Mount Prospect Real Estate Attorneys

It is recommended to have a qualified real estate attorney involved in the real estate purchase or sale process, even though it is not required under Illinois law. With an attorney handling your real estate transaction, there is less chance of something going wrong.

Our Mount Prospect real estate attorneys at Villadonga & Villadonga can assist you with real estate transactions, so please contact us if you have questions.

Real Estate Attorney Overview

A real estate attorney in Illinois is licensed to practice real estate law in the state, which means they have the experience and know-how to advise you about real estate transactions. Your attorney knows how to prepare and review real estate-related documents and also handles property closing efficiently. Your lawyer will review the transaction paperwork and ensure that everything is in order so the transaction can close successfully.

What A Real Estate Attorney Does For Buyers

A Chicago-area real estate attorney performs many essential tasks for buyers. First, the attorney will review the sales contract and disclosures and keep track of critical dates, such as deadlines for closing, mortgage financing, and inspections.

Next, real estate attorneys for the buyer handle extension requests, review possible real estate contract modifications and advise the buyer about any contractual issues with the purchase. They can also negotiate certain things that were not included in the original contract.

Also, a Mount Prospect real estate attorney handles title searches to look for title encumbrances or issues. After all, if there is a title issue, it should be found as soon as possible for a resolution so the sale can take place. If a title defect is not cured, the purchase cannot move forward.

What A Real Estate Attorney Does For Sellers

A real estate attorney also has many essential duties for the seller. First, they review or draft the real estate sales contract, ensuring it is reasonable and fair. If the real estate agent for the seller did not create the agreement, the real estate attorney can do it.

Next, the seller’s real estate attorney negotiates critical contract terms. For instance, the buyer and seller may have different ideas about the closing date and how much and when earnest money is paid. If so, the seller’s attorney can negotiate with the buyer’s attorney or real estate agent to resolve these issues.

As with the buyer’s attorney, the seller’s attorney is involved in title issues. They will inspect the title before the property is set to close. It is also crucial for the seller’s sake that title defects are found early because if they come out too late, it can derail the sale. The attorney can often resolve title concerns with an opinion letter or quitclaim deed.

Last, the real estate attorney for the seller may be involved in drafting, reviewing, or transferring the deed. Even if your title company does the closing, your attorney prepares the deed and closing documentation.

Contact Our Mount Prospect Real Estate Attorneys Today

If you want to conduct a real estate transaction in Chicago, you should speak to a qualified attorney today. Our real estate attorneys at Villadonga & Villadonga can help you with real estate purchases and sales, title searches, transferring of deeds, and more. Contact our Mount Prospect real estate attorneys today at 847-298-5740 for a case consultation.