Welcome to Robson & Lopez LLC’s Real Estate Portal! The videos and Q&As on this page are intended to help you understand the process of selling or buying a home. Please start with the short “Introduction” video below. Remember, this is general information only, to get specific advice call us for a free consultation!
Frequently Asked Questions
Q: Why do I need a lawyer to buy or sell a home?
Q: What makes R&L lawyers better at real estate law?
Q: Do I need a real estate agent to sell my property?
Q: What is the Multiple Listing Service (“MLS”)?
Q: What is title insurance?
Q: If I get title insurance, why do I need a Lawyer to buy a home?
Q: When is the right time to talk to a R&L lawyer about buying/selling real estate?
Q: Do I need a lawyer if I am buying or selling in a short sale?
Q: What makes R&L lawyers better at real estate law?
Q: Do I need a real estate agent to sell my property?
Q: What is the Multiple Listing Service (“MLS”)?
Q: What is title insurance?
Q: If I get title insurance, why do I need a Lawyer to buy a home?
Q: When is the right time to talk to a R&L lawyer about buying/selling real estate?
Q: Do I need a lawyer if I am buying or selling in a short sale?
Q: Why do I need a lawyer to buy or sell a home?
A: In today’s fluctuating market, with millions of homes having gone through foreclosure, and with well known widespread fraud, it has never been more important to ensure that you have a good attorney on your side when buying or selling a home. From negotiating the contract to ensuring that the home has a clean title, a good attorney is an absolute necessity. Buying and selling real estate is the largest purchase or sale that most consumers will ever make, and there are complex federal and state laws that come into play. A good attorney will make sure not only that the closing occurs, but that all laws are complied with.
The last thing any consumer wants months or years after buying or selling a home, is to find out that there was an issue with the title to the home, with the home itself, or with the closing documents. Just as no two homes are alike, no two closings are alike, so having an attorney that understands the process, the reasons behind that process, and what to do if something goes wrong, will help to ensure that you and your investment are fully protected.
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A: In today’s fluctuating market, with millions of homes having gone through foreclosure, and with well known widespread fraud, it has never been more important to ensure that you have a good attorney on your side when buying or selling a home. From negotiating the contract to ensuring that the home has a clean title, a good attorney is an absolute necessity. Buying and selling real estate is the largest purchase or sale that most consumers will ever make, and there are complex federal and state laws that come into play. A good attorney will make sure not only that the closing occurs, but that all laws are complied with.
The last thing any consumer wants months or years after buying or selling a home, is to find out that there was an issue with the title to the home, with the home itself, or with the closing documents. Just as no two homes are alike, no two closings are alike, so having an attorney that understands the process, the reasons behind that process, and what to do if something goes wrong, will help to ensure that you and your investment are fully protected.
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Q: What makes R&L lawyers better at real estate law?
A: They say that hindsight is 20/20. And that is exactly what r&l lawyers bring to your real estate transaction - hindsight. With over twenty-five years of combined litigation experience, R&L lawyers have fought in court on real-estate cases closed by other attorneys or without attorneys. Closings where things went wrong. Having had to “clean up” real-estate transaction messes in court, R&L lawyers have the unique perspective of knowing how things went wrong and what it took to fix them. We bring that knowledge in representing you in buying or selling your property. And if something does go wrong, you can rest assured that you will not be sent to see a “lawyer that goes to court,” because we are the lawyers that go to court. This makes R&L unique.
Additionally, R&L attorney Salvador J. Lopez was appointed by the governor to sit on the state board that regulates and disciplines real-estate agents and mortgage brokers under the Illinois department of financial and professional regulation. He has sat on this board since 2012. R&L attorney Kathleen M. Robson also worked for over a decade as a mortgage banker for two of Illinois’ largest residential lenders before deciding to become an attorney. These additional perspectives make R&L even more more adept at protecting your rights when buying or selling a home.
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A: They say that hindsight is 20/20. And that is exactly what r&l lawyers bring to your real estate transaction - hindsight. With over twenty-five years of combined litigation experience, R&L lawyers have fought in court on real-estate cases closed by other attorneys or without attorneys. Closings where things went wrong. Having had to “clean up” real-estate transaction messes in court, R&L lawyers have the unique perspective of knowing how things went wrong and what it took to fix them. We bring that knowledge in representing you in buying or selling your property. And if something does go wrong, you can rest assured that you will not be sent to see a “lawyer that goes to court,” because we are the lawyers that go to court. This makes R&L unique.
Additionally, R&L attorney Salvador J. Lopez was appointed by the governor to sit on the state board that regulates and disciplines real-estate agents and mortgage brokers under the Illinois department of financial and professional regulation. He has sat on this board since 2012. R&L attorney Kathleen M. Robson also worked for over a decade as a mortgage banker for two of Illinois’ largest residential lenders before deciding to become an attorney. These additional perspectives make R&L even more more adept at protecting your rights when buying or selling a home.
