Will County, IL Spanish Speaking Hispanic Real Estate Transaction Attorneys
Illinois real estate law comes with a long list of potential problems. Whether residential or commercial, buying, selling or leasing, new construction or renovation, real estate businesses can generate legal problems.
When problems arise, or you want to make sure they do not occur, talking to a real estate expert attorney from our Illinois office and other offices can be helpful.
Bienes Raíces Residenciales
In addition to providing representation during closing, we can prepare and negotiate contracts, review transaction documents, communicate with the other party’s Illinois property transaction attorney and help resolve issues at closing.
Bienes Raíces Comerciales
Commercial leases can involve considerable amounts of money, long terms and major obligations. We have experience in representing both landlords and tenants, and we can advise and assist in negotiating important lease terms such as security deposit, property improvements, sublease and lease, lease renewals and tax assignment , Insurance and maintenance costs.
Real Estate Attorney For New Construction
What is the difference between a mortgage and a deed of trust?
A mortgage is a document that encumbers real property as security for the payment of a debt or other obligation. The term "mortgage" refers to the document that creates the lien on real estate and is recorded in the local office of deed records to provide notice of the lien secured by the creditor. The creditor or lender, also called either mortgagee (in a mortgage) or beneficiary (in a deed of trust), is the owner of the debt or other obligation secured by the mortgage. The debtor or borrower, also called the mortgagor (in a mortgage) or obligor (in a deed of trust), is the person or entity who owes the debt or other obligation secured by the mortgage and owns the real property which is the subject of the loan.
In almost all cases, the law of the state in which the property is located dictates whether a mortgage or deed of trust can be used. Although a deed of trust securing real property under a debt serves the same purpose and performs the same function as a mortgage, there are technical and substantive differences between the two. A deed of trust is executed by the debtor and property owner, to a disinterested third person identified as a trustee, who holds the ownership of the property in trust for the creditor; whereas, when a mortgage is used, title to the collateral remains in the debtor, and the mortgage creates a lien on the real estate in favor of the creditor. In some jurisdictions, the deed of trust enables the trustee to obtain possession of the real property without a foreclosure and sale, while others treat a deed of trust just like a mortgage. In the latter jurisdictions, the deed of trust is governed by the law applicable to mortgages. The deed of trust requires the trustee to reconvey the property back to the debtor when the debt has been paid in full. Assignment of the creditor’s interest does not result in a change of trustee; instead, only the note or other evidence of debt is transferred and the new owner of the loan acquires the prior lender’s beneficial interest in the trust.
What is commercial financing in general?
Financing a property is the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full price in cash up front from their own accounts at the time of the purchase. Financing for non-residential real estate is generally obtained from a bank, insurance company or other institutional lender to provide funds for the acquisition, development, and operation of a commercial real estate venture. Commercial financing loans are secured primarily by real estate and related assets owned by the debtor. Assets used to collateralize commercial finance loans, aside from the real estate, may include fixtures, equipment, bank and/or trade accounts, receivables, inventory, general intangibles, and supplies. Documents evidencing and securing the loan typically include: loan agreements, promissory notes, mortgages or deeds of trust, assignments of rents and leases, financing statements, environmental indemnity agreements, guaranties, subordination, non-disturbance and attornment agreements, estoppel certificates, and other ancillary documents.
When Do You Need A Real Estate Transaction Lawyer
Our real estate attorney team is a comprehensive business and real estate law firm. Whether your business is looking to purchase a commercial property or renegotiate a lease, the commercial real estate lawyers have the experience and expertise to successfully represent your business in any real estate transaction. Our business real estate attorneys provide practical business and real estate advice with flexible fee arrangements that are highly cost competitive.
The Real Estate team offers a wide range of real estate legal services:
- Acquisitions, Sales and Dispositions
- Financing and Refinancing
- HUD and MSHDA Insured Loans
- Real Estate Syndication Services, including offering memoranda and related subscription documents
- Commercial Leasing, including retail, office and industrial
- Zoning, Land Use and Regulatory Matters
- Condominium Documentation
- Property Disputes
Real estate law is central to our firm’s practice. The team consists of seasoned real estate lawyers who have experience handling all types of residential and commercial real estate matters. Regardless of the size of transaction, our attorneys specialize in providing “big firm” service for a fraction of the fees charged by large law firms. Our clients are a testament to our aptitude and include leading companies and entrepreneurs in real estate development and finance. We provide our clients with both sound legal guidance and common-sense business counseling, all at the right price.
We also handle business entity selection and formation, commercial debt collection, export compliance, and intellectual property registration and protection.
Lawyers Fees For Real Estate Transaction
Chicago Real Estate Law’s Comprehensive Business Approach From Start To Finish
Chicago's Finest Real Estate Lawyers offers you and your business viable real estate and business solutions, higher value propositions, and a greater return on investment. Each of the incredibly experienced real estate and business attorneys at Chicago Real Estate Law, posses nearly 20 years of experience and know-how in representing clients from individuals to billion-dollar institutions. With a team of seasoned attorneys, the capabilities of Chicago Real Estate Law range from government representation to project management, in the eyes of the law.
A Turnkey Approach To Real Estate Projects And Perspectives With Chicago Real Estate Law
Chicago Real Estate Law comes equip with comprehensive legal background and project management experience. With a multitude of different perspectives offered to real estate projects, Chicago Real Estate Law is prepared to handle projects both large and small. Our real estate and business approach focuses on saving you time, money, and simple solutions that dramatically out perform the competition. With our successful business model, you’ll outshine the competition and make more informed decisions.
Additionally, Chicago Real Estate Law is focused on a strong return on investment. Our attorneys are experienced in ground-up real estate development projects and saving you thousands of dollars in your timely process. With a history of record opening times and overcoming unforeseeable obstacles, Chicago Real Estate Law is ready to guide you through your entire real estate project process.
Illinois Real Estate Law’s Legal Experience Can’t Be Matched With A Unique Approach
Attorneys In Chicago Specializing In Real EstateBy carefully crafting legal documents, win-win contracts, and other specific documents for your real estate or business project, Chicago Real Estate Law’s legal and project management experience is ready for the challenge. We offer much more than just legal advice, by adding a broader project management approach that includes both legal and practical implications in your project. Chicago Real Estate Law is solution-orientated and cost considerate. With a FREE 30 minute consultation every month, our attorneys encourage you to call with any concerns you may have about your legal standpoint.
The attorneys at Chicago Real Estate Law are focused on establishing a nurturing and long-term relationship with all clients. We appreciate that business owners’ are not looking for a run-around approach to business, and offer the most effective way to maximize your return on investment.
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