The Power of Law
Buying a home is a complicated task. Buyers are inundated with mountains of paperwork during the closing process. It's no surprise that the number of documents crossing the table overwhelms most folks.
This is why real estate lawyers are a necessity for every home buyer. Lawyers can make sure that buyers don't pay for services they haven't received during their transaction.
They also review title documents, which are often quite confusing, to make sure that no other individuals or entities also hold title to a buyer's new residence. The best real estate lawyers also explain all the paperwork that goes along with a transaction.
Unfortunately, more buyers across the country are deciding to purchase their residences without the help of attorneys. In some states, lawyers almost never sit at the closing table alongside buyers. Illinois' neighbor, Indiana, is one of these states.
It is my recommendation, though, that buyers here always work with real estate lawyers. This is a view shared by the National Association of Realtors, whose members remind buyers that real estate agents are not qualified to give out legal advice if they are not also lawyers.
Don't be deterred by price. The National Association of Realtors says that there is no set fee for real estate lawyers, but consumers willing to shop around can hire a real estate lawyer to represent them for anywhere from $450 to $600.
While this represents yet another fee tacked on to countless others faced by homebuyers, it's well worth it.
According to the Illinois Real Estate Lawyers Association, real estate lawyers study the sales agreement between the buyer and seller, watching out for their clients'' best interests.
They make sure that the title on a property is clear.
They advise their clients on how to attain mortgage insurance.
They help their clients set up an escrow account for property taxes.
That's a lot of information for the average buyer to handle. Remember, buying a home is the most important transaction you are likely to make in your lifetime.
Why wouldn't you want the extra protection afforded by a real estate lawyer?
For more information about the benefits of real estate lawyers, call the Illinois Real Estate Lawyers Association at 847-593-5750. You can also visit the association's Web site at www.reallaw.org.