"You have the right to an attorney ..."
That's a line we've all heard on TV many times, and hopefully never heard in person!
Depending on where you have lived and purchased real estate in the past, you may not have used a real estate attorney for your home sale or home purchase. In the Northern Illinois area, most home buyers and home sellers choose to use a real estate attorney for this transaction.
The right to an attorney review and approval is a standard contingency paragraph already written into the standard real estate contract that is used in the Northern Illinois area.
Your attorney has five (5) business days from the date of contract acceptance to review and approve the contract on your behalf. After the home inspection, your attorney will make a written request for any requested repair work - or if you are the seller, respond on your behalf to any repair requests.
At the real estate closing, your attorney will review and discuss with you the title paperwork, the HUD/RESPA documents, mortgage loan documents and review the survey with you. This is just a few of the many things that your real estate attorney will do on your behalf between the date of the contract acceptance and the date of the closing.
As always, you may choose any real estate attorney that you want, or I can refer you to several excellent real estate attorneys.
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