Many first time homeowners look for the right real estate agents to help them identify and shortlist properties and negotiate transactions with the seller. Although it is not the wrong approach, the primary role of an agent includes the sale and purchase of an asset alone. However, there have been various cases when homeowners have found themselves in legal disputes, either with the seller, or mortgage lender, which has resulted in foreclosure or revocation of the sale.
In such circumstances, it is important to seek support from an experienced real estate attorney to manage legal disputes and help assess the feasibility of a transaction. The benefits of hiring a real estate attorney when purchasing a home are numerous:.
- Help Prepare Documentation
Although a broker may have expertise in identifying the right properties, an attorney can help negotiate the right clause and prepare legally binding documents. An experienced real estate attorney specializes in reviewing the purchase contract, reviewing and being able to point out pitfalls in the title and transfer documents, and helping the purchaser navigate the loan documents. Real estate attorneys also engage in addressing real property issues such as property tax planning, estate planning, deeds, liens, zoning of area, transfer of funds, and HUD forms that reduce legal trouble for homeowners in the future.
- Protection from Frauds and Dissemination
A real estate attorney can represent borrowers during a foreclosure process, file a lawsuit in case of mortgage fraud, protect homeowners from predatory lending practices, and provide legal consultation during mortgage dissemination. Real estate attorneys also help find hidden liens that might harm future interest of home buyers and result in foreclosures. The Equal Credit Opportunity Act (ECOA) and Fair Housing Act reduce the risk of discrimination, while the Illinois Mortgage Act protects from predatory lending and frauds.
- Help Settle Disputes with Mortgage Lenders
A mortgage loan document includes a lot of legal jargon and clauses that first-time homeowners either find hard to understand. Being fully versed in what you as the purchaser are signing will help avoid possible future disputes. A real estate attorney can help address breach of contract issues or or work as an arbitrator between the lender and the mortgage holders. Attorneys can also help address foreclosure risks and file for bankruptcy protection on behalf of homeowners.
If you wish to get more information about how a real estate attorney can help insure you are protected throughout your home buying purchase, you can schedule a free consultation. Contact Jackson Abdalla Law Group at (773) 550-3853 to speak with an experienced real estate & business law lawyer.