Buying a home is among the most substantial investments that most individuals will ever make. Every real estate purchase, including commercial buildings, condominiums, vacant lots, vacation properties, and single family homes, requires a serious financial commitment. You will be placing that money at risk if something goes wrong during the purchase period. An experienced real estate attorney will help you avoid disappointment and even financial loss by assuring that your real estate purchase transaction is handled properly.
Why Buyers Need a Real Estate Attorney
Whether you are purchasing a commercial property or condominium, you probably understand the importance of having an attorney review all of the complex documents related to your purchase. For example, you need to be particularly cautious if you are buying a condominium that is in foreclosure. Illinois law might make you responsible for up to six months of unpaid assessments. Having an attorney on your side assures you that you will be aware of any hidden perils in your real estate purchase and will not have any unwelcome surprises.
Even if you are making what seems to be an uncomplicated home purchase, a real estate attorney is still vital to ensuring your interests are protected. Some buyers think it is enough to simply have a real estate agent, but these agents cannot give you legal advice.
Additionally, some buyers think title insurance will protect them following the sale, but title insurance only protects you from defects or liens on the title that occurred prior to you taking title. Title insurance will not help you with the other problems that may potentially arise while you are making a real estate purchase.
Hidden problems you might face when purchasing real estate may include:
- Discovering and addressing encroachments to the boundary lines of the property you are purchasing
- Undisclosed tax assessments that might affect the property
- Disputes about appliances and other property that will be left in the home
- Difficulties with financing
- Exceptions to title insurance coverage
- Unclear terms in the purchase contract
- Incomplete disclosure reports
- Errors in the closing documents, including the closing statement
These problems, and others too numerous to list, may put your financial investment at risk!
“I recommended Harry to my son who was buying his first house. Once again, Harry’s expertise and helpful attitude made it a success. I highly recommend Harry work.” ~Gus Mehilos, real-estate client
Helping Buyers at Every Stage of their Real Estate Purchase
While real estate sales contracts in Illinois are standardized, they are neither easy to complete nor to understand. Even if you have purchased homes before, you might not know the meanings of several terms used in your mortgage documentation or in the clauses included with your sales contract.
At Fournier Law Firm, Ltd., our commitment is to help you at every stage of your real estate purchase. Our services include:
- Review the real estate sales contract
- Making sure your contract includes adequate financing and inspection contingencies and other terms necessary to protect your interests
- Review or propose amendments to the contract
- Monitor your financing to ensure timely approval so as not to delay your closing
- Negotiate with sellers on your behalf concerning defects in the property
- Assure that there are no encroachments on the property boundaries
- Review the title insurance commitment and helping you to resolve exceptions to insurance coverage
- Assure that all closing documents are accurate
- Confirm that all real estate taxes are paid through the date of closing
- Assuring you receive the property free and clear of all liens
- Attending the closing with you and making sure that you understand each and every document before you sign it
- Prepare a post-closing binder so that you will have a permanent record of the pertinent documents from your real estate purchase
With more than fifteen years of experience with real estate transactions, Attorney Harry J. Fournier understands that buying a home or other real estate can be a stressful experience. He will work diligently to set your mind at ease by giving his attention to every detail of your real estate transaction.
“I’ve referred my real estate clients to Harry Fournier’s Law Firm for over 10 years. Harry Fournier and his legal staff have been very thorough with their review of any contract issues whether representing sellers or buyers. He has resolved many issues that could have negated the transactions. He has been very helpful to me, even with my personal real estate.” ~Joanna Underwood, of Coldwell Banker