The Law Office of Christina Martell

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Understanding the Different Roles in an Illinois Home Closing

Posted on in Real Estate

Winfield real estate attorney

Buying a home can be one of the most exciting events in your life, but it can also be overwhelming, especially for first-time homebuyers who are unfamiliar with the process. Before you close on your home, you will likely be working with a variety of people who can help make your closing possible, including a real estate agent, a mortgage lender, and a real estate attorney. The more you know about what each of these parties can do for you, the smoother your home search and closing process will be, allowing you to celebrate the purchase and the future you will build in your new home.

Real Estate Agents, Mortgage Lenders, and Real Estate Attorneys

Real estate agents, lenders, and attorneys each play a different role in your home buying journey, and it is important to understand which one you should go to for different services and answers to the many questions you may have. Here is what you should know about each one:

  1. Your real estate agent can help you identify the qualities you are looking for in a new home, find houses on the market in your preferred area that meet your qualifications, and lead you through home showings and open houses with an eye for the things you should look out for. Your agent will also likely have a good understanding of the property values in your area and can advise you on the terms of a reasonable offer.

  2. Your mortgage lender can work with you to determine the amount you are able to offer on a home based on your income, assets, as well as your employment and credit history. Your lender can provide you a pre-approval letter stating the mortgage amount you are eligible for, which can increase the credibility of your offer with the seller. After your offer has been accepted, your lender will often arrange an appraisal of the property and work with you to finalize a loan agreement to ensure that you have adequate funding for your closing.

  3. Your real estate attorney is the only party who can give you qualified legal advice throughout your home closing process. Your attorney can review and negotiate the terms of your purchase agreement with the seller, seek modifications or resolutions based on the results of the home inspection and title search, review and advise on your agreement with your lender, and make sure you are prepared for your closing with all of the necessary documents.

Contact a Winfield Real Estate Attorney

While your agent and your lender may be the first contact points in your home buying process, your attorney is an important asset starting when you are ready to make an offer. At The Law Office of Christina Martell, we want to help you achieve your dream of buying a new home. We work to ensure that the purchase agreement is in your best interest, and we will guide you through the steps between the accepted offer and closing day, answering any legal questions you have along the way so that you can feel confident in your decision once the purchase is complete. Contact a knowledgeable DuPage County real estate lawyer today at 630-717-2772. We offer consultations for $100, which is credited toward your bill moving forward upon hiring our firm.

 

Sources:

https://www.thebalance.com/when-to-hire-a-real-estate-agent-or-lawyer-4092926

https://www.bankrate.com/mortgages/understanding-the-closing-process/

 

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