Understanding the Conflicts of Interest in Carpentersville Estate Planning Attorney

by | Jul 26, 2016 | Law Services

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Lawyers in Carpentersville often take up multiple representations in real estate. There is a probability of conflicts of interest arising when the lawyer represents two clients who have the potential for conflicts. Here is some information that helps you understand more about the conflicts and how they can resolve them.

When can there be Conflicts?

Lawyers represent buyers, sellers, lenders, or borrowers. They may also be asked to do a subset of the entire real estate transaction. For instance, a lawyer cannot represent a buyer and a seller of the same property for the obvious conflict of interest.

There can be conflicts beyond just this example. Even a simple review of the agreement can lead to a conflict of interest if the lawyer is representing multiple parties of the transaction.

How Should the Lawyers Handle Them?

Unless the clients are disclosed to the conflicts with their future consequences and the client approves them, the real estate attorneys should not be working under such circumstances.

If there is an involvement of a third party getting affected by the representation or a secondary client who will be affected when the lawyer represents his primary client, the same rule applies.

What Should the Clients Do?

The clients need to understand the exact repercussions of allowing the lawyer to represent another party with whom the conflicts of interest can arise. Although it is the duty of the lawyers to detail the clients, it is only the minimum damage that will often be disclosed.

There are undoubtedly some scenarios where the lawyers can be genuine in dealing with such cases. If the client is convinced about the way the lawyer can deal with it, he can give a go-ahead to the lawyer.

If you are planning a real estate transaction in Carpentersville and are looking for a lawyer, you can try one of the most trustworthy firms such as Jackson Abdalla Law Group.

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