In Illinois, real estate law encompasses a wide array of circumstances that could affect current and prospective homeowners. These laws designate whether or not a seller has the legal right to place a property on the market. They also define the rights of buyers when they are involved in a real estate transaction. The following is information about what consumers can expect from real estate law attorneys in Chicago.
Protection for the Buyer’s Interest
These attorneys protect the interests of a buyer during real estate transactions. They lower the risks and ensure the selling price is fair and reasonable. They also assess contracts for these transactions to ensure the lender isn’t taking advantage of the buyer. They also eliminate any potential predatory lending practices.
Assisting Property Owners with Real Estate Sales
Property owners who want to sell their property on their own need guidance. A real estate attorney creates a sales contract and helps the owner get through the process. They ensure there aren’t any problems with the sale. This includes eliminating any potential fraud by the buyers.
Title Searches and Insurance
The attorney provides title insurance to all buyers. The insurance prevents a financial loss in the event that the seller cannot complete the transaction. The attorney conducts a title search to identify the rightful owner of the property. If there are any errors, the transaction is canceled or delayed until the issues are remedied.
Transferring the Assets to Family Members
Property owners who want to reduce the value of their estate transfer ownership. By transferring ownership to a family member, they lower the value of the estate and protect their assets. It also prevents the property from becoming involved in the probate process. During the process, creditors can seize properties as payment for their debts.
In Illinois, real estate law involves concepts related to the sale and purchase of homes. It also provides protection for both buyers and sellers. Attorneys in this field lower the risks for their clients by enforcing the law. Buyers or sellers who need assistance should contact real estate law attorneys in Chicago through Starr Bejgiert Zink & Rowells today.