By Attorney William Tasch
Why You Need a Real Estate Law Firm That Can Litigate
When buying or selling property in Chicagoland, it's crucial to have a real estate attorney by your side. While it's technically possible to complete a real estate transaction without an attorney, doing so is extremely difficult and not worth the risk. However, not all real estate attorneys are created equal. When choosing a law firm to represent you in a real estate transaction, it's essential to select one that is equipped to handle litigation should the need arise.
The Importance of an Attorney in Real Estate Transactions
In Chicagoland, the cost of hiring a real estate attorney is well worth the investment. Real estate transactions involve complex legal documents and processes that can be challenging to navigate without professional guidance. An experienced real estate attorney can help you understand your rights and obligations, review and negotiate contracts, and ensure that the transaction proceeds smoothly.
The Problem with Non-Litigation Real Estate Attorneys
Many attorneys and law firms in Chicagoland concentrate solely in representing buyers and sellers in real estate transactions. While these attorneys may be well-versed in the intricacies of real estate law, some explicitly state that they will not handle litigation. This can be a significant problem for clients who find themselves in a dispute that requires legal action.
When a real estate transaction goes awry, having an attorney who is not equipped to handle litigation can put you at a severe disadvantage. You may be forced to seek out a new attorney who concentrates on litigation, which can be costly and time-consuming. Additionally, a litigation attorney who is brought in mid-transaction may not have the same level of familiarity with your case as your original real estate attorney.
Negotiating in the Shadow of the Courthouse
Every dispute in a real estate transaction takes place in the context of potential litigation. Even if the parties involved are reasonable and willing to compromise, the threat of legal action is always present. Lawyers refer to this as "negotiating in the shadow of the courthouse."
When your real estate attorney is not prepared to litigate, it can weaken your bargaining position. The other party may be more likely to make unreasonable demands or refuse to compromise, knowing that your attorney is unlikely to take the matter to court. This can lead to unfavorable outcomes and potentially cost you more money in the long run.
The Benefits of a Real Estate Law Firm That Can Litigate
Choosing a real estate law firm that is capable of handling litigation offers several key benefits:
- Comprehensive representation: A law firm that can litigate will be able to represent you throughout the entire real estate transaction process, from contract negotiation to closing and beyond. If a dispute arises, you won't need to seek out a new attorney to handle the matter.
- Stronger bargaining position: When the other party knows that your attorney is ready, willing, and able to go to court, they may be more likely to negotiate in good faith and reach a fair compromise. The credible threat of litigation can be a powerful tool in resolving disputes.
- Cost savings: While it may seem counterintuitive, having a real estate law firm that can litigate can actually save you money in the long run. By avoiding the need to hire a separate litigation attorney and resolving disputes more efficiently, you can minimize legal fees and other costs associated with prolonged conflict.
Litigation as a Last Resort
It's important to note that litigation is rarely the first choice in real estate disputes. In most cases, parties are able to resolve their differences through negotiation, mediation, or other forms of alternative dispute resolution. However, having a real estate law firm that is prepared to litigate if necessary provides a crucial safety net and can help ensure that your interests are protected throughout the transaction process.
Conclusion
When buying or selling property in Chicagoland, it's essential to choose a real estate law firm that can handle litigation if the need arises. While no one enters a real estate transaction expecting to end up in court, disputes can and do happen. By selecting a law firm that is equipped to represent you in both transactional and litigation matters, you can ensure that your rights and interests are protected every step of the way.
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