When and how you sell your home may be the largest and most important investment decision of your life. Working with a knowledgeable Real Estate Attorney will help ensure that you protect your investment and ensure that the process of selling your home goes smoothly. For example, did you know that every sale of a home must be reported to the Internal Revenue Service and may be subject to a capital gains tax? However, if you have owned and occupied your principal residence for more than two years you may not have to pay this tax. An experienced Real Estate Attorney can help you understand tax problems that may occur if your home is sold at the wrong time. In addition, an experienced Real Estate Attorney will make sure that, before signing, you understand all legal agreements related to the sale of your home.
The Illinois State Bar Association has developed this brochure especially for those who are considering selling a home.
Your purchase of a home will probably be the largest single investment of your life. To protect that investment, it is important that you work with knowledgeable professionals at each stage of the buying process. As you shop for your home, you should also be assembling your "team" of real estate professionals. Each member of your real estate team - your real estate attorney, real estate agent, home inspector, and lender - has a vital role to play in the process. Selecting them with care and consideration at the outset of the process will keep you from making rushed decisions as you start to look for your new home. Also, retaining a qualified, competent real estate attorney at the outset can save you costly mistakes throughout the process.
The Illinois State Bar Association has developed this brochure especially for those who are considering buying a home.
Our office routinely represents both buyers and sellers of real estate in preparation for closing in a residential real estate transaction. Both buyers and sellers benefit from the involvement of an attorney in the process: In negotiation of the initial sales contract; preparation of the deed and real estate tax documents; coordinating all parties for the closing; ordering title examination and insurance; obtaining mortgage payoff statements; prorating amounts for homeowners association dues, property taxes, sanitary and/or recycling taxes; etc.