You need to consult with your attorney regarding all of the above concerns. As far as paying him this dependes what agreement was made between the attorney and you when you picked him to represent you in this transaction. Good luck.
First of ALL ; Any answers that were given from a non-attorney to this question you can be fined for practicing law without a license,
2nd it is against the ethics or standard of practice to advise a buyer how to get out of a contract.
3rd of all what you are obligated to pay or not pay for attorney is between you and your attorney unless it was very excessive than you take it up with another attorny or the disaplantary board.
Is seems like to me that you started out on the wrong foot when you didn't have a realtor represent you from the beginning and its been going down hill ever since. ALL the Realtor's out there should be VERY VERY CAREFULL IN ANSWERING ANY OF HER' QUESTIONS YOU COULD BE BROUGHT UP ANY A NUMBER OF CHARGES IF YOU DO ANSWER THEM EXCEPT FOR THE TAX EXEMPTION IMPROVEMENT. The previously answers was only half right ; THE POOL IS NOT AUTOMATICALLY GET TAXED EXEMPT, I wish it was that easy. You always got to double check on it. Other counties than Cook have up to $40,000 in improvements.
If your attorney represents you that i am sure what ever you want done he should be able to work within the legal boundaries to get what ever you want do and learn your lesson for next time you don't use an experienced & knowledgeable realtor like myself. I worked for the Cook County Assessor for 6 years and knows the in's & out's of property tax reductions for Cook & Lake County.
Don Yosef Marcus GRI,ABR,CCREC,SRES
CENTURY 21 MB
Northbrook & Chicago
First realize that here in Illinois there is a Home Improvement Exemption for Real Estate Taxes. The Home Improvement Exemption allows you to increase the value of your home with up to $75,000 worth of improvements without increasing your property taxes for at least four years. So if the improvment was done less than 4 years ago, then it is not reflected in the taxes. This exemption is automatically applied, the Seller did not have to apply for it. Check out information on the Cook County Assessor's website here: http://www.cookcountyassessor.com/exemptions.aspx
Second, even though I am an attorney I have not reviewed the sales agreement, your attorney should be able to guide you in the right direction, but I suspect that you have a way to back out of this deal.
Hope that helps,
The lawyer fee for drawing up the contract shuld be on the seller's side and therefore his/her expense....
You should ALWAYS have a "due diligence" or inspections period anyway. THAT would be your OUT. During a due diligence period is a time in which you conduct inspection of the physical part of the property, but also, it is a time in which you review the Preliminary Title Report. If there are things you don't agree with, you have the option to BACK OUT or RE-NEGOTIATE with the seller for a solution.
The due diligence period is a time for you to check on exactly this issue.
Take a breath, I think you'll be fine.
Again, talk to your own Realtor & the attorney tomorrow, 1st thing.