Protect your interests with the help of a real estate attorney
Many people are taking advantage of the improving real estate market in Cook and DuPage County, Illinois by selling their house, condominium, vacation home, or vacant land. If you plan to cash in on your property investment, you are engaging in a very large financial transaction. You need an experienced real estate attorney on your side to help you understand each of the documents you sign and to make sure that nothing goes wrong.
Why Sellers Need a Real Estate Attorney
Real estate transactions carry risks for sellers. What will you do if …
- The buyer wants to back out of the deal at the last minute?
- The buyer fails to pay earnest money when due?
- The buyer’s financing falls through?
- The buyer has a sale of home contingency?
- The buyer wants to get out of the deal because a property inspection revealed minor problems?
- The title insurance company refuses to cover a potential problem with the title?
- A survey discloses encroachments?
- You are unaware of what documents are needed to complete your transaction?
- What unknown costs you would be responsible to pay which will reduce the amount you expect to net from the transaction?
At the Fournier Law Firm, Ltd., our job is to minimize you from risk so that you can realize the full value of your investment when you sell your property.
“Expeditious, professional, thorough and transparent in process and fees.”
~ A real-estate client from Rolling Meadows
Serving Sellers in all Phases of the Real Estate Transaction
Many sellers wait until closing to hire an attorney, or they only seek counsel to resolve problems that could have been avoided if they had obtained legal assistance before the problem arose. At Fournier Law Firm, Ltd., our commitment is to help you through every aspect of your real estate sale. Our services include but are not limited to:
- Review the contract and advise you of potential problems
- Suggest and present modifications to the Contract, if needed, to the Buyer’s attorney
- Monitoring the approval of the buyer’s financing
- Negotiating with buyers or their attorneys on your behalf concerning perceived inspection issues in your property
- Negotiating with buyers on your behalf concerning any modification requests to the Contract
- Order an updated survey, if required to ensure no unpermitted encroachments exist
- Order, prepare and review the title insurance commitment to ensure that you will be able to transfer marketable title to your buyer
- Ordering payoff letters for all existing loans
- Compile and assure that the closing statement is accurate
- Confirm that all real estate and transfer taxes are paid
- Preparing or reviewing all necessary closing documents, including deeds, bill of sales, and disclosure statements
- Meeting with you at or prior to closing to explain all closing documents before you sign them
- Preparing a post-closing binder so that you will have a permanent record of all pertinent documents from your real estate transaction
With more than fifteen years’ experience practicing real estate law, Attorney Harry J. Fournier understands how to anticipate and resolve the problems that sellers may face. Whether you are selling residential property, a commercial building, or vacant land, Mr.Fournier will give his diligent attention to every detail of your transaction.
“Harry and his team provide exceptional legal and customer service. They are great about keeping me in the know up to the closing.”
~ Realtor Dawn Venit, of Baird and Warner
Get Help with Your Short Sale
Unfortunately, some property values in Northern Illinois have not yet fully recovered from the collapse of the real estate bubble. Some sellers cannot make their mortgage payments and are forced to sell to avoid foreclosure. Selling a home for less than the balance owed on the mortgage is known as a “short sale.” A short sale is usually preferable to a foreclosure sale because you may be able to avoid the lender obtaining a judgment against you and attempting to collect any deficiency.Still, short sales are more complex than typical real estate transactions.
Short sale attorneys can help you negotiate with your lender to accept less than is owed in exchange for releasing the lien on your property. In some cases, it is even possible to negotiate with your lender to waive any deficiency against you when the sale proceeds will not pay your loan in full. Many lenders will negotiate favorable terms for a short sale rather than commit themselves to the expensive and time-consuming process of foreclosure. Since issues of personal liability can place your other assets at risk, you should never enter into a short sale without getting advice from a lawyer.
In addition to the real estate services described above, Fournier Law Firm, Ltd. provides additional services if you are involved in a short sale, including but not limited to:
- Negotiation of sale terms with your lenders, including any financial contribution you are asked to make
- Reviewing and negotiating the language used in your lender’s short sale approval letter
- Assisting with the preparation of financial statements and disclosures needed to satisfy the lender that you qualify for a short sale