The housing market gets a lot of attention from individuals looking to be homeowners or property investors searching for a great deal. But before you enter any industry, having some technical knowledge will serve you well. That’s why you friends at 23 Legal are here to share the most comprehensive real estate tips and tricks you’ll ever need…
You Don’t Have to DIY
When entering the world of real estate, you can either opt to dive in headfirst on your own or hire an experienced attorney to help you navigate. Choosing to work with an attorney can help you save time and resources as they will be handling the bulk of the work for you. Experienced, trustworthy real estate lawyers like attorney Ben Weaver can help you find and negotiate the best deals, give you the best advice, and save you from all the confusing legal paperwork.
On the flip-side, trying to do it alone will give you tons of homework and may end up being very stressful. You will need to learn how the market works, how to sell or buy the property, and how to manage your real estate assets. Making a mistake could cost you big time!
In addition to that, you will have to sort through mountains of paperwork and decipher complicated legal jargon. Whether you make the wise decision to trust a real estate professional or decide to take your chances riding solo, attorney Ben Weaver at 23 Legal is here to provide the ultimate resource for real estate tips. Ben Weaver has many years of experience providing his legal expertise to individuals of all ages across Chicagoland. He’s even created a YouTube channel dedicated to sharing honest, helpful real estate information that is important for any successful transaction.
Buying a Home
When buying a new home, your first move should be to determine whether it’s a seller’s market or a buyer’s. A seller’s market is when the demand for houses exceeds the supply and the buyer’s market is the opposite. Knowing this is important as it will determine the type of offer you’ll present to the seller.
Present the best offer you can, depending on the type of market you find yourself in. You might have to participate in a bidding war, or give a counter offer, so keep some room in the first offer you put out. Earnest money helps show your sincere interest in getting the house and can help turn the tides in your favor. When negotiating a deal, make sure to respect and echo the sentiments of the seller as they may be emotional about the sale of their house.
Establishing an emotional connection could help you seal the deal. Check out our videos for more tips to attaining your dream home!
Selling Your Home
Selling your house is no easy feat! You will need to start by completing any renovations and repairs that are musts. Hire a home inspector to take a look at your home. Home inspectors will be able to explain which repairs are an immediate need and which ones can wait. Get your house in excellent walk-through shape by sprucing up the exterior with paint and fresh landscaping. You can take photographs for advertisements or host showings. Summertime is ideal for showings as the days are longer and brighter, giving your guests ample time and daylight to look around the house.
However, if there are a lot of houses on sale, you’ll have a bit of competition on your hands. The real winner would be one with the ideal balance of location, amenities, and a well-maintained house with great curb appeal…
Doing this on your own can be confusing, but we’re here to help!
Estate Planning
If you have aging parents or adults in the family, estate planning can set you up for a comfortable and smooth transfer of ownership. Real estate planning can be a difficult topic to discuss with your family and loved ones. Professionals like Ben Weaver can step in and help fine-tune your estate to meet everyone’s needs so there is no confusion.
For estate planning, there are a couple of points you should keep in mind. Decide who should be involved in the conversation – siblings, children, loved ones, etc. so the proper chain of command and power of attorney can be established. You’ll also want to understand what documents are required and designate a time to have the conversation. Have a list of prompts beforehand so you can cover everything beforehand to avoid family disputes later.
Estate planning is complex, but partnering with 23 Legal will make it simple!
Key Real Estate Documents
While all processes in real estate involve different legal documents, there are some common ones that everyone should be aware of:
- The purchase agreement is a document between the buyer and seller, detailing the terms of the transfer, the purchase price, closing date, etc.
- A Seller disclosure is used by sellers to disclose any problems with the house on sale. You can hold the seller if an unmentioned problem arises later.
- A Home Inspection Report will report any issues with the house, as well as the repairs that will be required. This is an extremely important document for both parties.
- Title Insurance Policy offers protection against rival ownership claims. It has got you covered in case someone claims ownership with fake signatures or documents.
- A Property Deed confirms the ownership rights of a property. It’s a physical document that must be signed by both the seller and the buyer and should be kept safe.
Not sure what you need or how to fill it out? As your local real estate attorney, that’s what we’re here for!
Home Inspections
A home inspection is extremely useful before buying a house. It can identify safety hazards and structural misalignments. A final inspection report helps the buyer forecast costs in case of replacements or repairs. It also helps you negotiate and bargain with the seller if the house requires major structural work before you can move in.
The inspection also secures the buyer against any illegal fixtures that may have been installed in the house which you could end up paying for. All in all, it is something you must insist on as a buyer before purchasing the property.
This also benefits sellers by protecting them against any wrong claims in the future. You can also decide if you want to make the repairs or allow the buyer to do them in exchange for a lower price. Ask 23 Legal how to make sure you’re protected from any mishaps or mistakes!
Finding the Best Resources
Educating yourself is the first step towards success in any real estate endeavor. The next thing to do? Partner with an expert in your area. Between our YouTube channel and extensive blog posts, attorney Ben Weaver has compiled the ultimate resources for real estate tips and knowledge! Do you have questions? We’re available to answer any concerns you may have.
Here’s what a client had to say about working with us:
“Working with Ben was a real pleasure. He assisted me with both the sale and purchase closing of my homes. Ben is friendly and easy to work with. He was very responsive and answered all of my questions every step of the way. I highly recommend Ben Weaver and 23 Legal!” – Client Testimonial
Read more 5 star reviews here!
Interested in finding out how we can help you? Give us a call: (847) 447-6004
We’re in your corner!
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.
