In Chicago, real property transactions require a variety of steps to complete. These steps could present buyers and sellers alike with several questions. The answers to these questions help them to avoid common mistakes that could cost them in the future. The following are concepts that are managed by real estate attorneys in Chicago.
Title Searches and Insurance
An attorney manages the title search process. Before it begins, the attorney offers the buyer title insurance. The title insurance is provided to prevent the buyer from losing money if the transaction is stopped. The title search itself is conducted to determine if the seller is the rightful owner. The search includes all ownership transfers for the last 30 years. If the seller isn’t the rightful owner, the transaction is stopped. With the insurance, the buyer receives a full refund.
Evaluations for Sales Contracts
The attorney reviews the sales contracts to determine if the terms present the buyer a fair deal. If the agent has altered the sales price to increase their commission, the attorney can renegotiate the contract. They can also demand changes for any other unfair terms.
Reviewing the Mortgage Home Loan
The mortgage loan contract cannot include any predatory lending practices. The lender must show how they reviewed the buyer’s income-to-debt ratio to establish affordability. They must also provide the most affordable rates based on what is available. The buyer’s credit score determines what rates are accessible.
Manage the Property Closing or Represent the Buyer During the Closing
The attorney officiates the closing process and reviews all wire transfers to ensure that they aren’t fraudulent. They must review all additional contracts and ensure that all parties are fulfilling their obligations. They also ensure that all processes were followed as presented in real estate laws.
In Chicago, real property transactions require assistance from an attorney to provide guidance throughout the process. They ensure that the rights of buyers and sellers are enforced. They must also prevent any fraudulent activity. Buyers or sellers who need the services of real estate attorneys in Chicago contact the law office of Starr, Bejgiert, Zink & Rowells for more information today.
