Are Real Estate Attorneys A Must Have or A Good To Have When Buying Homes In Illinois?

Asked by Home Buyer New, Chicago, IL Wed Jun 8, 2011

Is it mandatory to hire a real estate attorney to purchase a home in illinois or is it possible to waive that right. I recently bought a home at auction without a realtor that is scheduled to close soon. As the property is relatively inexpensive and Im set on buying it I would like to keep the closing costs as low as possible. So is an attorney a must or a recommended option? If a must any inexpensive yet highly professional recommendations are wanted...

Help the community by answering this question:

+ web reference
Web reference:

Answers

16
Ranj Mohip, Other Pro, Chicago, IL
Thu Jun 9, 2011
I never recommend anyone to go through this process by themselves. I think you may have really limited your rights by not using a Realtor. And going through a closing without legal representation is not a good idea. A real estate attorney will charge you a flat rate and payment will be made at the closing. Click the link below--a buyer bought without an attorney and issues came up. Protect your investment and your rights.

Attorney Ranj Mohip is a Chicago real estate attorney. The information in this answer is general information and is not intended as legal advice. Further, answering this question or otherwise contributing as a member of Trulia.com does not create an attorney-client relationship. Remember, consult the best real estate attorney in Chicago or in your respective area.
1 vote
Jerry Grodes…, Agent, LOda, IL
Tue Jun 28, 2011
New Home Buyer,
You are not getting the attorney in case everything goes right... you are getting the attorney in case something goes wrong. With no full-time, experienced Realtor and being a first time home buyer, I suggest getting an attorney.
0 votes
Gerard Carney, Agent, Spring Hill, FL
Fri Jun 17, 2011
The difference between legal and smart is that even if it is not required it is still smart to cover your butt as best as you can when it comes to something as important financially as buying a home.
0 votes
Matt Laricy, Agent, Chicago, IL
Thu Jun 9, 2011
It is a must. Its not illegal, but it would be foolish to not hire one. You can spend a small amount of money to hire a proffessional who can advise you and check on this property now. Or you can end up paying a TON of money later because you wanted to save a few bucks now. Its up to you if you want to roll the dice or not.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
Web Reference:  http://AmericorpRe.com
0 votes
Alan May, Agent, Evanston, IL
Thu Jun 9, 2011
Illinois has no "legal" requirement, that you must use an attorney.

However, for the minimal cost of an attorney in a typical transaction (real estate attorneys, in my area, tend to charge somewhere between $450-$750 for the entire transaction as a flat-fee) I think it's money well spent.

Unless you know how to pull title yourself, and have the time and energy to put toward the myriad of things that an attorney does for you, in a real estate transaction... I strongly recommend hiring one... even at this late date. They will help you review your loan and closing documents.

If it helps at all, while I am knowledgeable in the process, I would never buy or sell my own property without using an attorney.
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Thu Jun 9, 2011
As said, it is not mandatory. Use of an attorney for anything is completely voluntary. That being said. In an auction, all an attorney can do is represent you at closing. They can't change contract terms. And by the way, buying at auction can be completely safe, if you are dealing with a reptuable company and a clean title. And auction properties comprise a good number of real estate sales. Sometimes they are not a last resort, but a strategic choice. Regardless, an attorney can definately help you to ensure the title is clean and deed is warranty. I wouldn't buy anything that wasn't. Some auctions with no clean title, etc. are cause to be cautious and keep your eyes wide open.

Attorneys are designed to protect your interests and explain sometimes complicated paperwork to you. It is recommended to have an attorney represent you - you know the old saying...but the bottom line is that it is your decision to figure out your comfort level.

However, if a couple hundred dollars can save you thousands in pain for a mistake... Not required - your decision.
0 votes
Judith Brown, Home Owner, California
Thu Jun 9, 2011
Well, it is always the safest way to hire someone that has a total knowledge on the job.
0 votes
Deborah Smith, Agent, Oak Forest, IL
Thu Jun 9, 2011
The best investment you can make is to hire a real estate attorney when purchasing real estate. It is your
safety net in case a problem arises in the transaction in the present and the future. Deborah Bergthold-Smith Classic Real Estate 708-267-5552
0 votes
Philip Sencer, Agent, Chicago, IL
Thu Jun 9, 2011
Buying a foreclosure at auction is the most dangerous way to do it. Most property at auction are there because they cannot be sold in the normal way often because there are 'issues' that you really need an attorney for. Snce you already bought it and sounds like you are past the attorney review.......IF there even was an attorney review allowed.........which often there is NOT, you might be already screwed. It sounds like you are being very cheap when it comes to buying a propert for which you may have significant potential future costs involved. Paying $400ish for legal advice is more than worth it.
0 votes
Bernie, Agent, Chicago, IL
Thu Jun 9, 2011
It is not mandatory but hightly recommended. The few dollars that a person spends on an attorney saves a lot in the long run.
0 votes
Anthony Cava…, Agent, Channahon, IL
Wed Jun 8, 2011
Certainly, you don't absolutely have to hire an attorney; it's not a legal requirement that you buy those services, unlike health care is about to be. But an attorney provides certain safeguards, and you're very foolish if you do not hire one. In a real estate transaction, they truly worth their price, which generally averages about $500 per transaction. Look at other questions posed on this site; I have seen many where the person is asking for help due to some irregularity on the property that was not cleared up before closing. If you try to fix something later (or if you're unable to fix it), it will cost you far more than $500.

The only type of buyer who might be able to get away with not having one is the seasoned and legally savvy real estate investor or a buyer who is themselves an attorney. Clearly, since you are asking this question, you are none of these.

Save yourself heartache and a lot of self-directed anger later; use an attorney.
0 votes
Joe Schiller, Agent, Chicago, IL
Wed Jun 8, 2011
all professional people use one... your sort of screwed if your closing soon anyway.. attorney time was a while ago... an auction? you sound very green and that is where the smartest players go..what did they pass up that you purchased.. there is a saying in Vegas.. there is at least one sucker at the table and if you dont see him/her ..its you. call an attorney now and pay for a good one.. your in over your head already... I am not being hard on you either.. I am being straight with you and everyone else that thinks its easy..its not.
Web Reference:  http://www.joeschiller.com
0 votes
John Potter, , Cook County, IL
Wed Jun 8, 2011
If you really know what you are doing with transferring title and closing statements and all of the legal jargon in a closing then you maybe able to save $500. And then if you have a cloud on your title, who do you call?
0 votes
Joanna Para, Agent, Palos Hills, IL
Wed Jun 8, 2011
It's nor a requirement but it is strongly recommended especially if you are purchasing a short sale or foreclosure. Typically the cost of hiring an attorney when purchasing is about $500, which is not a significant expense. You can roll the attorney's fee into the closing costs (which you may negotiate to have the seller pay for).
0 votes
Eric Marcus, Agent, Chicago, IL
Wed Jun 8, 2011
When I represent someone its a must. I guarantee the seller has a good attorney, you should go get your self one as well. Don't be penny wise and dollar foolish.

Many of my clients use Nick Jakubco or Kristan Richards at 773-588-3395. They have a flat fee rate that is VERY reasonable considering the number of hours they put in. I don't want to quote it here because its their business. Tell them Eric Marcus sent you!

Good luck to you!
0 votes
Mark Malave, Agent, Chicago, IL
Wed Jun 8, 2011
Good to have. I wouldn't close without one. Contact Ronald Stearney at 312-456-6900
Web Reference:  http://Www.markmalave.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more