Buying a home is a big investment. For some, it is the biggest and most significant purchase they make in life. There are many important things that have to be done for sale to go through smoothly. Some underestimate the importance of having a trained real estate lawyer to help navigate the litigious process of acquiring a new home.
Purchasing a Home
The typical process for buying a home is fairly straightforward. The person selling their property agrees with a real estate agent. When a potential buyer is located by the broker, the negations begin. The broker acts as the go-between during the negotiation process. If an informal agreement is reached, then the potential buyer and the seller put it in writing. They sign a formal contract called the purchase agreement. The buyer then obtains the necessary financing. A title search is then completed. And then the last step is to transfer the property from the seller to the buyer. This results in the purchase price being transferred to the seller. At a glance, the process may seem straightforward and simple, but mistakes can be made, and accidents can happen. Having a lawyer to help during this process especially when purchasing a condo in Schaumburg, provides more security and peace of mind.
Reasons to Hire a Lawyer
One of the reasons a lawyer can help during this process is because they are aware of common problems that come up around the purchase of a home or sale of a home. Consider this example: sometimes, a broker provides documents that are standard, boilerplate forms and does not include provisions on some different legal issues. The real estate agent expects these documents to cover every different circumstance, but they often don’t. Because of the oversight, the seller may become responsible for paying a brokerage commission even if the sale does not go through or even worse, pay more than one brokerage commission.
Because selling a piece of property or purchasing a piece of property, like a condo, can be more complicated than you might think, a lawyer can be an invaluable asset during this process. There are different types of lawyers based on the different types of properties being purchased. If you are in the market for a new condo, then a condo lawyer would be the best fit for you.
If you are looking for a reliable, trustworthy condo lawyer, consider Keough & Moody, P.C. They can help you navigate the complex world of condominium, townhome and homeowners’ associations with their over 100 years of experience.
