Do I really need an attorney to purchase real estate or will the Realtor and the Settlement Company conducting the closing protect me?
Whether you “need” an attorney is something you must decide for yourself. There is no law requiring you to have an attorney represent you in a real estate purchase in Illinois. However, an old adage warns that “The attorney who represents himself has a fool for a client.” Even though the Realtor normally does his or her best to be your friend, remember that it is the seller who pays the Realtor’s commission, and it is the Seller who the Realtor represents, unless you have specifically hired a “Purchaser’s agent.” Similarly, the Settlement Company normally represents the bank and/or the Title Insurance Company, not the buyer. More often than not, the Settlement Company agent conducting the closing is not even an attorney and by law cannot give you legal advice or explain the effect of provisions in the documents you will be signing. If you want to know that your interests are being protected, you can do so only by making sure that your attorney has an opportunity to review the documents
Related Questions
- Why hire a real estate attorney for a closing if the parties are represented by real estate agents and can use a title company instead?
- Do I really need an attorney to purchase real estate or will the Realtor and the Settlement Company conducting the closing protect me?
- How much is the attorney fee for a residential real estate closing?
