certain sellers may not be required to disclose information. For example, in some states, if the party selling a house inherited it but never lived in it, they will not be expected to complete a disclosure statement.
How a Residential Real Estate Lawyer in Illinois Can Benefit Your New Home Purchase
There are many reasons to hire a real estate lawyer when you are in the market to purchase a new home or residential property.
- Loyalty. Remember that for most people, purchasing a home is one of the largest investments they will make in a lifetime, so getting it right matters. There are many potential parties in a real estate transaction, from the seller, the lender, the real estate agent or broker, the title company, and more. Most have their own interests in mind but one: your real estate lawyer. Your lawyer will be loyal to you, your needs, and your wants.
- Title Search. Simply because you end up with keys to a new home does not mean you own it. A title search must be conducted, and it must be thorough. There may be other interested parties who can take the home if issues are not dealt with before closing. A lawyer will conduct a thorough search to uncover any hidden title issues, saving you time and money.
- Documents. Your lawyer can draft, review, and negotiate documents on your behalf. This benefit is critical because you may not understand exactly what a document's terms and conditions are or mean. A lawyer can explain these things to you in a manner you understand so that you are informed. When you are informed, you can make better decisions for yourself.
- Suggestions. A lawyer who has been in the real estate industry for a while knows a few things that may benefit you. The lawyer can suggest when a new survey should be made of a property, how to save on insurance, and other tips you may not have known.
Always keep in mind that not all attorneys have the same experience and the same way of conducting their practice. Meeting the real estate attorney first will help you understand if they meet your requirements and needs.
Contact a Residential Real Estate Attorney in the greater Chicago area Today
If you are looking to purchase residential real estate in the greater Chicago area, it is a good idea to get smart legal advice. Contact Fagan, Fagan & Davis today by filling out our online form or calling us at (847) 635-8200 to schedule a free phone consultation. Our real estate lawyer will walk you through the entire home purchasing process.
