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How to Prevent Legal Issues when Buying or Selling Real Estate

Real Estate Attorney

The real estate market in Illinois is competitive, which means there is a lot that goes into each real estate transaction. Whether you are a first time buyer, or you have previous experience of buying or selling a property, you will need an experienced real estate attorney to help you navigate the complex world of real estate.

One of the biggest concerns for people is whether they will be approved for financial assistance from a bank or a financial institution. Closing a deal on a property is a big achievement. It’s essential you are prepared for the process to begin and end smoothly.

While selling a residential or commercial property, if the sale is to go through, most people will expect the buyer to meet a set of contingencies. Similarly, the buyer also will have some terms and conditions for the seller.

It’s rare a real estate deal is finalized without an experienced lawyer present as an attorney will consider every aspect of the transaction before any agreement is signed between the parties. Once these terms, conditions and contingencies set by both parties are successfully fulfilled, it’s highly unlikely any party will face any legal issues.

Asking questions about the seller or buyer is the first step towards finding the right property and to preventing any legal issues from occurring. Collect as much information as possible to get an idea of the real estate market prices. The following types of information can help you find the right property:

What type of property are you looking for?

Before you decide to buy a house, it’s essential to look for a property you can afford. An experienced attorney with years of expertise in real estate can help you determine your finances and other legal matters.

Things to Consider before Selling a Property

If you are selling your property, the first thing you need to do is talk to a real estate agent and list your property. Discuss the duration of the listing and the price with your realtor in presence of your real estate attorney. List all the items that are a part of the property on sale. It is mandatory for the seller to provide the buyer with a Disclosure Form, under the 765 ILCS 77/) Residential Real Property Disclosure Act.

If you need a real estate attorney for any real estate transaction, feel free to get in touch with Covert Marrero Covert LLP. Give us a call at (630) 717-2783 if you have any other queries.

By Brian Covert | Posted | Posted in Real Estate Lawyer

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