How much, Why & What – The Real Estate Attorney Explained

Hey, everybody, it’s Janine Sasso, your local Chicagoland realtor. And in today’s episode, I wanted to talk to you guys about the real estate attorney and his or her role in the real estate transaction. The Chicagoland area has real estate attorneys representing buyers and sellers in the transaction. They are their legal counsel. They have their back. They make sure the best interest is always protected. They protect the earnest money. They are a valuable asset when it comes to our real estate transaction. Now, other parts of Illinois, you will not find a real estate attorney oftentimes used. It is most often handled by the little company as well as the agents. So this one is customary to our market, and this is why I wanted to take a minute and explain a little bit about it. The first question I oftentimes get is, well, how much is it going to cost? The word attorney is oftentimes associated with massive amounts of money, and in the grand scheme of things, the transaction is worth multiple hundreds of thousands of dollars. So with that in mind, the attorney is on average and, you know, prices vary, but on average, you’re looking at 5 to $600 for the transaction, which is paid.
At the successful close, meaning your property does not close. The attorney most often.
Doesn’t charge a retainer, does not get paid because the property did not close. They don’t charge you by the minute. They also don’t charge you by the email or the phone call. So you have legal counsel available to make sure you ask the questions that are important to you. Your attorney will help you get all of the important documents gathered. They will help you. Record the the property ones have transferred. And in our market.
We use them. We heavily rely on them. It is really important to make sure you pick up some attorney that is a real estate attorney, because we want to make sure that they 100% know what they’re doing in the transaction, because if they do not, it will cost you money. It will cost you time and it will cost you a lot of information. So we want to make sure that you have somebody on your team that is there for you and understands the marketplace you’re in that is having local knowledge because we want to make sure that they are familiar with the rules required by all of the towns and townships. That all being said, I work with some of the best attorneys in the marketplace. So if you do need somebody, if you need a reference, feel free to reach out. I’d be happy to share it, regardless of, you know, who is representing you, regardless of if you’re going for sale by owner without an agent. I just think it’s such a valuable asset to have to have your best interest protected 100% of the way that this is an investment you should make while investing in real estate. So I hope this little glimpse helped you understand a little bit more. And if you have any questions, you can always email me at Janine@3keysrealestategroup.com
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And I look forward to next week’s episode.

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