Did you know that having an attorney during the due diligence phase of a real estate deal is like having a personal bodyguard for your investment? From reviewing contracts and title reports to ensuring everything balances at closing, an attorney shields you from costly mistakes every step of the way. Avoid the pitfalls of going it alone without legal guidance. Want to safeguard your interests? Watch this short video to see how an attorney can make all the difference!
Are you considering buying or selling real estate? Using an attorney during the due diligence phase can significantly protect your interests.
Here’s why involving an attorney is essential in any real estate transaction:
Examination of title reports. We carefully review the contract to protect your interests, especially regarding earnest money and any contingencies during property inspections. We want to ensure you’re not at risk of losing your earnest money if certain conditions aren’t met. We aim to confirm that the property you’re acquiring is free of encumbrances and liens, ensuring you receive it free and clear. The same applies when representing sellers—we provide the property is transferred correctly and the buyer obtains title insurance.
Review of the property survey. We also review the survey to verify it matches the property’s legal description and identify any easements or building line setbacks.
Assessment of Homeowners Association (HOA). If you’re buying a property with a homeowners association (HOA), we assess the financial solvency of the HOA. I have personal experience with this—I once owned a property where the HOA went under, causing a significant economic burden.
Environmental studies for commercial properties. We review environmental studies like Phase One and Phase Two reports for commercial properties. While rare in residential transactions, issues like underground tanks can arise, and we’re trained to address them.
Attendance and review at closing. Finally, during closing, we attend and review all relevant documents, such as the deed, bill of sale, settlement statements, and title commitments. We ensure that all prorations are appropriately handled, whether tax prorations or rent prorations if there are tenant or HOA assessments.
Our role is to protect you throughout the entire process of acquiring or selling real property. If we can assist you with a real estate transaction, please contact us at (847) 577-4476. Don’t make the mistake of managing complex real estate transactions without legal guidance. We’re here to help you every step of the way.
