Buying a house or new business in Illinois is typically an exciting experience. From start to finish, bringing real estate transactions to fruition can take months. When problems arise, buyers and sellers may suffer substantial delays. One thing everyone typically hopes for, but don’t always get, is a smooth closing.
Closing disputes are not uncommon in the real estate world. There are several practical ideas to keep in mind to keep stress levels at a minimum and resolve disagreements as quickly and satisfactorily as possible without damaging the bottom line. It’s often helpful to have an experienced commercial real estate attorney on hand to negotiate closing terms and settle disputes as they arise.
This is often able to be accomplished without stepping foot inside a courtroom. Other situations are a lot more contentious, however. For this reason, it’s wise to retain the services of an attorney who is prepared to aggressively litigate any issue as needed.
Such situations often evoke strong emotions on both sides and can delay transactions unnecessarily. Keeping calm and thinking practically, rather than emotionally, often leads to more positive results. If an error is made, the person who made it should be willing to rectify the situation as swiftly as possible. Sometimes, third party mediation can help resolve ongoing disputes. Closing problems will continue to occur during real estate transactions in Illinois and elsewhere; obtaining fair and agreeable solutions may be more likely when an experienced real estate attorney is asked to act on behalf of a concerned party.
Source: realtormag.realtor.org, “5 Tips for Resolving Closing Disputes“, Accessed on April 25, 2017