Chicago Real Estate Lawyer
Q.Last month my wife and I bought a house in a suburb of Chicago and, as is the custom here, engaged a real estate lawyer to represent us. We did this immediately after our offer was accepted by the seller. Our lawyer and the seller's lawyer reviewed the contract. Our attorney, and the seller's attorney made themselves known to the mortgage broker. In general, we didn't hear from our attorney again until just before closing when we called us to tell us how much to bring to closing for the remainder of the down payment and the closing costs. Both attorneys were present at closing. Our attorney explained to us each document we had to sign, and each document the seller had signed, and carefully explained our obligations for mortgage, tax, hazard insurance payments, etc. Now, the point of this long story is that our daughter and her husband, who live in the Los Angeles area, are buying a house. They have a buyer's agent and a mortgage broker, but no one has said anything to them about having a real estate lawyer. I mentioned it to her on the phone this morning, so she called her agent who told her that having a real estate lawyer for the purchase of a home was "an Eastern custom", and it wasn't necessary. Although our relationship with the sellers was very friendly and we felt that they were honest and honorable people, we did feel more comfortable having the attorney, and thought of the fee (around $400) as money well spent. Any advice for me???
A.If you are buying or selling real estate, the most important thing is to have a real estate lawyer before you sign anything. Verbal agreements are no good in real estate. Be sure that the lawyer is a real estate lawyer. I have friend who have lost thousands because they thought they could save a few bucks without a REAL ESTATE lawyer. Based on my limited experience (2 houses in Calif, 1 in Vermont, one land purchase in New Mexico) I would say this is generally true. In Calif. and New Mexico things were handled by an escrow company, they are the ones who handled farming out title searches, etc. In Vermont this work was done by an attorney. I'm sure they can get an attorney in the west, but I suspect by state law it probably still has to go through the escrow company
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