Legal Question in Real Estate Law in Illinois
I am buying property from someone i know. he states that he'll pay attorney fees,closing costs, points if i use his lawyer. should i get my own lawyer for the closing to protect "my" interests??? we used the same real estate guy for the contract, but not sure about his lawyer. please advise....
3 Answers from Attorneys
You are the one who stands to be out anything if there is an undiscovered title concern or other glitch. I suggest absorbing that one fee yourself. You do not want to discover several years into this that something was improper or overlooked.
In my opinion, no ethical attorney would represent both a buyer and a seller in the same transaction. You need to hire someone who has a duty only to you.
There is an inherent conflict of interest here. If by "his lawyer" he means the same law firm but different lawyers in the firm, then this is possible through "waiver of conflict" that the seller must agree to after full disclosure. If it is the same individual I would be shocked if the attorney would accept that kind of engagement as it is unethical.