Everyone knows that a good rule of thumb is not to sign anything important without your lawyer’s blessing. That being said, many real estate contracts are signed with only the realtor’s input, often because someone buying or selling their house in Illinois doesn’t yet have a lawyer when its time to sign. It all happened so fast!
Most, but certainly not all, contracts for the sale of real estate used in the Chicago area (the most common one being the Multi-Board Residential Real Estate Contract) will provide for an attorney review period whereby your attorney can basically review the contract and probably get you out of it within a specified time frame after you sign it. The benefit to signing immediately is that you may not want to “risk” losing the deal, especially if it is presented over the weekend and you haven’t even thought about a lawyer yet. Ideally, you will have a lawyer lined up as soon as you know you will be buying or selling your home before this even becomes an issue. Its never too early to start the process.
If you have a real estate contract for buying or selling a house in Chicagoland that you want to sign, call O’Connor Cadiz Law where typically you will be able to get legal counsel right away. We have offices in Itasca and Schaumburg but serve a wide area in both Chicago and the surrounding counties. If you are selling, be sure to check our video on selling real estate!