Cook County, IL real estate law is a very complex area that not all lawyers know about. Whether you are buying a home or trying to sell a land, or simply need to solve a problem of proximity, the assistance of an experienced River Forest real estate transaction lawyer is important to ensure that your interests are being protected.
At our River Forest offices we offer you a comprehensive Spanish speaking representation in real estate law. With more than 30 years of experience and practical and innovative solutions, we have successfully represented thousands of clients throughout Illinois.
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When you hire our Hispanic real estate attorneys in River Forest IL, we do extensive analysis of your situation. Work together with you to know and understand your concerns so that we can present the options and / or alternatives available to you, always taking into account that our route is to obtain a positive result for you.
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What is the difference between a General Warranty Deed, Special (Limited) Warranty Deed, and Quit Claim Deed?
- General Warranty Deed. A general warranty deed guarantees the grantor’s good title before the conveyance, and that warranty continues after the conveyance. The usual guarantees or warranties by the seller are: good title, freedom from encumbrance other than as specifically identified, and right of possession to the buyer as against all others. The warranty includes any claims arising during or prior to the grantor’s ownership.
- Special (or Limited) Warranty Deed. A special warranty deed, sometimes referred to as a limited warranty deed (and some states may have a different name for this form of deed), provides less extensive warranties than the grantee receives from a general warranty deed. Under a special warranty deed, the grantor warrants only against claims arising during the period of the grantor ownership but does not warrant against any claims arising prior to the grantor’s ownership of the property.
- Quit Claim Deed. A quit claim deed contains no warranties of any kind and conveys only the interest, if any, held by the grantor (for example, if the grantor actually had no interest to convey, the quitclaim deed would not vest any ownership in the grantee). The quit-claim deed is not typically used for residential real estate purchase transactions.
- Sheriff’s Deed. A sheriff’s deed is a deed granted at the end of a mortgage foreclosure, in which the sheriff, under the order of the court in the foreclosure case, grants ownership of the property to the successful bidder at the sheriff’s sale. These deeds are quitclaim deeds and carry no warranty because the bidder at the sheriff’s sale takes title “subject to all legal encumbrances” including any flaws in the foreclosure procedure.
- Fiduciary Deed. A fiduciary deed is a deed granted by a trustee or other fiduciary (often a court-appointed individual or entity) who conveys title to property pursuant to that grantor’s authority under a trust agreement or as the result of a court-supervised proceeding.
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1. Home Ownership is an Important Way to Build Wealth
Home ownership isn’t for everybody. But those who step onto the home ownership ladder steadily build wealth over their lifetime. A typical homeowner’s net worth was $195,400, while that of the typical renter was $5,400, according to 2013 data from the Federal Reserve, the most recent available. New data is expected in 2016, and Lawrence Yun, chief economist of the NATIONAL ASSOCIATION OF REALTORS®, predicts it will show $225,000 to $230,000 in median net worth for homeowners and around $5,000 for renters.
2. Owning Real Estate Can Save You Hundreds in Taxes
If sending a chunk of your hard-earned money to Uncle Sam or your local government makes you nuts, real estate is for you. When you own, you may be eligible for a slew of real estate tax deductions and credits, including state and local income and property taxes, and mortgage interest and mortgage insurance payments. At the average tax rate, real estate deductions helped taxpayers save roughly $100 billion in 2015, according to NAR analysis.
3. Buyers Who Tapped Expert Real Estate Advice Were Glad They Did
When buyers who’ve recently worked with a real estate agent were asked why they teamed up with one, more than half said it was an important step in finding the right home, according to NAR’s “2015 Profile of Home Buyers and Sellers.” Nearly four out of five consumers, 78%, say their agent was a very useful source of information.
4. Sellers Were Just as Happy They Worked with a Real Estate Pro
Your fellow consumers wholeheartedly believe it’s important to work with an agent when selling. Nearly nine out of 10 sellers, or 89%, did just that. They also reported a median gain on the sale of their home of $40,000 more than they paid for it, according to NAR’s “2015 Profile of Home Buyers and Sellers.”
5. Sellers Who Spruce Up and Declutter Their Home Draw More Interest
Staging a home makes a big difference in buyers’ ability to see its potential. Four out of five real estate agents who work exclusively with buyers say staging makes it easier for buyers to visualize themselves living in the staged home, according to NAR’s “2015 Profile of Home Staging.” A well-staged home increases the price buyers are willing offer, say almost 75% REALTORS® who were surveyed about staging.Nearly half say staging will increase a home’s market value , and just under one-third say buyers are more willing to overlook a property’s faults when staging highlights its best features.
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A Creative And Practical Approach To Commercial And Residential Real Estate Law
At the Chicago-area law firm of Sheehan & Associates, our real estate attorneys represent both commercial clients and individuals in all proceedings and transactions that deal with real property, both land and the structures attached to it. Our Illinois real estate lawyers handle a broad range of issues, including:
- Purchase and sale agreements
- Construction law and litigation
- Residential and commercial leases
- Business organizations
- Negotiation and preparation of contracts
- Negotiation and processing of mortgage documents
- Planning and zoning
- Real estate tax abatements and appeals
- Environmental compliance
- Housing code violations
- Eminent domain
- Seeking Efficient Resolutions In Real Estate Litigation
Real estate disputes have the potential to drag on for great lengths of time, costing individuals and companies large sums of money. Our Illinois real estate attorneys know how to develop creative solutions to problems, with the goal of resolving disputes before they get out of hand. Staying out of court is usually more cost-effective and better for all concerned. However, there are some cases that must be put before a judge. Our team's strong trial skills are an asset to our clients in real estate litigation over:
- Fraud, nondisclosure and breach of contract
- Boundary disputes, easements and adverse possession
- Commercial and residential landlord-tenant disputes
- Title disputes and quiet title actions
El derecho de bienes raices es una area muy compleja que no todos los abogados conocen. Ya sea porque usted esta comprando una casa o tratando de vender un terreno, o simplemente necesita resolver un problema de colindancias, la asistencia de un abogado experimentado es importante para asegurar que sus intereses estan siendo protegidos.