Your house in Illinois is more than a home; it is an investment. While selling it can be emotional as you pack up the memories and prepare to move, it can also be an opportunity to maximize the return on the investment. According to the Illinois State Bar Association, a real estate attorney is an essential part of your team.
One of the factors that may affect the sale of your home is the title. Even though your name is on the deed, there could be issues with the rights to the property if there is a lien, a past ownership claim or a mortgage. An attorney can review all the documents related to the title, including the deed and your mortgage information, to ensure that the title is clear before proceeding.
Contracts are often full of legalese, but a real estate attorney knows how to translate the meaning of each of the terms and ensure that you do not miss a phrase or clause that negatively affects your agreement. If the conditions of the contract are not in your favor, you have the right to negotiate, and an attorney can help with this.
You may be willing to work with a buyer through a lease purchase or owner financing. If you are considering these options, an attorney can explain the benefits and the pitfalls that may go with these. A cash transaction may also require special considerations. Closing costs, disclosure statements, inspections, repairs and other aspects of closing the deal can be complex, and every situation is unique. Therefore, this general information should not be interpreted as legal advice.