Naperville IL Real Estate Lawyer

Buying a Home in Illinois

The 2017 Realtors Confidence Index Survey indicates a largely optimistic forecast for housing market growth, chiefly within the single-family home segment. Home prices in Illinois have mostly rebounded to "pre-bubble" levels, which is also the case in the Chicago Primary Statistical Market. Among 30-year fixed rate mortgages, rates are still low but continue to increase slowly. Since 1992, homebuyers and sellers have trusted the Law Office of Michelle T. Chase for individualized service and representation in the many aspects of residential real estate law.

Importance of Having a Lawyer When Buying a Home

Prospective homebuyers in greater Chicago should seek the assistance of a real estate attorney when entering the market. An attorney will be a key member of your team, along with your agent and broker. Real estate attorneys are not paid on commission like agents and brokers. This is important because they will remain objective and committed to your best interests. Attorneys have the unique ability to draft legal documents for your purchase and provide legal advice regarding potential consequences.

Contract to Purchase

Contracts are legally binding agreements, thus should be drafted, interpreted, reviewed and negotiated with support from legal counsel. When a buyer selects a home they wish to purchase, the next step is a formal offer which if accepted is a binding contract. The contract outlines the terms of the transaction and provides clarification on the responsibilities of the buyer and seller. Potential terms may be purchase pricing, deposit details, key deadlines, property tax arrangements, contingencies, financing, etc.

Inspections

Homebuyers should employ the services of a professional home inspector. Homes with unique features or systems may require an additional inspector that specializes in evaluating these if necessary. Illinois requires inspectors to be licensed, which involves a set of standard requirements, completion of the educational curriculum, and passing a state examination. The inspector will compile a written document advising you on the conditions of the property, particularly citing any costly flaws or defects.

Mortgage Financing Issues

Purchasing a home is a significant financial decision. You may be entering a mortgage agreement that spans 15-30 years. Lenders adjust their loans largely on variables including the buyer's credit history, credit score, income, current volume of debt, amount to be borrowed, and available down payment. The home lending market is competitive; therefore, considering offers from multiple sources is encouraged. Attorneys have knowledge of the mortgage process and other obligations such as property taxes, homeowners insurance, and private mortgage insurance.

Title Holding

Titles are documents used as proof of ownership of property, a legal indicator of an individual's right to an asset. How a title is structured or "held" will vary based on your circumstances and available options. In Illinois, these alternatives include tenants in common, tenancy by entirety, and joint tenancy. Your attorney can guide you in considering available options in your situation.

The Closing Process

The final step in the purchase is the closing process. This is the culmination of the many concerns including approvals of mortgage financing, title insurance, property inspections and surveys, and a host of other conveyance and closing documents. Your attorney will generally be present at the closing, as well as other parties involved in the transaction, to address any questions.

Experienced Real Estate Attorney Aiding Homebuyers

The Law Office of Michelle T. Chase has been a tremendous legal resource for those purchasing real estate for 30 years. This success is largely a result of a firm commitment to detail-oriented client service. Contact our office for a free consultation at 630-995-3812. We offer convenient day and evening appointments.