What Happens When You Don’t Have One?
Real estate attorneys in Chicago are proficient at making sure that all home ownership paperwork can stand up to scrutiny in the court of law. The fact is buying a property can be very exciting; however, it can also be incredibly stressful. Plus, when done without the proper protocols, you might find out that the property you spent a lot of money on isn’t legally yours.
You pay an attorney to inspect documents pertaining to a home inspection and ensure that any facts about the property are true. Furthermore, an attorney ensures that you know about any judgements relevant to the property. In all, when you finally sign on the dotted line, you know that you have made peace of mind.
So what could go wrong if a real estate attorney isn’t present?
It is important to note that whether you are a buyer or seller it is important to secure the services of a real estate attorney. For instance, assuming you are a seller, you can be sued fro failing to disclose certain things about the property. Most homeowners who get sued in this manner claim to not know that they were supposed to disclose it. Ignore isn’t an excuse in a court of law. Even worse, if you sell to a company, their business partners could also decide to sue. Potentially, that is a lot of lawsuits with multiple lawyers and someone has to pay their hourly fees. You. And all of this can be avoided with an experienced real estate attorney. It isn’t a guarantee that an attorney is a foolproof solution; however; they mitigate the risk involved in buying a property.
Secondly, owning a property isn’t as simple as just transferring money into the accounts of the seller. In the US, the property has to be registered at the state and county level. A real estate attorney ensures that all he forms are properly filled in and filed on time.
Below are a things that could occur if this crucial process isn’t carried out appropriately.
1) A range of unnecessary income taxes could be dropped on the buyer.
2) It is essential that building permits are submitted for wetlands. If not, structures may have to be broken down and rebuilt. This leads to an unforeseen cost to be levied against you.
3) If the home or stakeholders stem from the commercial sector, the company is unlikely to receive its tax identification number. This leads to not being able open their business premises. As a result lawsuits may be filed.
Think this can never happen to you? Here are some comments from an individual who got ‘burned’ due to a lack of a real estate attorney.
“For my first property, I hired a real estate attorney in Chicago. Due to the fact that I had no clue what they actually do (friend recommended), I thought that they were a waste of money. Therefore, for my second property, I did all the paperwork by myself. Two days after signing the papers, I got a phone call from the buyer’s lawyer saying that I was going to be sued. In the end, we settled out of court, and I had to pay a lot of money to do so.”
- Arthur K.
