Real estate transactions can be hard to understand, especially if you are a first time homeowner. Even if you’ve had previous experience in buying and selling, it is important to have professional help to make sure there are no surprises later. After all, there is a lot of investment at stake - your entire life’s hard-earned savings in many cases. A real estate lawyer can look into transactions that miss your eye, especially when you are buying property. There are bigger risks in buying than selling. Make sure you protect your interests by asking your real estate lawyer these four important questions before you close the deal:
Selling and buying has different requirements; but buying comes with more risks. Check the background of your real estate lawyer, even if they come recommended by a friend. Find out how many years of experience they have. Many years of experience translates to more security for you. Sometimes issues can get complicated when you least expect. It helps to have an experienced lawyer sort things out smoothly. Ask if they had similar transactions earlier. They may be in a better position to deal with yours then. Sometimes, things may miss your eye but an experienced lawyer is quick to spot problems and resolve them. They may know something that you were not told by your realtor for example. An experienced lawyer can point that out before you sign the deal.
Not every lawyer deals with the same situation in the same way. It takes a great deal of knowledge and self-assurance to handle complications. If the lawyer sounds vague, under-confident and unsure, you know you may be heading for a no-win situation. The stakes are high. You cannot take a chance. Ask your lawyer about his expertise in buying condos and homes. Each has its own challenges that he should know about. He should have knowledge about the differences and strengths in buying different kinds of properties from commercial, to co-ops and of course, different kind of residential properties.
Not all lawyers work alone. Some are part of a law firm so they work with teams for extra support, assistance and quicker delivery. At other times, your lawyer may have a junior attorney or paralegal to give a hand, but at no point should you find yourself dealing with the junior assistant more than the one you hired, especially regarding important decisions regarding your real estate matters. At all times, whoever you are dealing with, it is important for you to be cordial, even if you disagree.
Find out about the fee requirements. There are some lawyers who work on a standard hourly rate. Others may work in the fee of the junior assistants or team. Many others demand a flat fee. Try to negotiate if you can.
The Knee Law Firm, Ltd. Services
If you are looking for specialized services with years of experience in real estate, contact us. At The Knee Law Firm, you are much more than a client. We have extensive experience to help you and encourage you to keep in touch with us, even after you close the deal. Our friendly experts are known to build long term relationships with our clients. Call us for any help in Illinois real estate matters.