This is the story of a Buyer who thought he didnt need an attorney when buying a house in Chicago. He told his Realtor "I dont need an attorney, this is all standard stuff. I know what I am doing. After all, I have bought a house before."
He handed over a total of 5% in earnest money. Which was a total of $15,000. The Realtor then told him again, you really need to hire an attorney. Again, he shrugged it off. $500? I dont need to spend $500 on an attorney.
A little over a month later, I get a phone call from my office. Its the Buyer. He's nervous and panicked. He apparently did not send a proper notice that he needed more time to get his mortgage completed. The deadline came and went. The closing was supposed to take yesterday. "Can you help me?" he asked, hoping for a miracle. "No, I'm sorry, there is nothing I can do at this point."
The Seller kept the $15,000 as a penalty. All because this guy thought he would save $500 by not hiring an attorney.
Buyers - you need to hire an attorney for a variety of reasons. See http://www.bradfordmillerlaw.com/Buyers/10-Reasons-for-Buyers-to-Hire-an-Attorney.shtml
Dont let this happen to you - call our office today!
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
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