A real estate attorney plays an important role in an Illinois home purchase. Your attorney reviews and negotiates the contract, addresses inspection issues, reviews title and other legal documents, monitors important deadlines, reviews closing figures, and represents you through closing.

You should select your attorney before or immediately after signing the purchase contract. Most Chicagoland residential contracts contain a short attorney review period, so it is important to get the contract to your attorney promptly after it is signed.

Most residential real estate contracts used in the Chicagoland area provide a limited period after the contract is accepted for the buyer's and seller's attorneys to review the contract and propose modifications. Your attorney can explain the specific attorney review provision and deadlines contained in your contract.

Depending on your contract, your attorney may work with you and your real estate agent to address qualifying inspection issues with the seller. This may include requesting repairs, a closing credit, or another agreed resolution. Inspection rights and deadlines vary by contract, so inspection issues should be raised promptly.

Your attorney helps manage the legal side of the transaction from contract through closing. This typically includes contract review and negotiation, inspection matters, title review, reviewing condominium or association documents when applicable, monitoring contract deadlines, reviewing closing figures, and coordinating with the other parties involved in the transaction.

Buyer's closing costs vary depending on the property, purchase price, loan, and location. They may include lender charges, title-related charges, recording fees, transfer taxes or stamps where applicable, attorney fees, and tax and insurance escrows. Your attorney reviews the closing figures with you before closing.

At closing, the final documents are reviewed and signed, the purchase funds are delivered, and ownership of the property is transferred to the buyer. Your attorney will review the closing documents and figures and help address any last-minute legal issues so you understand what you are signing before the transaction is completed.

Spencer Law has represented buyers throughout Chicago and the surrounding suburbs in thousands of real estate transactions. Learn more about how Spencer Law represents home buyers OR contact us to get started.