Will 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 Joliet real estate transaction lawyer is important to ensure that your interests are being protected.
At our Joliet 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 Joliet 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 an escrow and an escrow agent? What does it mean to have funds or documents in escrow?
An escrow agent is typically a third party designated to hold an item (usually funds, but sometimes certain documents, such as a deed and/or mortgages) for a certain time or until the occurrence of a condition, at which time the escrow agent is to hand over the item to another party. Typically the escrow agent will be the title company, and the funds and documents that they are holding include any deposits made under the contract to purchase the property, as well as the deed and the mortgage instruments. In many home purchase contracts, the initial deposit or earnest money will be held by an escrow agent until the closing. In some states, the entire closing happens through an escrow agent, with all funds and documents being collected and distributed in the manner required by specific and detailed written escrow instructions.
How does the buyer know how the land surrounding the property will be used?
Typically, the seller does not guarantee how the area surrounding the property will be used. Some purchase agreements ask the seller to warrant what the seller knows about surrounding property uses that might interfere with the use of the home, but many do not. If a buyer is concerned, he or she should contact the property appraiser or tax collector for the county in which the property is located and determine who owns the surrounding land, or speak to the zoning or planning department of your local municipality prior to purchasing the property to understand how surrounding uses may affect you. The title commitment only discloses information about the property being purchased and does not attempt to inform the buyer about surrounding uses. Sometimes a survey will identify the owners of any immediately adjacent parcels. The purchaser needs to take responsibility for finding out what uses may affect him or her. The buyer can ask the neighboring property owners if they know of plans to develop land surrounding the property. The buyer may also wish to talk with the building or zoning office of the local municipality to confirm the zoning of surrounding property so as to know what kinds of uses might be made in the future, although zoning can be changed.
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Handling all Legal Issues Throughout Your Real Estate Transaction
We are devoted to making every commercial real estate transaction a success for property investors. Our focus is on handling all issues related to your real estate transaction, from purchase agreements to property developments to financing workouts. Our attorneys will work closely with you to develop a creative and effective strategy to not only protect your short-term goals, but also to make sure that those goals are aimed at maximizing your long-term success.
Strong Real Estate Legal Representation Throughout Illinois
Since 1979, the law firm has provided strong representation to businesses in Chicago and the surrounding parts Illinois and throughout the United States. We represent respected companies seeking new sites, real estate developers, real estate owners and lenders, as well as real estate operators and managers.
We handle all commercial real estate matters, from the purchase of small owner-occupied industrial buildings to the development of sophisticated multitenant office parks. Our attorneys have dealt with mobile home park communities, apartment complexes, shopping malls, condominiums, retail stores and much more.
Our team can represent you throughout all phases of a commercial real estate transaction, including, but limited to:
- Negotiation and preparation of sale/purchase agreements (buy/sell agreements)
- Financing and refinancing
- Syndication/raising equity capital
- Land use planning and development
- Closing documentation
- Title issues
- Lender workouts
We can also help with construction disputes and environmental law matters, such as wetlands regulatory issues involving the Illinois Department of Environmental Quality or the United States Army Corps of Engineers. We understand the amount of time and money invested in your real estate transaction. Our lawyers will work to maximize the success of your business and real estate investment.
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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.
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.