Real Estate Attorney Peoria-Bloomington IL – Queen Law Firm – For a Consultation Call 309-245-8080
Buying and Selling Real Estate in the State of Illinois
Without a doubt, purchasing a house is often the single, most significant investment most people will ever make. A lot of research and planning goes into purchasing a home or property. If you are starting a family, you want to know about the features, neighborhood, and schools. If you are starting or moving a business, location could mean everything. Ideally, it would be great if you could find the perfect place and move right in. Of course, it is considerably more complicated than that. There are legal issues that vary from state to state concerning both the seller and buyer. Offers, disclosures, inspections, contracts, escrow accounts, taxes – the list is an extensive one.
Consult with a Knowledgeable Real Estate Attorney Peoria-Bloomington IL at 309-245-8080
If you live in Illinois, it’s definitely to your benefits to consult with a lawyer who specializes in the practice area of real estate. A lawyer is not required when drawing up a purchase agreement or other documents related to buying a house. However, a Real Estate Attorney Peoria-Bloomington IL is necessary to review the purchase agreement before the purchase can finish. Real estate transactions can have problems, delays, adjustments and encounter other unforeseen developments. Some contracts can contain exceptions, contingencies or other customized items.
If you are considering the purchase of a home or planning to sell your existing home, you’ll want to strongly consider having someone on your side who knows the legal intricacies of real estate transactions. Purchasing a home is a complex legal transfer of a property from a seller to a buyer. The legalities of this transaction can be confusing for the average person to understand.
An experienced lawyer offers expertise in working through the details of buying or selling property. Additionally, a licensed Real Estate Attorney Peoria-Bloomington IL specializes in the transfer of property from one entity to another. This professional is qualified to represent parties on either side of the transaction. In addition to a buyer or seller, a lender might also retain the services of a real estate lawyer.
A Real Estate Attorney Peoria-Bloomington IL prepares and reviews contracts when buying or selling homes or commercial properties. Retaining a real estate attorney to settle disputes between landlords and tenants, for example, is common. At times disputes over property can lead to Real Estate Attorney Peoria-Bloomington IL litigation. A competent legal professional will explain if and when retaining a lawyer in those situations is necessary.
Real estate attorneys are a beneficial component to purchasing or selling a home. They can contribute to a transaction that proceeds as smoothly as possible. Though not required in the state of Illinois, a lawyer can be part of the process from the start. Some buyers opt to have their attorney review the brokerage contract generated by the realtor. Others prefer to bring a lawyer into the transaction when the purchase contract is prepared.
Upon review, a Real Estate Attorney Peoria-Bloomington IL can suggest modifications to any part of the agreement with two exceptions. The purchase price and real estate broker fees are not part of the agreement review. Knowing the right time to bring on a lawyer is not always clear.
Attorney for the Seller
A seller should hire a real estate attorney in the event there are structural problems with the property or it belongs to a relative who is deceased. If there is legal action pending the sale, legal representation is a necessity. Examples of this are property liens, foreclosures, proceeds split due to a divorce or a partition lawsuit forced the sale.
A Look at the Fundamental Steps to Purchasing a House – From Hiring a Real Estate Agent to Closing Date
For most people, purchasing a home is among the most significant financial moves they will make. For that reason, it’s essential to make preparations and follow a plan each step of the process. Here’s a quick rundown of some of the most critical steps prospective buyers can take.
Hiring a Real Estate Agent
It’s not a requirement to hire a real estate agent in order to purchase a house in Illinois. However, a real estate agent can help make the process go much easier for you. Besides showing houses of potential interest to you, an agent helps assess their value. In addition, real estate agents provide most of the paperwork you’ll need while guiding you through the home-buying experience. Real estate agents receive a commission fee from the residential properties they sell. The sellers pay the commission from the sale proceeds.
Looking at Homes for Sale
It’s beneficial to look at a number of homes for sale within your local region such as Peoria and McLean Counties. Take time to research what’s on the market before you make a decision on which one to buy. Through viewing several properties, you’ll get an accurate look at what’s available and what the current property values are.
Additionally, you’ll see various features that may or may not appeal to you. For example, whether a home is on a busy road, if it offers storage space or proximity to schools.
Legal Advice for Your Next Home Purchase or Sale – Queen Law Firm
Real estate agents can access databases of homes currently for sale in your community. Also, they can arrange viewings for you or alert you about upcoming open houses.
Getting Preapproval for a Mortgage
First, calculate what kind of down payment you can afford before progressing too far along in the whole process. Naturally, this initial financial step provides an idea which residential property is attainable. Second, prepare to present your financial qualifications to the home seller.
It’s very important to obtain approval from a lender for a mortgage. To that end, you’ll provide the loan officer with information about your income, savings and existing debts. Consequently, the loan officer can then inform you if you’ll qualify for a mortgage and on which terms. For example, subject to confirmation of the details you provide.
After receiving a preapproval letter, the buyer presents it to the seller as part of making the offer. This conveys to the seller your intentions to buy the property are serious. In addition, it demonstrates you can follow through with the offer.
Obtaining Disclosure Information from the Home Seller
There’s often a requirement that the home seller discloses specific information to the buyer in writing. The disclosure lists existing defects with the house. Some home sellers offer this disclosure form to any prospective buyer. However, that may not be a requirement until the home seller accepts the offer.
A complete disclosure form will typically cover legal, physical and environmental defects relating to the house and the lot. For example, if the home has lead-based paint or the condition of any appliances that are part of the sale. Without a doubt, there can be legal consequences for a home seller who intentionally conceals defects.
Real Estate Attorney Peoria-Bloomington IL – Queen Law Firm
The process of buying or selling a home can be complex but ultimately rewarding. Certainly, guidance from a Real Estate Attorney Peoria-Bloomington IL is very helpful and protects your investment. Talk with our law firm in Bloomington today for a free consultation.