When buying home, leave nothing to chance
If you're like most people, buying a house or condominium is probably the largest single purchase you'll ever make.
With so much at stake, you don't want to leave anything to chance, and that's why you should hire an attorney early on in the process, before you ever sign anything.
For a relatively small price, your attorney will be the one professional in your corner, whose sole fiduciary responsibility is to you.
An attorney can perform any or all of these services:
- Gives you a verbal and written overview of the buying process and his or her role in it;
- Drafts, reviews, explains and/or negotiates your contract to purchase;
- Discusses timing and possession issues;
- Communicates and negotiates repair issues related by your home inspector;
- Examines the title commitment and survey to determine whether you are purchasing the property for which you contracted;
- Explains contract contingencies, if any, and monitors deadlines to make sure that those contingencies are met;
- Verifies and explains tax consequences and other fees;
- Schedules and attends the closing to ensure compliance with the contract and to compare the loan document form compliance with your loan agreement.
Be aware that much of your attorney's work will take place behind the scenes-making numerous calls to the seller's attorney and other members of your team-to ensure that all the wheels are turning to bring your purchase to a satisfactory conclusion.
Note: This information was prepared as a public service by the Illinois State Bar Association and is a joint project with the Illinois Press Association. Its purpose is to inform citizens of their legal rights and obligations.
© Illinois State Bar Association
If you have questions about the application of the law in a particular case, consult your lawyer. The law is constantly changing. Information on this site or any site to which we link does not constitute legal advice.