For many people, the purchase of their home or rental real estate represents one of the biggest investments they make in their life. To protect your investment, it is essential to have a dedicated and knowledgeable Illinois real estate attorney to protect your interests in the transaction and insure a smooth and successful closing.
In Illinois, the buyer’s attorney’s role begins with an examination of the executed contract, disclosures, and public record for the property. If necessary or beneficial, the buyer’s attorney will send out an attorney review letter requesting various changes that protect the buyer’s interests. For instance, If the Seller has done work on the property, Buyer’s attorney will usually require that Seller provide copies of any permits issued to insure full compliance with municipal building regulations. The buyer’s attorney will also check the real estate tax information relating to the property, and if necessary, request changes to the contract that will make sure sufficient real estate tax prorations are provided. If the property is a condominium, the buyer’s attorney may request and review condominium association documents for adverse clauses that could negatively affect buyer’s intended use of the property, as well as the meeting minutes and budgets for contemplated or pending special assessments that buyer would be responsible for after closing. The discovery of unfavorable clauses in the condominium documents or future special assessments during the attorney review period can be the basis of further negotiations, or if unsuccessful, the termination of the contract and return of buyer’s earnest money deposit. Another area of negotiations during the attorney review process relates to issues discovered through buyer’s professional inspection of the premises. Buyer’s attorneys often negotiate Sellers repair items discovered through inspection, or provide closing costs credit towards the same.
The buyer’s attorney is also charged with attending the closing and reviewing the closing documents with the buyer to insure the final closing statement reflects the agreement reached between the parties. The buyer’s attorney must review the deed, affidavit of title, bill of sale, and other documents prepared by the seller’s attorney, as well as the title insurance policy protecting the buyer’s purchase. At times there are last minute unforeseen issues that arise at the closing that must be addressed by the buyer’s attorney. For instance, it is not uncommon for buyer’s final walk-through to reveal damage to the premises or discarded property that will cost buyer money to dispose of. Other times, sellers may be delayed in being able to move out of the premises and tender possession at closing. Another common scenario is the discovery of a new issue affecting title, such as a mechanics lien or memorandum of judgment recorded shortly before closing. To resolve such less minute impediments, a knowledgeable and dedicated real estate attorney must be able to negotiate and draft a sufficient post closing agreement with adequate money from seller’s proceeds set aside in escrow to insure a successful post-closing resolution of the problem.
When an investment as important as your house is on the line, you need a zealous and experienced advocate on your side. The Law Offices of Vladimir A Uman, P.C. is a Chicago law firm with over 12 years of experience representing buyers in residential real estate purchases. Call us today at 773-521-7201 or email attorney Uman directly at vladimir@umanrealestatelaw.com for a free consultation regarding your Illinois real estate purchase.
