Representation of Buyers and Sellers
SG LAW represents buyers and sellers in residential real estate transactions. By hiring SG LAW, you can rest assured that you will be well informed and educated on all aspects involved in what could be one of the most important and significant legal transactions of your life.
With more than a decade of experience, SG LAW has an excellent rolodex of real estate professionals that it can refer to prospective home buyers to assist with the home buying process– everyone from experienced realtors to home inspectors to lenders to title companies.
The Purchase Of A Home
The purchase of a home can be a stressful time for families. Often times, it is the first major legal transaction that an individual or married couple enter into together. It can be plagued by emotional and financial uncertainties along with an overwhelming amount of financial and legal decisions that need to be made.
Sharanya Gururajan and SG LAW work hard to keep clients informed throughout the home buying process. By hiring SG LAW, you can rest assured that the legal issues surrounding the purchase of your home are being handled by an experienced professional.
You may hire one as soon as you make the decision to purchase a home. By hiring SG LAW at the outset, you will be introduced to experienced and reliable real estate professionals that will assist you through the entire process.
At the very latest, you should hire a Real Estate Attorney as soon as the Seller accepts your offer. There is usually a five (5) business day Attorney Review period under the Contract at which time SG LAW will assist in the review of the Contract and advice you regarding home inspection requests that you should raise with the Seller during said Attorney Review period.
SG LAW’s main objective as your real estate attorney is to protect your legal rights as provided for in the Real Estate Contract. Your attorney will ensure that you are kept apprised of all deadlines that need to be met both by you and your Seller during the transaction. If you are unsatisfied with the home after the inspection or fail to obtain a loan or circumstances change with respect to the home, SG LAW will work to ensure that you are able to lawfully terminate the Contract and receive a refund of your earnest money.
Failing to meet deadlines and/or failing to lawfully terminate the Contract pursuant to appropriate procedures may lead to the Buyer losing his/her earnest money and/or being sued by the Seller for specific performance and money damages. This can lead to devastating results especially in the event the Buyer is dealing with a fixed amount of assets or is working with a limited budget.
Just like you hire a home inspector to inspect the structural and foundational aspects of a home, Title Insurance inspects the quality of the title of the home you are about to purchase. Think of these as the invisible defects affecting your home such as liens and encumbrances. These “invisible defects” may affect your ability to enjoy the property and sell it to someone else at a future date. Therefore, it is important to hire an experienced real estate attorney such as SG LAW to review the Title history of the property to advise you of any issues.
Your Seller will customarily choose the Title Company and said Company will produce a Title Commitment reflecting the history of encumbrances that “run with the land” – In other words, encumbrances that you will purchase the property with. SG LAW will ensure that any of these encumbrances that “run with the land” do not affect your ability to obtain marketable title.
By the closing date, you should have a final loan commitment from your lender and an official “Clear to Close”. SG LAW will work with you and your lender to coordinate this process. You will be expected to arrive at Closing with your ID and either a wire confirmation or Certified Funds with your Cash to Close.
SG LAW will review all the lender’s documents, the title company’s documents, and the Seller’s legal documents to ensure that your loan is for the appropriate amount and appropriate legal terms. SG LAW will also confirm that you are receiving proper legal title to the home along with all the protections you are supposed to obtain through title insurance.
Therefore, SG LAW will ensure that your rights are protected from Contract to Closing and that you walk away with your keys to your dream home!
The Sale Of A Home
The sale of a home involves a Seller making certain legal representations and warranties to a Buyer. Often times Sellers make representations that they are not aware they are actually making which can lead to unnecessary conflicts and disputes.
Therefore, it is important that Sellers are represented by competent legal counsel such as SG LAW to ensure a smooth closing and transition to your next phase of life, wherever and whatever that may be. By hiring SG LAW, you can rest assured that the legal issues surrounding the sale of your home are being handled by an experienced professional.
You may hire one as soon as you make the decision to sell a home. At the very latest, you should hire a Real Estate Attorney as soon as you decide to accept an offer from a prospective home buyer. There is usually a five (5) business day Attorney Review period under the Contract at which time SG LAW will assist in the review of the Contract and advice you regarding negotiating home inspection requests that may be raised by the Buyer during said Attorney Review period.
SG LAW’s main objective as your real estate attorney is to protect your legal rights as provided for in the Real Estate Contract. Your attorney will ensure that you are kept apprised of all deadlines that need to be met both by you and your Buyer during the transaction.
As the Seller, you are required to obtain various documents and disclosures from your Home Owners Association, obtain a Survey for your Real Estate, and make representations regarding special assessments, property tax assessments, and a myriad of other matters that may affect your property. SG LAW will advise you regarding these matters and ensure that you do not make any disclosures or representations that will affect you post-closing of the home.
It is customary for Sellers to purchase title insurance for the Buyer. Title Insurance is a form of indemnity insurance that protects buyers and lenders from financial loss in the event of title defects affecting the home during the time you owned the home. Think of title defects as potentially invisible defects affecting your home such as liens and encumbrances. These “invisible defects” may affect Buyer’s ability to enjoy the property and sell it to someone else at a future date. Therefore, it is important to hire an experienced real estate attorney such as SG LAW to review the Title history of your property so appropriate endorsements may be obtained from the Title Company to ensure you can sell the Property with minimal issues.
SG LAW will work hand in hand with the Title Company to review the Survey for your property for encroachments, building setback line violations and any other issues that Buyer may raise at the closing table that may affect your ability to sell the home.
SG LAW is a Title Agent for reliable and reputable title companies in the Chicagoland area and can ensure that the process remains smooth and hassle free for you, so you remain focused on the transition of your life to the next phase.
Typically, Sellers do not need to be physically present at Closing. You may give SG LAW a limited Power of Attorney to act on your behalf and sign all appropriate documents at Closing. SG LAW will meet with you prior to the Closing and review all sale documents and title documents with you to ensure that you are passing on title in the proper form to the Buyers. SG LAW will review the Settlement Statement with you prior to the Closing so you are well aware of how much you will be receiving from the sale of your property.
SG LAW will ensure that your rights are protected from Contract to Closing and that you are able to sell your home hassle free and move on the next phase of your life!