The Importance of Hiring a Chicago Real Estate Attorney
How do you know if you really need a Chicago real estate attorney? The simple version of the answer is that sometimes you have to have a real estate lawyer according to the laws in the region in which you are purchasing or selling a home. While this is not necessarily the case in every region, some states do dictate that you hire a real estate attorney before any type of real estate changes hands. Take Chicago real estate for example. You would do well for yourself to hire a good Chicago real estate attorney from the beginning. Even when it is not required by law, it is often a good idea because it is a way to ensure that you will not be met with unpleasant surprises later on.
Of course, real estate transactions can often be rather complex and there are several factors that you have to think about when it comes to making the decision regarding your need for a real estate lawyer. If you are purchasing real estate, there are a number of things that you should ask yourself that will help you determine your need for a real estate lawyer. In other words, there are some specific situations in which hiring a real estate lawyer is of paramount importance.
If you are purchasing property from out of town or you are purchasing property that is owned by the bank it is vitally important that you hire a real estate attorney. In addition, the purchase of commercial property or property that may have structural issues or other types of problems, as well as property that is part of an estate sale, all require that you hire a real estate lawyer in order to protect your interests.
Another thing you want to consider is whether or not the property that you are interested in purchasing is located in an area where there are an abnormally high number of environmental issues such as when a home is located in a floodplain or where other types of weather occur more often. All of these examples require you to hire a real estate lawyer in order to ensure that your needs are met and that you do not get stuck with something that you are not expecting.
Similarly, if you are selling property you may need to hire a real estate lawyer if the property that you are selling fits into a specific type of category.
- If the property that you are selling has something major wrong with it such as structural issues or issues with plumbing or electricity you need to hire a real estate attorney to represent you.
- You may also want to do this if you are getting a divorce and selling property when your spouse does not want to sell it or if the property you are selling belonged to a deceased family member and you are selling it as part of an estate sale.
- In addition, if liens or other types of legal action have ever been placed against you it is always a good idea to hire a real estate lawyer when you are selling property.
In many cases, hiring a real estate lawyer when you are selling property can prevent you from being sued long after the fact.
Sometimes people are hesitant to hire a real estate lawyer because they do not want to spend more money than they are already spending when it comes to purchasing a home. While this is understandable it can also have dire consequences. There are many things that a real estate lawyer can do on your behalf. For instance, a good real estate lawyer will be able to negotiate additional terms regarding repairs to the property and clear up any potential legal issues regarding the property itself before you get in over your head.
In addition to the many benefits of hiring a real estate lawyer, it is also important to keep in mind that you may want to hire a lawyer that is local to the area in which you are purchasing property. Doing so will give you the best chances of hiring an individual that knows the innermost workings concerning real estate in that particular area. In other words, a lawyer will give you the greatest opportunity to get the property you want at a fair price without being forced to deal with a lot of problems along the way.
Law Office of Ranj Mohip, LLC can answer any questions you may have regarding buying or selling real estate in Chicago. Give us a call, we would love to assist you.
By Ranj Mohip