Top Reasons to Have an Attorney Review Your Real Estate Contract

Are you considering buying or selling real estate, or are you currently in the process of doing so? You might be wondering if you can simply act as your own attorney when it comes to drafting, reviewing, and signing a real estate contract, especially if you have been involved in the purchase or sale of real estate in the past. While you may have some familiarity with real estate guidelines, it is critical to keep in mind that contracts can be extremely complex, and a minor error can result in major issues later on. As such, you should always plan to have a real estate lawyer in Oak Park review your real estate contract before you sign. What are some of the key reasons to work with a real estate attorney on your contract? Consider the following information.

Real Estate Agents Do Not Have the Legal Experience of an Attorney

Whether you are a real estate agent yourself or your agent has offered to look at a real estate contract with you, it is critical to remember that real estate agents do not have the legal experience of an attorney. A real estate lawyer in Illinois has experience handling a wide range of real estate issues under Illinois law, including real estate contract law matters. An attorney will be able to advise you about the legality of various terms in the contract and the benefits and limitations of certain terms in a way that others simply cannot.

Avoid Errors

Avoiding mistakes is another key reason to have a real estate lawyer review your contract. If there is an error in your contract, that mistake could cause anything from a minor headache to a significant problem that results in the cancellation of the real estate deal. Real estate sales and purchases are too important to allow errors to occur.

Prevent Additional Costs to You

Real estate lawyers can often negotiate terms in contracts and suggest ways of limiting or preventing additional costs for you that you would otherwise have to pay.

Clarify Responsibilities and Obligations

With any contract, including a real estate contract, you will have certain responsibilities and obligations (as will the other party or parties to the contract). Your real estate attorney can clarify these responsibilities in reviewing the contract with you.

Handle Breaches

You will want an attorney to consider the possibility of a breach of contract, to determine how that possibility should be handled in the language of the contract, and to represent you in the event of a breach of contract.

Contact an Oak Park Real Estate Lawyer Today

Are you currently in the process of buying or selling real estate, or are you considering a real estate sale or purchase? Even though some aspects of the buying and selling process might seem based on common sense, there are many complicated elements of real estate law in Illinois, and it is important to have an experienced Oak Park real estate attorney on your side throughout the process. Whether you are just initiating a sale or purchase or require legal representation for a closing, we can help. Contact the Emerson Law Firm to learn more about how we can assist with your real estate closing and other aspects of the real estate buying and selling process in Illinois.




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