Real Estate Law

Real Estate Law

Real Estate Law

Queen Law

The purchase of a home is much more than just another transaction. It is also the legal transferring of a property from one party to another party. Because the legal aspects of this major transaction can be very complex, it makes good sense for home buyers and home sellers to enlist a lawyer to watch out for their interests.

While you’ll be looking a number of costs as you close on the purchase of a home, having a lawyer with expertise on real estate can end up paying for itself.

A real estate lawyer has the experience and knowledge to advise parties in a real estate transaction, such as a home purchase or sale. Your lawyer will know how to prepare and review contracts and paperwork relating to the transaction. In some cases, a real estate lawyer will be the person who in charge at your closing.

Real Estate Attorney

You Can Hire A Lawyer

When it comes to a home buying transaction, both the seller and buyer can hire a lawyer to represent them during the procedure. In cases where a lawyer oversees a closing where the property is being purchased through a mortgage loan, the lawyer might represent the lender.

Lawyers Review The Agreements

Illinois is a lawyer-review state when it comes to real estate. This basically means it’s custom for each party to utilize real estate lawyer services. For instance, each party’s lawyer reviews the purchase agreement before the transaction finalizes. The purchase agreement includes terms detailing how much time each party can take for their attorney review, for instance.

You Can Walk Away From The Purchase

Ordinarily, either party can choose to walk away from a purchase agreement without risk of penalty within the review period, which is usually five days. The real estate lawyers review the complete agreement. Either lawyer may suggest modifications to any aspect of the purchase agreement with the exception of broker’s fees and the purchase price. The lawyer are likely to recommend changes after the home inspection. Consequently, the review period and the inspection usually occur during the same time table.

Real Estate Closing Lawyer
Real Estate Closing Lawyer

A Few Basics About The Civil Process

An individual, a business entity or even a governmental body can be a party in civil litigations. The party who is suing is “the plaintiff.” The party who is being sued is called “the defendant.” It is the duty of the plaintiff to prove that what they’re claiming.

The following are some typical examples of civil litigations:

  • Debt recovery. For example, you might initiate a civil action in order to recover debts if someone owes you funds but is refusing to pay.
  • To claim possession of a property. You might initiate a civil action in the event you have a tenant who will not pay rent or violates terms of their lease. Additionally, you might claim the overdue rent or other losses.

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Craig Queen
Over 20yrs practicing law in Illinois

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