PURCHASING REAL ESTATE 

For many, purchasing Residential Real Estate is one of the largest financial transactions of their life. Even for an experienced Buyer, whether upgrading, relocating, downsizing or purchasing an investment property – the process can be stressful, emotional, frustrating and exciting. Having knowledgeable and experienced attorneys who can anticipate and avoid common issues is an indispensable asset to your process.

 

Our attorneys will advise and guide you through the transaction, from commencement to Closing, addressing any issues along the way including reviewing closing costs, so you can make well informed decisions throughout the process while safeguarding your interest.

 

Our attorneys, whose practices are focused on real estate and property law, are skilled in issue spotting and anticipating potential obstacles, knowing when they typically arise, what to look for, and can isolate nuances attributed to specific counties and municipalities in Lake, Cook and McHenry Counties. They have the experience and the knowledge to address and clear these potential issues making them indispensable to effectuating a successful closing.

 

Check out our common Purchaser Question & Answers, if your questions is not here feel free to contact us directly with your question(s) here.

Weppler Law Group Services

How much are the legal fees for Weppler Law Group to represent me throughout my purchase?


Our firm charges a flat rate per contract which includes the services listed in the above answer. We firmly believe that stellar representation should not have to come at a hefty price. Our attorneys understand the expenses involved in real estate transaction and therefore maintain a fair flat fee which ranges from $400 to $600 depending on various factors. Send us a message or give us a call and we can quote you the accurate amount for the property involved.




What legal services does Weppler Law Group provide me when representing me throughout my Purchase?


Our firm is with you every step of the way, our attorneys will…

  • Review your contract once an offer has been made and accepted;
  • During the attorney approval period, review the contract and the Disclosures with you to ensure the contract memorializes everything you believe you negotiated and agreed to;
  • Review Sellers’ attorney correspondences/ Attorney Approval Letters and negotiate or help resolve any issues that arise after the home inspection has been conducted and the report has been reviewed;
  • Review the title commitment and address any liens or other defects and make sure the appropriate steps are taken to clear such encumbrances;
  • Advise on the plat of survey, review and address any issues revealed by the survey, such as property line disputes;
  • Prepare and/or review all the documents necessary for the closing;
  • Verify that all charges are properly prorated and that all matters that could affect title to the property have been cleared prior to the closing date;
  • Review Closing Documents prepared by Sellers’s attorney including but not limited to: the Deed, the affidavit of title, the bill of Sale, and the Closing Statement/ Master Settlement Statement; and
  • If applicable, review Home Owners’ Association documents and Plat of Survey for said property.





Closing Costs

What Are The Typical Purchaser Closing Fees?


  1. Closing Fee
  2. Loan Application/Origination Fees
  3. Points on loan
  4. Lender’s Title insurance policy
  5. Appraisal Fee
  6. Home Inspection Fee
  7. Escrow payment for taxes and insurance
  8. Attorney Fees; and
  9. Recording fees for deed and new Mortgage (if applicable)
  10. Transfer Stamps / Taxes
  11. Municipality fees /requirements (if applicable)
  12. Home Owners’ Insurance
  13. Home Owners’ Association fees (if applicable)





General Purchaser Questions

Can any attorney handle my Real Estate Closing?


Not necessarily. Just as you wouldn’t go to a podiatrist for heart surgery, you may not want to go to an attorney who does not regularly practice real estate for the sale of purchase of your property. Our Attorneys will be familiar with the contracts used by the Real Estate Board in your area and the law related to Real Property.




Doesn’t my Lender make sure everything is taken care of properly?


Your Lender will protect their interest and investment in the real estate closing. Of course some of those interests will be overlapping. However, our firms prime focus is your personal interest and investment.

The Lender will only insure that they protect their financial interest in the property and that they have legal means to secure their interest in the event of a default (mortgage and note).

It’s important that you get the property in the condition you expected and that you don’t experience additional costs if the property does not close on time and you can’t move in to your new home. All of these issues are handled during “Attorney Approval and Home Inspection Review contingency”.




If I have a FHA or VA Loan, then won’t the Government make sure my rights are protected?


The government only guarantees that the investment is protected when they insure an FHA or VA Loan. As with other Lenders, while their interests may be similar to yours in some instances, your interests in the property are much greater than their interest. The government does not guarantee the condition of property under a government guaranteed loan.

It’s important that you get the property in the condition you expected and that you don’t experience additional costs if the property does not close on time and you can’t move in to your new home. These issues are handled during “Attorney Approval and Home Inspection Review contingency” by your attorney.




Do I need to hire a Real Estate Agent?


Not necessarily. However, most will advise that you do. Real Estate Agents provide a plethora of knowledge and information to Purchasers and commonly list properties where they are familiar with the area. Being familiar with the area, the good, the bad, the trends, what’s available can aide you in finding your perfect property. Ask around and be clear what the commissions (fees) that agent charges. Note that the "Commission" is typically a percentage of the purchase price of the property, and for most agents, it is a negotiable percentage.




Who is typically involved in a real estate transaction?


Each of the following potential parties involved in a real estate transaction have their own interests and agendas to pursue and protect. A qualified real estate attorney will guide you through the process, work with these third parties to make sure your interests are met on all levels.

  • Real Estate Agent / Realtor
  • Lender
  • Appraiser
  • Inspector
  • Title insurance company
  • Builders – contractors.




If I have a FHA or VA Loan, then won’t the Government make sure my rights are protected?


The government only guarantees that the investment is protected when they insure an FHA or VA Loan. As with other Lenders, while their interests may be similar to yours in some instances, your interests in the property are much greater than their interest. The government does not guarantee the condition of property under a government guaranteed loan.

It’s important that you get the property in the condition you expected and that you don’t experience additional costs if the property does not close on time and you can’t move in to your new home. These issues are handled during “Attorney Approval and Home Inspection Review contingency” by your attorney.




When should I contact an attorney regarding the purchase of a property?


Purchasers should contact an attorney at the beginning of the buying process for a consultation to learn about the legal side of the buying process, including the anticipated closing costs and to inquire on the attorney fees. Note however, once your offer has been accepted, it triggers the Attorney Review and Home Inspection period (if applicable per your contract) and you should immediately contact an attorney to review the contract with you and any correspondences from the Sellers’ attorney.





 

Purchaser Frequently Asked Questions

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