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Why having a lawyer review a real estate contract is smart

On Behalf of | Feb 4, 2024 | Real Estate

There is a lot at stake during a residential real estate transaction. Buyers usually need to deposit earnest money when making an offer, and they could lose those funds in certain situations. They could end up overpaying for a property because the seller doesn’t make proper disclosures or end up trapped in a scenario where their agreement with the seller doesn’t properly protect them.

The law in Illinois protects the rights of real estate buyers to have legal support throughout the process. Specifically, those who sign a real estate contract have the option of getting legal input before they sign the contract or for five days after they initially sign the paperwork. Although many people are aware of this right, they may fail to utilize it when they decide to purchase a home.

Unfortunately, this may put them in a difficult position as they move forward with the transaction. Instead of simply representing themselves or working with a real estate agent, many people conducting the biggest transaction of their lives benefit from the support of an Illinois real estate lawyer.

What difference can a lawyer make?

One of the most important ways that an attorney’s representation benefits those buying real estate in Illinois is through support while customizing their documents. A lawyer can help someone select the right contingencies to include in an offer for their protection. They could also help set terms for a post-closing occupancy agreement that could help ensure someone can take possession of the property as expected.

A lawyer’s review is also important after finalizing terms and signing a contract. They can help spot issues within the documents that buyers might not recognize as problematic. Little differences in language can make a big impact on someone’s contractual obligations.

The average person may (understandably) not understand how the legal system interprets certain words or phrases. As such, an attorney could catch sneaky contract inclusions or discrepancies that could derail a closing or put a buyer in a very difficult position after finalizing the transaction. Getting the support of a licensed attorney can make a major difference for those preparing to purchase a home, which could very well be the biggest purchase they make in their entire lives.