Illinois buyers have rights when buying a home. They secure these rights through contracts connected to the transactions. A real estate attorney in Cicero helps them to secure these rights through applicable laws.
Is a Mortgage Modification Needed?
The law protects consumers from predatory lending laws. The most common occurrences of these practices are the inclusion of hidden terms. An attorney that is familiar with these practices identifies them quickly. This helps them to stop the lender from providing a loan that isn’t affordable.
Attorneys who find hidden terms demand a loan modification. They negotiate with the lender to acquire more appropriate terms. They secure a new mortgage loan contract for the buyer.
Reviewing the Inspection Findings
A property inspection is required for all real estate transactions. The inspection identifies any problems found inside the property. It identifies what repairs are needed to bring the property up to building code regulations.
The attorney reviews the findings of the inspection. They identify the total cost for these repairs. They evaluate the full impact of these requirements. They determine if the cost of the property is fair with these additional expenses.
Protecting the Interests of the Buyer
The attorney reviews the sales contract to determine the rights of the buyer. The contract determines if the buyer or seller pays for repairs and closing costs. They determine if the real estate transaction is right for the buyer. If it isn’t, the attorney takes measures to enforce the buyer’s rights.
Researching the Title and Verifying Ownership
A title search helps the attorney identify the legal owner of the property. This prevents a seller from generating profits from an unlawful transaction. The search produces results for the last twenty years.
Title insurance protects the rights of the buyer. It guarantees the refund of their earnest money or down payment. They receive a full refund if the sale is stopped due to title issues.
Illinois home buyers evaluate contracts and make choices when buying a home. However, they need direction if they’ve never purchased a home.
If you are looking for the right real estate attorney near Cicero, visit Koch & Associates P.C. Attorneys At Law.