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When and why to hire an Illinois Real Estate Attorney

Posted by Avi Fagan | May 19, 2024 | 0 Comments

So you're interested in buying or selling a home....

When and why should you hire an Illinois real estate attorney?

Ideally, before you even start looking at prospective homes or contacting an agent to sell your home in Illinois, you should reach out to a real estate attorney. Fagan, Fagan & Davis should be the first call you make.

There are big changes coming in the real estate business. Real estate agents in the Chicago area are doing something new and advertising lower commissions than the industry standard. This is due to recent lawsuits challenging the NAR (National Assiciation of REALTORS) standard of 5 to 6 per cent commission divided between selling and purchasing realtors. New rules have yet to be written, and some agents are attempting to take advantage of the situation by undercutting the competition. The current situation holds both uncertainty and opportunity, and having a real estate lawyer to consult gives you peace of mind as you navigate your options. Once new rules are put into place, we may even be able to negotiate agent rates for our clients. Either way, we can help you navigate the laws and customs of property transfer from the beginning.

Our role as Illinois real estate attorneys goes beyond merely successfully shepherding your transaction to a close. We help provide a personalized experience for our clients. Getting us involved early enough means we will not only be able to help you keep your options as open as possible, we'll be with you for the entire process, from the very beginning straight through the closing where we will make sure everything is signed and executed properly and hand you the keys as the buyers, or the check as the sellers. Your real estate attorney has a duty of loyalty only to you, the client. That duty doesn't change based on how much the property is worth. Hiring a licensed real estate attorney means having someone focused on the timing and execution of everything that needs to get done in the transfer of ownership.

Attorneys can provide advice, and carry out negotiations on your behalf, and attorneys who are also title agents, as we are, can check properties for liens, encumbrances, and other title issues. We can also help clients understand contingencies and other real estate terms that may be different from common use or completely unfamiliar. Part of our philosophy is to make sure our clients understand the process so that they can move forward with as much confidence and knowledge as possible.

At Fagan, Fagan & Davis our fee is not dependent upon commission or sale of a home, we charge a flat fee for our work. That includes everything from initial offer, to negotiation, to attorney review, all the way to closing day when you get the keys to your new home (or the payout from your sale). Our loyalty is to protect you, our client, first – not the transaction.

Call us now to protect yourself and make the process of buying or selling residential real estate in Illinois as safe and smooth as possible

About the Author

Avi Fagan

Avi Fagan graduated from the University of Illinois at Chicago with a degree in Criminology, Law, and Justice and earned his law degree from Northern Illinois University in DeKalb, Illinois.

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