Why First-Time Homebuyers Need a Lawyer

 Posted on June 25,2024 in Real Estate

Buying a house is complicated, especially if this is your first time. The entire process can take months or even a year. In the current housing market, most buyers will bid on multiple houses before finding the right one. It is fairly common for buyers to have a house under contract only for the sale to fall through for various reasons. Being represented by a DuPage County, IL real estate sales attorney with plenty of experience during the process can lead to a smoother experience and help you avoid many of the pitfalls that first-time buyers often encounter. While a real estate agent can help you search for properties, only an attorney can help you avoid legal issues that may arise in the future.

How a Real Estate Attorney Can Protect First-Time Buyers

Going from renting to owning is a major milestone - and a significant financial investment. With housing prices as high as they are, most people spend years saving up for a house before they are ready to put a deposit down. Having an attorney to protect you during this process can make a big difference. A few of the reasons first-time buyers should have a lawyer are: 

• Knowing what is normal - Inexperienced homebuyers can be taken advantage of by unscrupulous sellers. If this is your first time buying real estate, you likely have no way to know what is or is not a normal part of the buying process. It is easy for a seller to tell you that it is normal for the buyer to pay certain repair costs before going under contract or for a house to be sold despite an encumbrance when these things are far from standard practice. 
• Understanding legal language - The contracts you will be asked to sign at closing are rife with legal language that a layperson might struggle to understand without stopping frequently to look things up. You should have an attorney there to explain exactly what you are signing so that you have a clear understanding of what you are agreeing to. 
• Spotting potential legal issues - An experienced lawyer who has overseen hundreds of real estate transactions can often see a future legal issue coming far in advance. For example, your lawyer might notice a problem with the chain of title that could mean someone out there has an unsatisfied claim to the property. 

Contact an Oak Brook, IL Real Estate Attorney

Whitacre & Stefanczuk LTD is dedicated to helping people buy their first homes. Our experienced DuPage County, IL real estate lawyers focus on maintaining good communication with our clients the entire time we represent them. Contact us at 773-622-6100 for a complimentary consultation.