Do I need a real esate attorney if I have a broker?
A broker and an attorney have different functions. Under Illinois law, a broker cannot contemporaneouly act as your attorney in a transaction (even if they are a lawyer). Alternately, a broker who is not an attorney could not provide legal advice for a real estate transaction. A non-lawyer providing legal advice would constitute the unauthorized practice of law.
Do I need a broker if I have a real estate attorney?
As previously alluded to, a broker and an attorney have different functions. Whether or not you need a broker will lagely depend on whether you have already identifid a buyer for your property. If you have not, it may be advisable to engage a real etate broker to market the property. Most brokers will paticipate in a multiple listing service (MLS), which will provide a great deal of marketing exposure for your property.
What costs should I expect to incur when using a real estate attorney?
When representing a Buyer, a real estate attorney typically gets paid solely through the attorney fee billed. When representing a Seller, a real estate attorney will often get paid an attorney fee and also a fee for arranging and issuing a title insurance policy.
How do real estae attorneys get paid?
For residential transactions in Illinois, many attorneys will charge a flat-fee (presuming that the transaction runs smoothly). Commercial transaction are commonly billed by the hour.
Attorneys may also serve as an agent for the company issuing title insurance. When an attorney is profiting from this arrangement, it must be disclosed to a client in writing. The fees paid to issue a title policy often help to offset that an attorney who bills at an hourly rate of $400 or $500 may charge a flat-fee for a closing. Even the simplest of real estate transactions will take longer than one hour of work.
Do I need to buy new title insurance if I quit claim a property?
Maybe. The answer will depend on a number of things, including when the original title policy was issued and what coverage was extended. Other factors include who is currently in title and to whom the property is being deeded.