I received a phone call today from one of my sellers telling me I had made a mistake because I had him sign his sale contract before sending it to his attorney. I explained that this is how residential real estate transactions are typically done. The buyer and seller sign a contract and it goes to both of their attorneys for review. If either attorney objects to how the contract is written, they with the agreement of their client can void the contract typically within 5 business days. Thousands of real estate sale contracts are handled this way in the Chicago area every year.
Apparently, his attorney told him otherwise. I looked up the attorney on the Internet, and sure enough, real estate law isn’t one of his specialties.
I wouldn’t begin to argue real estate law (or any other type of law) with an attorney. However, I will argue the proper process for a real estate transaction which includes getting both buyer and seller signatures on the sale contract before sending it to the attorneys for review.
Telling the seller that the contract should have gone to the attorney before the seller signed it seems fairly harmless, but what other incorrect information may the attorney have told the seller? Don’t cut corners by going with your family attorney for a real estate transaction. Get an attorney who specializes in real estate law!
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