DuPage County, IL Spanish Speaking Attorneys

DuPage County, IL Spanish Speaking Hispanic Real Estate Transaction Attorneys

real estate transaction lawyer

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.

 

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What Is Real Estate Lawyer?

real estate legal advice


Escrow Issues


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.






 


Zoning Issues


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.



What Do Real Estate Lawyers Charge?

how to be a real estate attorney

Real estate attorneys deal with the many laws and practice areas associated with land ownership issues. For example, a commercial real estate attorney knows which laws apply to commercial transactions for construction/development projects (such as condo construction), or land use/zoning projects (such as subdividing a parcel of land for development), or real property issues (such as financing a large land purchase). Likewise, residential real estate lawyers help you buy a home, or prevent you from losing your home in foreclosure. They also know how residential tenancy laws work and can advise you of your rights as a tenant. With so many types of real estate attorneys, it is important to find a specialist who does the work you need.

When Do You Need A Real Estate Transaction Lawyer

free real estate advice

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.


Cook County, IL Spanish Speaking Attorneys

Cook County, IL Spanish Speaking Hispanic Real Estate Transaction Attorneys

real estate transaction lawyer

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 law school

Why Real Estate Attorney?

free real estate lawyer consultation

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.

What Do Real Estate Attorneys Make?

free real estate consultation

What Does A Real Estate Lawyer Do For The Seller?


At the Law Office, we are committed to providing solutions for individuals and businesses in all aspects of real estate and property law. You need an experienced real estate lawyer guiding you through the process to ensure your rights are fully protected.


Handling Residential & Commercial Real Estate Issues


Whether you are buying and selling real estate or need a skilled litigator to make sure your rights are protected, we can help you. We handle a wide variety of real estate law-related issues, including:



  • Purchase Agreements

  • Closing Representation

  • Title and Title Insurance

  • Easements

  • Boundary Disputes

  • Contracting

  • Construction & Mechanic’s Liens

  • Landlord Tenant Disputes

  • Evictions

  • Breach of Contract

  • Quiet Title Actions

  • Insurance Issues

  • Mortgage Foreclosures

  • Land contract forfeiture

  • Loan Modifications (Workouts)

  • Short Sales


When it comes to real estate, the needs of businesses can vary quite drastically from the needs of individuals. Our attorney knows how to assist everyone from a first time home buyer to real estate developers to businesses looking for legal counsel. No matter what you need help with, you can count on us.


From the most basic issues, such as commercial leases, to complex real estate litigation, our experience means we can provide you with the guidance you need.


Real Estate Litigation: Too Much is at Stake


Real estate transactions commonly deal with large sums of money and can often involve your most valuable asset. Disputes involving real estate can quickly become emotionally charged and complicated. Whether your issue is with a contractor, buyer, neighbor or realtor, our experienced attorney is ready to provide you with the sound legal counsel and skilled representation you need to put it behind you. If a courtroom battle becomes necessary, we will aggressively protect your interests.

How Do Real Estate Lawyers Get Paid?

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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:



  1. Foreclosures

  2. Purchase and sale agreements

  3. Construction law and litigation

  4. Residential and commercial leases

  5. Closings

  6. Business organizations

  7. Negotiation and preparation of contracts

  8. Negotiation and processing of mortgage documents

  9. Planning and zoning

  10. Real estate tax abatements and appeals

  11. Environmental compliance

  12. Housing code violations

  13. Eminent domain

  14. 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


Will County, IL Spanish Speaking Attorneys

Will County, IL Spanish Speaking Hispanic Real Estate Transaction Attorneys

real estate 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.

 

attorney for real estate transaction

How Do Real Estate Lawyers Get Paid?

real estate lawyer services

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.Read More In81 Staging Tips That Help Buyers Fall in LoveNearly 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.

Real Estate Attorney For Rent To Own

lawyers homes

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.

Why Do You Need A Real Estate Lawyer?

realty lawyer

We Tackle The Full Scope Of Real Estate Law Needs


Real estate transactions can be complex. It is critical to understand the terms of any real estate contract in order to avoid liability and potential legal action in the future, but the wording of most purchase and sales agreements is anything but clear.


At our firm we represent clients involved in residential and commercial real estate matters. Whether you are preparing to buy or sell real estate, or you find yourself in the midst of a lawsuit, we have the experience and skill required to represent you in even the most complex real estate issues.Contact us online or call to arrange a free initial consultation with a real estate attorney in Illinois. We represent clients in Chicago and throughout the state. The Savings Provided By Smart Legal Guidance Pays For Itself.


When you are dealing with such a major investment, an experienced attorney can save you time, money and future disputes. At Ihrie O'Brien, our lawyers offer a wide range of real estate services, including:



  • Real estate closings

  • Real estate contracts

  • Land use and zoning issues

  • Leases

  • Land contracts

  • Landlord/tenant disputes

  • Real estate document review

  • Purchase offers

  • Title disputes

  • Property encroachment disputes

  • Lot line/boundary disputes

  • Fence disputes

  • Condemnation

  • Contamination and other environmental issues


The Real Estate Law is the governing law that protects the rights of the landlord who has been suffering from a hard headed tenant. For instance, the tenant is purposely denying his rental fee, the law can help him. However, this goes on saying that the law is never unfair. The law is also concerned with the rights of the tenants. Yes, the law states clearly what the things that the tenants can do and their limitations since they are just renting a house or an apartment. But if the landlord comes out of bounds, the law entitles the tenant to use his rights. Oftentimes, landlords allow illegal matters to be done in the apartment and so other tenants can report this to the authorities since they are protected by the law.


Moreover, the Real Estate Law states the rights and limitations of the agents. If you want to be a property agent of a Realtor, then you have to start working on your homework now since it will not be very easy for you. You cannot go directly to your prospects in the business and talk about the property; and if you are lucky enough, sell it directly. According to the Real Estate Law, a person must pass the screening and examination stage before he can become a licensed Realtor. It must also be remembered that there are little variations of this law depending on the State that you are in. So, you better research about it now.