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Q: Do I need a real estate agent to sell my property?
A: No, you are not required to have a real estate agent to sell your property. But that’s not the right question. The right question is should you have a real estate agent when selling your property. The answer to that question is YES. Study after study has shown that properties sold by real estate agents sell for higher prices and faster than properties sold directly by owners. You also cannot list a property for sale on the MLS (see next question explaining what the MLS is) if you are not a licensed agent. The reality is that most buyers of properties these days find those properties through the MLS by using an agent. No one drives around looking for “for sale” signs anymore. By listing on the MLS, you open yourself up to thousand upon thousands of potential buyers. You just don’t get that same exposure any other way. So although a real estate agent is not needed to sell your property, it doesn’t make sense not to have one.
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A: No, you are not required to have a real estate agent to sell your property. But that’s not the right question. The right question is should you have a real estate agent when selling your property. The answer to that question is YES. Study after study has shown that properties sold by real estate agents sell for higher prices and faster than properties sold directly by owners. You also cannot list a property for sale on the MLS (see next question explaining what the MLS is) if you are not a licensed agent. The reality is that most buyers of properties these days find those properties through the MLS by using an agent. No one drives around looking for “for sale” signs anymore. By listing on the MLS, you open yourself up to thousand upon thousands of potential buyers. You just don’t get that same exposure any other way. So although a real estate agent is not needed to sell your property, it doesn’t make sense not to have one.
Click here to return to FAQs
Q: What is the Multiple Listing Service (“MLS”)?
The MLS is computer software that most real estate agents use to list properties for sale, or find properties that are listed for sale. You must be a licensed real estate agent to access it. Think of it like an Amazon.com or Ebay of properties listed for sale. It is not the same as Zillow or Redfin, as those sites get their information from the MLS. Only the MLS is real time, meaning changes occur right away. Where sites like Zillow or Redfin “scrape” their information from the MLS and re-publish it. Only there’s typically a delay of a few days. In a market where everyone is competing to sell houses with other sellers, or to buy houses with other buyers, a few days delay is a substantial disadvantage. Our advice is to use an agent (see question above) whether buying or selling, so that you can harness the full power of the MLS in real time.
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The MLS is computer software that most real estate agents use to list properties for sale, or find properties that are listed for sale. You must be a licensed real estate agent to access it. Think of it like an Amazon.com or Ebay of properties listed for sale. It is not the same as Zillow or Redfin, as those sites get their information from the MLS. Only the MLS is real time, meaning changes occur right away. Where sites like Zillow or Redfin “scrape” their information from the MLS and re-publish it. Only there’s typically a delay of a few days. In a market where everyone is competing to sell houses with other sellers, or to buy houses with other buyers, a few days delay is a substantial disadvantage. Our advice is to use an agent (see question above) whether buying or selling, so that you can harness the full power of the MLS in real time.
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Q: What is title insurance?
When a property is financed, bought or sold, that transaction is “recorded” in government public records. Also “records” of other events that may affect the ownership of a property, things like tax liens or levies, municipal liens (city tickets), and mortgage/equity loans, are recorded in public records as well. When you buy or sell a property, a title insurance company searches these records to find any of these issues that “stick” with the property when it is transferred to a new owner. The idea is to find all possible problems with the title to the property, but even the most skilled title professionals may not find all problems. Some risks, such as title issues due to filing errors, forgeries, or undisclosed heirs, are difficult to identify. So after the title company finishes its search, it will issue a title insurance policy that will cover you if any of these problems are discovered after you become the owner.
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When a property is financed, bought or sold, that transaction is “recorded” in government public records. Also “records” of other events that may affect the ownership of a property, things like tax liens or levies, municipal liens (city tickets), and mortgage/equity loans, are recorded in public records as well. When you buy or sell a property, a title insurance company searches these records to find any of these issues that “stick” with the property when it is transferred to a new owner. The idea is to find all possible problems with the title to the property, but even the most skilled title professionals may not find all problems. Some risks, such as title issues due to filing errors, forgeries, or undisclosed heirs, are difficult to identify. So after the title company finishes its search, it will issue a title insurance policy that will cover you if any of these problems are discovered after you become the owner.
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Q: If I get title insurance, why do I need a Lawyer to buy a home?
A: Like any insurance company, a title insurance company does a lot of homework to minimize the risk they take. Before issuing title insurance, they research the property and the title in depth, and they create a report telling you everything that they found, and specifying what they will and what they won’t insure. Unless you know how to read one of these title reports, and how to review the documents that the title company provides, you are taking a great risk in buying without a lawyer. If the title company does find a problem with title, you can bet that they won’t cover it. They will still issue a title insurance policy, they will just exclude the problem that they found from coverage. What good does that do?
