While not legally required to hire a real estate attorney if you have plans to buy or sell a home or piece of property in Illinois or any other state. This being said, there are some times when you’ll want to hire an attorney with a solid knowledge of real estate matters and related issues. We point out and discuss some of the situations where legal expertise is often very much appreciated.
Buying or Selling a Property
If your main goal with a real estate transaction is to get the closing and settlement process over and done with as quickly and conveniently as possible, an attorney can certainly help you achieve this goal. This is when you’ll be transferring ownership and wrapping everything up, so it can be helpful to have a real estate lawyer guide you through this process to make sure you’re not overlooking anything that could leave you having buyer’s remorse or regrets as a seller.
You’re Planning to Subdivide or Development the Property
Dividing a parcel of land or an already developed property can be a fairly complex process. If this is what you plan to do with land or property you intend to purchase, an experienced real estate lawyer can help you identify possible issues with:
- Access requirements
- Zoning regulations
- Deed restrictions
- Rollback taxes and similar issues
Knowing all this information ahead of time can save you a lot of time, headaches and expenses once you complete your purchase and start dividing your property as planned. A real estate lawyer with knowledge of what applies locally can also look into requirements associated with any demolition or remodeling work you may have planned.
You’re Planning to Change How the Property Is Used
Using property you intend to buy for a different purpose can present some unexpected zoning issues. For instance, you might want to turn a residential home you plan to purchase into a bed-and-breakfast. Consulting with a real estate lawyer before you make your plans and complete a purchase can give you a better idea of what zoning issues you may need to deal with.
There Are Complex or Alternative Financial Arrangements
If a real estate transaction will involve a private money mortgage, an installment sale agreement, or another complex or alternative financial arrangement, getting everything properly taken care of is especially essential. A lawyer can look over or draft documents for any unique financial arrangements associated with agreed upon payment/financing processes.
Added Peace of Mind
You’ll appreciate the added peace of mind knowing that what may be your largest financial transaction is in capable professional hands. Additionally, consulting with a lawyer about any of the legal aspects of real estate matters may help you gain new insights or discover options you didn’t know you had available.
