Purchasing or selling a home is a major life milestone – and usually a large investment! It is undoubtedly a complex process with specific legalities and regulations in every state. While many procedures are standard, things can get complicated or confusing for both parties. In these cases, having a real estate attorney by your side can make the entire process much simpler and ensure a successful result.
Real estate attorneys (like Ben Weaver) are well-versed in Illinois real estate law and estate planning. We are very familiar with the landscape and know the in’s & out’s of buying and selling in Chicagoland. The 23 Legal team can help you negotiate deals, protect your interests, and save you from any issues down the road.
Things can go sideways quickly in real estate transactions depending on the situation. That’s why having an experienced real estate attorney on your team like Ben Weaver is your best bet for a successful endeavor! If you’re wondering if you need a real estate attorney at the closing, the answer is always YES! Let’s talk about why having a real estate lawyer by your side is essential for any real estate transaction…
An Attorney’s Role in a Real Estate Closing
Before we dive into why it is important to have a legal professional on board for the closing, let’s discuss the act of closing itself. What is a real estate closing? Closings are when the seller transfers the title to the buyer, the deed is exchanged, and the main financial transactions take place. Documents are reviewed and papers are signed.
Typically, the finer details of the closing process has been discussed beforehand, in which case the closing will go smoothly. But sometimes, you may run into a surprise problem and that is where your attorney comes in to save the day.
The role of the attorney depends on who they’re representing. At closings, you can expect the buyers, the sellers, and the bank’s attorney to be present. All of them play different roles but the main aim is to protect the interests of their clients and ensure that any matters that arise can be settled legally.
The Bank Attorney’s Role in Closing
The bank’s attorney deals with all the numbers. All the financial details have been prepared by this time and there is a detailed list of what fees need to be paid by either party and the respective amounts. What the buyer has to pay, and the seller has to receive is recorded. All bank documents are signed and funding is offered when the title officers offer the loan policy.
What is the Role of the Seller’s Attorney?
If you’re selling your home, here’s how an attorney can help you:
- Reviewing the Purchase Agreement: While most contracts are fairly standard, some clauses or terms can land you in legal trouble presently or in the future. A real estate attorney will carefully review the purchase agreement and ensure that all terms and conditions are met. They help ensure that your interests are protected and that all necessary disclosures have been made.
- Title Search: After the purchase agreement is signed, your attorney will perform a title search to ensure that you have a clear title to the property being sold. Any liens or judgments will need to be settled before the sale can proceed and an attorney can help you with that.
- Drafting Documents: Apart from the purchase agreement, several other documents need to be ready at the time of the sale – the deed, bill of sale, any other payment documents, etc. Your attorney will be responsible for all these documents being ready and in place.
- Negotiating Closing Costs: The seller’s attorney will deal with the buyer’s attorney to determine who will pay closing costs, such as title insurance, recording fees, and transfer taxes.
- Attend the Closing: As a seller, your attorney will also attend the closing to ensure that all documents are signed correctly, securing your interests and ensuring proceeds from the sale.
The seller’s attorney is responsible for ensuring that the closing process goes smoothly and that the seller’s interests are protected throughout the transaction.
What is the Role of the Buyer’s Attorney?
If you’re buying a home, here’s what a real estate lawyer can do for you:
- Reviewing the Purchase Agreement: The buyer’s attorney will review the purchase agreement and ensure that all terms and conditions are met. They will ensure that the buyer’s interests are protected and that all necessary disclosures have been made. It includes any repairs or faulty maintenance the house may have or the results of the home inspection.
- Title Search: The attorney also performs a title search to ensure that the seller has a clear title to the property being sold. They will make sure that there are no liens or other encumbrances that could affect the sale, and if there are any they are settled before the agreement is signed.
- Drafting Documents: The buyer’s attorney will prepare the necessary documents for the closing, such as the mortgage, promissory note, and any other required paperwork.
- Negotiating Closing Costs: Closing costs are a major part of the negotiations and an attorney can help you deal with those. They negotiate with the seller’s attorney to determine who will pay for the various closing costs, such as title insurance, recording fees, and transfer taxes.
- Attend the Closing: As a buyer, having your attorney attend the closing is wise as they can ensure that everything goes smoothly. They can also take care of any hurdles or obstacles that come up and help you settle the matter there and then.
Overall, the buyer’s attorney is responsible for ensuring that the closing process goes smoothly and that the buyer’s interests are protected throughout the transaction. They will provide legal advice to the buyer and make sure that the buyer is fully informed about the transaction and their rights and responsibilities.
Finding the Right Attorney for Your Closing
It’s wise to have a real estate attorney by your side as you navigate the world of real estate, law and housing. But it’s also crucial to choose the right attorney for your situation and needs.
Rest assured, Ben Weaver at 23 Legal is Illinois’ most trusted legal counsel when it comes to real estate law and estate planning. With raving 5-star reviews and many years of expertise, we’re the top choice for individuals and families throughout Chicago and the Illinois suburbs. Here’s what a couple of our clients had to say about their experiences with us:
“Loved working with Ben, he was clear in his messaging and made sure that all of the bases were covered. He was thorough during closing and easily answered all of our questions. Would highly recommend!”
“Ben was great to work with. He is thorough and responds to any questions/concerns quickly. We couldn’t have asked for a better experience!”
Real estate transactions are a big deal! Whether you’re ready to buy your new home or sell, make sure you partner with an experienced attorney to look out for your best interests every step of the way. Connect with us today to leave your legal woes to us.
Ready to buy or sell your home? Or perhaps you’re planning your estate?
Partner with an experienced, trusted attorney like Ben Weaver to accomplish your goals!
Contact 23 Legal for smooth sailing: (847) 447-6004
Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.