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A: Like any insurance company, a title insurance company does a lot of homework to minimize the risk they take. Before issuing title insurance, they research the property and the title in depth, and they create a report telling you everything that they found, and specifying what they will and what they won’t insure. Unless you know how to read one of these title reports, and how to review the documents that the title company provides, you are taking a great risk in buying without a lawyer. If the title company does find a problem with title, you can bet that they won’t cover it. They will still issue a title insurance policy, they will just exclude the problem that they found from coverage. What good does that do?
Click here to return to FAQs
Q: When is the right time to talk to a R&L lawyer about buying/selling real estate?
A: The sooner the better! Even if you are just starting the process of selling your home or looking to buy a home, it is well worth it to spend five minutes talking to an r&l lawyer to get a walk-through of the process and what you should know. At the very latest, you should contact r&l the very same day you sign a contract as a buyer or seller. In Illinois real estate contracts, there are several time period contingencies that begin to count down from the day the contract is signed, some as short as three or five business days, and if they expire before you speak to an attorney, you could lose some of your rights and protections.
"Buying or selling a home is one of the largest transactions you will ever make, you want to make sure you have a trustworthy lawyer by your side to protect your investment and your rights!"
Click here to return to FAQs
A: The sooner the better! Even if you are just starting the process of selling your home or looking to buy a home, it is well worth it to spend five minutes talking to an r&l lawyer to get a walk-through of the process and what you should know. At the very latest, you should contact r&l the very same day you sign a contract as a buyer or seller. In Illinois real estate contracts, there are several time period contingencies that begin to count down from the day the contract is signed, some as short as three or five business days, and if they expire before you speak to an attorney, you could lose some of your rights and protections.
"Buying or selling a home is one of the largest transactions you will ever make, you want to make sure you have a trustworthy lawyer by your side to protect your investment and your rights!"
Click here to return to FAQs
Q: Do I need a lawyer if I am buying or selling in a short sale?
A: Yes, absolutely! Short sales can be very tricky, and we would argue that is even more important to have a lawyer representing your interests in these situations, regardless of whether you are the buyer or the seller. As a seller, you want an experienced lawyer negotiating with the bank on your behalf, as there are many federal regulations as well as internal bank rules that come into play. A lawyer will also make sure not only that the short sale of the home is approved, but that any remaining debt on the loan (known as a deficiency) is forgiven or negotiated down, something that doesn't always happen automatically. Many homeowners sell a home in a short sale and think that the debt is gone, but find out later that they are still on the hook for the deficiency of tens of thousands of dollars. Don't let this happen to you. The additional benefit to you is that most of the short sale legal fees may be paid by the bank directly, meaning that it costs you nothing!
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A: Yes, absolutely! Short sales can be very tricky, and we would argue that is even more important to have a lawyer representing your interests in these situations, regardless of whether you are the buyer or the seller. As a seller, you want an experienced lawyer negotiating with the bank on your behalf, as there are many federal regulations as well as internal bank rules that come into play. A lawyer will also make sure not only that the short sale of the home is approved, but that any remaining debt on the loan (known as a deficiency) is forgiven or negotiated down, something that doesn't always happen automatically. Many homeowners sell a home in a short sale and think that the debt is gone, but find out later that they are still on the hook for the deficiency of tens of thousands of dollars. Don't let this happen to you. The additional benefit to you is that most of the short sale legal fees may be paid by the bank directly, meaning that it costs you nothing!
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1. Time is of the essence: What happens after I have a contract to buy or sell a home?
2. What is the Attorney Review Time Period and how does it work?
3. Should you do an inspection when buying a home?
4. The inspection process when buying a home.
5. We've received your contract. What's next?
6. Is there a difference between the types of loans a buyer is using when buying a house?
7. How do closing costs credits work?
8. Whats the difference between a pre-approval and pre-qualification?
9. What is title insurance, and do I need a lawyer if I have title insurance?
10. What happens at the closing?
11. (Spanish) El procedimiento de la inspección cuando comprando un hogar.
2. What is the Attorney Review Time Period and how does it work?
3. Should you do an inspection when buying a home?
4. The inspection process when buying a home.
5. We've received your contract. What's next?
6. Is there a difference between the types of loans a buyer is using when buying a house?
7. How do closing costs credits work?
8. Whats the difference between a pre-approval and pre-qualification?
9. What is title insurance, and do I need a lawyer if I have title insurance?
10. What happens at the closing?
11. (Spanish) El procedimiento de la inspección cuando comprando un hogar.
Time is of the essence: What happens after I have a contract to buy or sell a home?
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What is the Attorney Review Time Period and how does it work?
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The Inspection Process When Buying A Home
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We've received your contract. What's next?
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Is There A Difference Between The Types Of Loans
A Buyer Is Using When Buying A House?
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A Buyer Is Using When Buying A House?
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How Do Closings Costs Credits Work?
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Whats The Difference Between A Pre-Approval And Pre-Qualification?
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What is title insurance, and do I need a lawyer if I have title insurance?
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El Procedimiento de la Inspección Cuando Comprando un Hogar
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