DuPage 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 Wayne real estate transaction lawyer is important to ensure that your interests are being protected.
At our Wayne 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 Wayne 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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Real Estate Transaction Lawyer For Veterans
A Real Estate transaction has a lot of paperwork and legal documentation needed to be read and done. Not all real estate agents and sometimes company will discuss to their clients the lengthy terms and conditions of each deals. Most victims of real estate scams and frauds handled the transaction and transfers by themselves and have suffered harsh consequences. It is better to start any transactions with legal papers with a reliable lawyer who is knowledgeable in every nooks and cranny of the real estate industry. These kind of legal aid is what we call real estate lawyers. But, what are they really and what will they do for you? A Real Estate lawyers' basic job is to read, understand and summarize legal agreements for you.
If you are purchasing, real estate lawyer duties are:
- Review of the Agreement of Purchase and Sale and Status Certificate where applicable
- Arrange and review land title search
- Request other required searches
- Obtain information regarding satisfaction of conditions/deliverables
- Request and obtain title insurance
- Prepare and register transfer
- Prepare and register charge for client and lender
- Receive mortgage funds and rest of closing funds in trust
- Receive keys and deliver to client once released, release closing funds
- Report to Lender and to client
- Advise municipality of change in ownership
If you are selling, real estate duties are:
- Obtain property tax information from client or from City
- Receive, review and respond to requisitions
- Obtain mortgage pay out statement if there is a mortgage
- Review and release transfer
- Pay out existing Charge
- Attend with client for review and execution of closing documents and obtain keys from client
- Receive closing funds in trust and pay out existing encumbrances and real estate commissions
- Deliver key to Purchaser and release keys
- Discharge existing mortgage
- Advise municipality of change in ownership
The most important job a real estate lawyer does for you is to protect from you fraudulent transactions and other scams. If a transaction goes haywire it is their duty to go to court to file legal complaints.
It is really necessary to have a real estate lawyer to back you up in all your property deals but it is your job to inspect the credentials and reliability of the real estate lawyer you want to employ.
Are Real Estate Transaction Lawyers In Demand
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.
What Does A Real Estate Transaction Attorney Do?
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.