Real Estate Transactions
A residential real estate transaction is often the largest single business deal most people will do in their life. These transactions often seem simple but in reality are quite complex and expose both buyer and seller to liability for which they may not be aware. In order to protect your rights and your investment, it is important to choose a real estate attorney who is experienced and knowledgeable in all areas of real estate law.
Formerly an in-house attorney with Fidelity National Title Insurance, Damon now represents clients through the entire process of buying and selling residential properties including single-family homes, condominiums, and townhouses. He provides skilled legal counsel for issues pertaining to the purchase agreement, home inspections, financing and closing. The legal advice is provided so that you, the buyer or seller, can make the best business decisions throughout the course of the transaction.
Buying a Home
Importance of Having a Lawyer When Buying a Home
Prospective home buyers should seek the assistance of a real estate attorney when entering the market. An attorney will be a key member of your team, along with your Realtor and lender. Our office will work closely with your Realtor and lender to make sure that you are getting consistent advice to achieve the singular purpose of closing on your home.
Contract to Purchase
Often in a residential real estate purchase, the contract is signed before an attorney is contacted. Most real estate contracts in Illinois have attorney review periods. It is important that your attorney reviews the contract during this time period to assure that you are able to take advantage of all of the opportunities afforded to you in the contract and be advised of any pitfalls that may have been overlooked in signing the document.
Of the utmost importance in most Illinois residential contracts is the opportunity to perform an inspection. Upon receipt of your professional inspection, our attorneys will help you determine what repairs or credits you are likely to receive from a seller pursuant to the terms of the contract. Not all repairs are required by the Seller and we will guide you through the negotiating process for that inspection.
Closing Process
The final step in the purchase is the closing process. This is the culmination of the many concerns including approvals of mortgage financing, title insurance, property inspections and surveys, and a host of other conveyance and closing documents. Damon or another experienced attorney from his office will be at the closing to guide you through the extensive documentation you must sign in order to complete the purchase. Additionally, we will be sure that you are getting clear and insured title to the property that you are purchasing.
Selling a Home
Importance of Having a Lawyer When Selling a Home
If you are considering selling your home, an initial step is consulting with an attorney that is active in your local real estate market. It is important that your investment is properly protected and that the sales process in conducted in accordance with the law. There are complexities such as disclosure liabilities and tax consequences involved that may best be aided with legal assistance.
Real Estate's Attorneys Role at Closing
Your Realtor or attorney will ultimately coordinate a time and location for the finalization of the transaction, known as closing. The timing for this is dependent on the progress and completion of the many requirements contained in the contract. Your attorney may be involved with some of the following activities leading up to closing:
Negotiating any inspections repair requests made by the Purchaser
Obtaining statements regarding current loans
Helping you to select a title company and confirming those processes
Making sure any inspection reports are properly completed such as for radon or termites
Verifying completion of necessary disclosures
Determining responsibility for property taxes
That you and buyers are clear on the inspection issues and possession date
Explaining to you and drafting for you the many closing documents needed
Confirming that any issue related to the title are clear and marketable for your purchaser pursuant to the terms of the Contract
Most importantly, making sure that the final figures to close are accurate so that you receive the full amount of compensation you are entitled to for the sale of your property
