You've been working with your Realtor® for what seems like forever and you have finally found the property that you like enough to actually want to call your home. You've made an offer, and after going back and forth with the seller you finally reach an agreement; so the question is what do you do now? I bet if I told you that the Illinois Bar Association recommends hiring a lawyer as soon as possible that you wouldn't be surprised, but do you know why?
Under Illinois law, Realtors® who are representing buyers use their best efforts to find a property that meets their clients wants, desires and needs. Once found, they then assist the buyer in determining what they should offer; that is, determine what a fair market value for the property is. When this has been done, the Realtor® puts together a written offer by filling in the blanks on a contract form that has been pre-approved by a bar association for their use, but that is as far as they can go.
In the landmark case, Chicago Bar Association vs. Quinlan and Tyson the Appellate Court of Illinois - First District concluded that Brokers and salespersons who are not lawyers may only fill in blanks and make appropriate deletions on pre-printed standard form contracts. Making any changes to a contract that goes beyond this limited mandate is deemed the practice of law and Realtors® are not licensed to engage in this activity.
Because of this ruling it is vital that you work with an attorney as soon as possible to make sure that your interests are protected, that the terms of your agreement are carried out and your dreams are fulfilled.
Importance of Attorneys
The value of having a seasoned real estate attorney assist you in your purchase cannot be overstated. Here are just a few of the lawyer's responsibilities when representing the purchaser:
¤ Review of the initial contract and riders.
¤ Explain contract contingencies and monitor deadlines.
¤ Advise client on suggested modifications to contract.
¤ Draft necessary alterations to contract and riders.
¤ Negotiate repair issues.
¤ Discuss possession and timing issues.
¤ Examine the survey for possible encroachments.
¤ Examine the title commitment for potential issues.
¤ Schedule and attend the closing to ensure compliance with the contract.
¤ Review and explain mortgage documents.
As you can see from examining the responsibilities listed above, the majority of the attorney's work is actually
performed PRIOR to the closing. As such, I don't quote a "closing" fee, but rather I quote you a fee for handling the
I invite you to contact me directly to discuss your purchase concerns without any obligation.