South Elgin, IL Residential Real Estate Lawyers

Real Estate Attorneys for Contract Negotiation, Closing, Buying, Selling, and Short Sales in Kane County

Residential property transactions are among the largest financial events in most people's lives. As you take steps to buy or sell a home, multiple parties will be involved in the transaction, and they may not all have your best interests in mind. You will need to make sure you take the right steps to protect your interests during your transaction, and you may need to address a variety of issues that could arise. Mistakes made during the process could result in financial losses, or they could completely derail the transaction.

By working with a skilled legal advocate, you can make sure you will be able to complete the purchase or sale of a home while protecting your rights and your financial interests. An experienced real estate attorney from Ariano Hardy Ritt Richmond Lytle & Goettel P.C. can look out for your investment and guide you through the process from beginning to end. We will take steps to resolve any concerns while making sure all legal matters and documents will be handled correctly.

Buying and Selling a Home in Kane County

As you purchase or sell residential property, some of the key functions that our real estate attorneys may perform include:

• Drafting and amending a purchase contract
• Negotiating the proration of property taxes among the parties
• Uncovering covert and unnecessary charges that may exist
• Providing advice on what steps you can take to protect your interests

For buyers, we can help ensure that offers and counteroffers are fair while determining what contingencies may be included in a purchase contract. We can also provide assistance to sellers by:

• Assessing a buyer's financial strength and requesting that earnest money be put down
• Providing guidance on the tax implications based on the timing of selling the property
• Ensuring compliance with the purchase agreement by all parties
• Monitoring important deadlines and making sure the proper steps are followed within the correct timeframes

Contract Negotiation and Preparation in Kane County

Aside from perhaps the deed, a purchase contract is the most critical document involved in a residential real estate transaction. Our attorneys can draft, review, and negotiate contracts, and we can assist with negotiating agreements regarding issues discovered during a home inspection. We can also take steps to uncover and address any potentially problematic obligations associated with covenants, restrictions, or easements.

Advice and Consultation on Financing

One common source of problems that have affected people during the housing crisis in the 21st century is related to how properties are financed. Our real estate attorneys can provide critical insight into the available financing options. We take steps to protect our clients by interpreting the terms contained in mortgage financing agreements, clarifying any ambiguous issues, and making sure they understand their financial obligations.

Title Evaluation and Analysis

Our lawyers can address concerns related to real estate titles. We will perform thorough title searches to make sure a property is free of any encumbrances or title defects. We will verify that an owner's title insurance policy is prepared as closing approaches. We will make sure ownership of the property can be transferred correctly.

Residential Real Estate Closings

When the lender has issued a formal approval, title insurance is prepared. When the survey and final inspection are completed, the property will be ready to close. Our attorneys will review good-faith estimates versus the actual closing costs. Typically, we will attend closings to make sure the contract and loan agreement are properly fulfilled and to explain the many documents that our clients will be signing.

Short Sales in Illinois

In a short sale, a lender will agree to allow the owner to sell the property for an amount less than the full loan payoff amount. These matters should always be executed with legal assistance. Some reasons why a property owner may consider a short sale include:

• More money is owed on a home than it is actually worth.
• The owner wishes to avoid a foreclosure.
• The owner has fallen behind on mortgage payments due to adjustable-rate mortgage increases.
• The loss of a job, an illness, or another financial crisis has made it impossible to continue paying mortgage payments.

Contact Our South Elgin, Illinois Real Estate Attorneys

For decades, the real estate legal team at Ariano Hardy Ritt Richmond Lytle & Goettel P.C. has assisted buyers and sellers with residential property transactions. We can help you protect your investment and avoid problems within the complex housing market. To set up a free initial consultation, contact our Kane County residential real estate transaction lawyers today at 847-695-2400.