There’s more to purchasing a residential property than arranging the financing and signing of a few papers. In fact, quite a bit of research needs to happen before the deal is done. One of the best ways to make nothing is overlooked is to seek help from one of the real estate lawyers in Chicago. Here are three examples of what this type of legal counsel will do for the buyer.
Initiate and Examine Lien Searches
The last thing that the buyer wants is to spend good money for a property and find out that someone else has some claim on it. One of the ways that real estate lawyers in Chicago support their clients is to initiate lien searches. The goal is to determine if there is any entity out there that can lay claim to the property for any reason. For example, was it used as security for some type of loan or a second mortgage that the seller forgot to mention? If any type of lien is discovered and the lawyer finds that it’s valid, that matter must be resolved before the deal moves forward.
Take a Look at the Tax Situation
The lawyer will also conduct a background check on the property taxes associated with the property. Are any back taxes currently due? If so, how much would it take to settle those taxes in full? In the best case scenario, the lawyer will confirm that the current owner is up to date on the property taxes, and none will be due until after the client assumes ownership.
Review the Provisions of the Contract, Closing Statement, and Other Documents
The lawyer will go over every document associated with the sale and ensure the client understands every provision found in those documents. This includes any promises made by the current owner to make specific repairs before turning over the house keys. By making sure all the terms of the sale are properly documented, there will be no question as to who has agreed to what.
A real estate lawyer will also support the client in a number of other ways. Talk with the team at Starr Bejgiert Zink & Rowells today and arrange a consultation. Doing so will be the first step toward ensuring the sale goes through without a hitch.