Friday, January 13, 2006

What happens when a Buyer/Seller is not represented by a lawyer?

I was reviewing some back reading and came across a nice piece from the November 2005 Illinois Bar Journal entitled Unrepresented buyer and seller and opposing lawyer beware. It provides some valuable information to real estate professionals when one of the parties is not represented. Some highlights:

  • Never stop urging the other party to retain counsel;
  • If Buyer's not represented, let the closing agent explain all documents. Seller's attorney should never advise Buyer of their legal obligations.
  • If Seller's not represented, Buyer's attorney can draft conveyance documents.

It happens...be ready!!

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