In Illinois, real estate transactions are complex and require an advanced understanding of these processes. First-time buyers need assistance with these endeavors as they aren’t familiar with the process or the legalities associated with them. The following are details about how a residential real estate attorney in Chicago can help buyers.
Reviewing the Inspection and the Appraisal
The first steps are to review the property inspection findings and to assess the official appraisal. The property inspection identifies all issues that could reduce the value of the property. These issues could also lead to excessive costs for the buyer if they aren’t corrected by the seller. The official appraisal determines the exact value of the property as it is. The attorney compares these assessments and determines if the property is worth the asking price.
Identifying Unethical Terms in the Sales Contract
The sales contract defines all terms of the sale. This includes the commission that the real estate agent earns off the transaction. The attorney reviews all terms to prevent any unethical terms, which could include an increase in the property’s value in order for the agent to earn a higher commission.
Preventing Predatory Lending Practices
Predatory lending laws are in place after lending reform was passed. However, this hasn’t stopped some lenders from adding these terms to mortgage contracts. In addition to these actions, the lender may fail to provide a mortgage loan that is affordable for the buyer. The attorney reviews these terms and ensures that all lending laws were followed.
Title Insurance and Searches
Title insurance is provided to prevent the buyer from suffering any losses. If the seller isn’t the lawful owner of the property, the transaction is canceled. However, if the buyer provides a down payment, they may lose it if they don’t have adequate insurance.
In Illinois, real estate transactions require an advanced understanding of these processes. For this reason, first-time buyers need an attorney to help them and to prevent them from accepting contracts that could lead to foreclosure in the future. Buyers who need to speak with a residential real estate attorney in Chicago can contact Starr Bejgiert Zink & Rowells today.
