Every homeowner knows that buying or selling their home is a significant move. Their property or home is one of the most important investments that they will ever venture into. Whether you plan to buy or sell property, you want to make sure that you get your house or money at the end of the transaction. A real estate attorney can help you protect your investment or cash when you are trying to close the deal. You may need a lawyer knowledgeable in real estate law to help you with your real estate contract drafting and review.
Most clients have not anticipated the amount of paperwork a contract form has when they are selling or purchasing their homes. After they see the amount of paperwork involved, most of them tend to feel overwhelmed. Do not panic. That is why we are here.
When you come to us and entrust us with the purchase or sale of your real estate property, it is our job to go through your documents and understand what you are signing. We want to help you understand the process. You will get to know how the sale or purchase of your real estate property will go. At Ktenas Law, we take care of our client's real estate matters and help them through their real estate contract drafting and review process.
How a Real Estate Lawyer Can Bring Value to a Real Estate Transaction
Here are a few ways that a Chicago real estate law attorney can help in the purchase or sale of your property:
Reviewing the Contract
Most of the time, a property owner does not present their real estate offer to purchase an interim agreement until their realtor sends a signed copy to the lawyer. Sending the signed copy typically shows that the needs of the individual have been fulfilled in the contract and that the document is ready to be processed. When a lawyer receives your accepted offer to purchase for contract review, they note the requirements stated, and evaluate the key terms.
At Ktenas law firm, we advise our clients to review the initial offer before they finalize it with their signature. It is important to us that our clients better understand what their rights, obligations, and liabilities are under the contract. It is even more crucial for you to understand the contractual agreements if a real estate agent is not involved.
When you bring us the contract before you sign it, we can note potential problems and suggest ways to deal with the issues or minimize them. You do not want to walk into a situation where you are blindly signing a binding agreement. All real estate transactions are not straightforward.
A real estate attorney can help develop preventative measures, and suggest crucial additional terms so that you can have a final beneficial agreement.
Examining the Title of the Real Estate Property
A lawyer will help in ensuring that the title of the property is under your name. Regardless of whether you are buying or selling, you do not want to have unfavorable conditions and contract issues in your confidentiality agreements that can significantly influence the transaction. When you have an excellent real estate lawyer, you will be protected from mortgage or title fraud. The title may contain typical encumbrances like liens, restrictive covenants, and easements that a contract review attorney can protect you from.
Preparation of Financial Documents
Most homeowners can purchase a house with the help of a mortgage. The bank giving you a loan to partly pay for your home will provide instructions about how you will pay for your mortgage. The contract review attorney that you will hire will be responsible for the registration of the mortgage documents.
The Bank documents can be confusing to understand, and you may need a lawyer to make sure that you understand the terms of the mortgage deal. You will need to understand;
- When and how interest is calculated
- Obligations of ownership
- If you have any CMHC obligations
- Prepayment privileges
You can have peace of mind when you hire us. Our job at Ktenas Law as your attorneys for contract is to to offer you assistance in contract drafting and review so you ensure that your investment is safe and protected.
Is it Legal to Write a Contact Without a Lawyer?
Contract drafting without an attorney is not illegal. The definition of a contract is an agreement between two or more parties. Business contracts can be simple, or they can be complex. No matter the types of contracts you have, contract laws require the type of contract you draft to have some aspects of deeming the contract valid and enforceable. Experienced attorneys with extensive experience in contract drafting & review will help you avoid breach of contract so you can avoid a legal dispute or legal issue later on.
The Elements of a Contract
In contracts or purchase agreements there should be an offer made an acceptance of that offer. For these complex contracts to be valid, there should be something exchanged. It has to be something with value, such as money in exchange for the promise of a property. For the validation purposes, here are a few contract law standard components that will be considered;
- Both parties must be competent and should have given mutual consent
- Both parties should be of legal age. A contract between minors is not enforceable by law
- The contract should have lawful objects
Even though two business owners that are not attorneys can draft estate sales contracts. enforcing the contract without all the elements of a valid contract being met is difficult. Even if you have drawn a document without consulting an experienced contract lawyer, it is best to ask them to review contracts so they can resolve any contract matter and come up with a well-written contract. This is so you can make sure that the agreement is valid, lawful, and enforceable. We can help you do that.
A real estate transaction can be complex. You should ensure that you have everything in order so you can fully benefit from your property. Having qualified contract attorneys from Ktenas law walk with you when reviewing financing, clearing the title, foreclosure, and closing on the property will make the process much easier and save you from making an expensive financial mistake. We are here for you. Call us and book a no-obligation real estate initial consultation!