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Avoid Common First-Time Buyer Mistakes with a Real Estate Attorney

Posted on in Real Estate

Lake County, IL real estate attorneyInterest rates on home loans in Illinois are double what they were a year ago. This has created less competition for buyers, and many markets are seeing frequent price drops and fewer offers, giving buyers the upper hand in negotiating the best price. So maybe you are ready to take the plunge and use your savings for a down payment on your first home. If you are a first-time buyer it can be a bit nerve-wracking and overwhelming. But an experienced Illinois real estate attorney can guide you through the home-buying process and make sure that you thoroughly understand everything you sign.

Offer and Negotiation

Once you know how much you can spend, you will tour various homes until you find the right one for you. The official buying process begins when you make an offer in writing. A real estate attorney will help you draft an offer that makes sense financially and protects your rights. The seller could accept the offer, make a counteroffer, or reject the offer. But if there is an agreement, a signed offer becomes a purchase contract. A real estate attorney will review the terms of the contract to ensure they are reasonable and fair to you as the buyer. The attorney will address any issue with the seller's attorney before the sale proceeds.

Three Property Issues that Can Surface

A real estate attorney will also make sure that you have a solid understanding of the requirements for a loan and what you will pay at closing. Once the purchase contract is approved the real work begins, including an inspection of the house and documenting any needed repairs. During this time, three potential problems related to the home’s title may surface:  

  • During a title search encumbrances, may come up. If someone other than the seller has a claim against the property, you need to know why. For example, there are cases in which there could be a lien due to unpaid AC work or a tenant living in the home.

  • Property line disputes may surface during the investigation of the house. Your real estate attorney can help you clear up any unresolved disputes.

  • You also need to be sure that the name on the deed is, in fact, the name of the seller. The last thing you want is for someone else to show up after you have moved in saying they are the rightful owners.

Contact a Lake County Real Estate Lawyer

If this is your first time buying a house, real estate terms may be a bit confusing. At Newland & Newland, LLP we will ensure all of the paperwork is in order so that you buy your home with confidence. Call 847-549-0000 for a free consultation. A skilled Round Lake real estate attorney will represent you to make sure you understand your rights and responsibilities.



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