Illinois Lawyer Referrals and Legal Guidance
Real Estate Law
Findgreatlawyers.com helps people who are looking for a lawyer for any legal matter including Illinois real estate closings. If you have general questions or would like an attorney referral please call us at (312) 346-5320 or (800) 517-1614 or fill out our contact us form and we will contact you. All calls are confidential and free. When you call our office you will immediately speak with an Illinois lawyer that will answer any questions you have and will try to point you in the right direction. The following are common questions we get about Illinois real estate law.
Do I need a lawyer if I'm selling my house?
We think you do and even though we are lawyers, we have all hired other attorneys to handle our home sales. There is a ton of paperwork involved and if you are a seller, there are numerous tax documents to prepare for the closing as well as the scheduling of the closing, ordering of a title search and many other tasks. For the buyer, there is a ton of paperwork to review at the closing. The attorney can help you understand all of the complicated paperwork, which will ensure that you are getting exactly what you think you are getting. For both parties, there is usually additional negotiation following an inspection that if done incorrectly can ruin the deal. Bottom line is that you are not required to have a lawyer for your closing, but if you don't hire one don't let it be because a title company or real estate agent tells you that you don't need one. Those parties have an incentive for your sale to go forward and might not look out for your best interests.
If the other party to my real estate contract backed out at the last minute, can I sue them?
Maybe. Depending on what the sale was for, what was in writing, what was signed, what was paid for, etc., you may be able to sue the other party for specific performance, meaning they must uphold their obligations under the real estate contract. Usually a buyer or seller can't just simply change their mind at the last minute, there has to be a valid reason. For example, if the financing for a buyer fell through, most real estate contracts allow them to cancel. But if the buyer cancels because they found a new home and have no other reason to cancel they would probably be in violation and could be sued.
What if I discovered problems with the property I bought shortly after I purchased it?
In Illinois, the seller of real estate has a duty to disclose certain defects in the house that one could not discover on his own by a reasonable inspection. What constitutes a defect worthy of required disclosure is an issue of much litigation in Illinois. So while there is no clear and cut rule on this, you may or may not be able to recover for the problem. It is important to have a licensed inspector check the property before you buy it for these reasons. Similarly, you want to have all defects or waivers of defects noted in the sale contract, thus it is important to have an attorney help you prepare these specialized documents. If you do discover a defect we highly recommend that you seek legal representation as soon as possible as a delay could bar your case forever.
What happens after an offer is made and accepted?
In most cases, a five to seven day period is allowed for inspections of the property to take place and for an attorney to review the contract. Typically in an inspection the buyer will discover things that he/she wants fixed. As part of the attorney review process, the buyer's lawyer will ask for certain additions to the contract and the seller's lawyer will respond. A good real estate attorney will respond in such a way that doesn't threaten to cancel the contract if a request is denied.
How do we determine where the closing will take place?
In most cases, a real estate closing is arranged by the seller's attorney. This is so because they normally order the title search as relates to the property and as a result schedule where the closing will take place. Usually the closing is at a title company that is a short distance from the property location.
What's the difference between a residential and commercial closing?
A residential closing refers to a person's home or residence. A commercial closing refers to a business. Although many of the tasks performed by the lawyer are similar, a commercial closing almost always requires more work be performed by the attorney as there is more than just a piece of property involved.
How much does it cost to hire a real estate lawyer in Illinois for a residential closing?
While there is no set price for hiring a lawyer for a real estate closing in Illinois, typically we see attorneys for the buyers charging a flat fee between $400 and $500. For the seller's lawyer it seems to be slightly higher in most cases, usually between $450 and $550. The more work involved, the higher the price usually is. A word of warning; some lawyers obtain copies of real estate listings or mortgage applications and will out of the blue send you postcards offering to handle your closing for a rate that appears to good to be true. In our opinion these lawyers are attempting to obtain clients through unethical means. If it seems to good to be true it usually is.
If you have any other questions about Illinois real estate law or would like a referral to an Illinois real estate attorney, please do not hesitate to contact us. All inquiries are free and confidential.