Five Reasons to Hire a Lawyer When Buying or Selling a Home
Buying or selling a home can be one of the major turning points in the life of a person or a family. However, the process can become extremely complex. Some believe that they can manage by themselves, but in truth, there are several aspects of home buying and selling that can cause real problems if not handled appropriately by a competent real estate legal professional.Experience and Support
The main reason to hire a real estate attorney to help with your home sale or purchase is their experience. Real estate, unlike many other legal fields, is infinitely complex. It is not uncommon for a home buyer or seller to let their agent act on their behalf, only to discover they have missed some integral part of the purchase agreement--some covenant or restriction--that binds them to performance. If an unusual situation crops up, most laymen are not going to be familiar enough with the law to be able to successfully negotiate.
In addition, many find it a great help to have someone who knows the law acting on their behalf. While obviously, the significant majority of real estate agents are entirely legitimate, there are many who misrepresent themselves or their listings. Chicagoland real estate fraud is still, unfortunately, a thriving business. Real estate attorneys are trained to spot inconsistencies in purchase agreements and leases, and can be the difference between a successful move and a scam being rewarded.Specific Insights for Illinois
There are also certain aspects to home buying or selling that only a real estate attorney can accurately assess. Real estate agents may not give any kind of legal advice unless they are also an attorney. Otherwise, they may be found guilty of the unauthorized practice of law. In other words, even if your real estate agent is perfectly legitimate, they may not be able to advise you as to certain issues such as tax obligations without incurring a penalty.
Title problems are another issue that are best handled by an attorney. Real estate agents do not handle title searches, and have no way of knowing what liens may be on the property. If a piece of property is encumbered (that is, has a lien or mortgage placed on it), it may jeopardize the sale. Some encumbrances are easily handled with one phone call, but some are harder to remove. A real estate attorney will better understand how to address the outstanding inequity than the average layman.
Be advised that observant Muslims can encounter significant difficulty when engaging in real estate transactions, due to the prohibition against riba, or usury. Standard mortgage lenders do charge interest on their home loans, making them haram for the devout. However, Shari’ah compliant banks are on the rise, making up approximately one percent of the global financial market as of 2014. Approximately 20 have branches in the United States.
Seek Experienced AssistanceThe process of buying or selling a home can become tangled in red tape from the very beginning. Hiring a competent real estate attorney can minimize that risk. The dedicated Oak Brook real estate attorneys at Farooqi & Husain Law Office are well versed in this area of law and know what to look for when negotiating a purchase or sale. We serve clients in DuPage County the entirety of the Chicagoland area. Contact our office today to discuss your options.