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 Bolingbrook real estate transaction lawyer is important to ensure that your interests are being protected.
At our Bolingbrook 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 Bolingbrook 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 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.
What Are Typical Real Estate Transaction Lawyer Fees
There’s a ton of real estate intel on the interwebs. (Why, you’re looking at some of it right now!) But even if you consider yourself the most research-savvy digital consumer of all time, you may not know everything you need to make the wisest decisions when negotiating a real estate transaction.
Maybe you’re already familiar with real estate terms like “escrow” and “easement.” But we’re not just talking about a few words that test your real estate vocabulary. We’re talking about processing the bazillions of details you’ll deal with to buy or sell a home.
Here’s a quick list of things you may not already know that could put, or keep, money in your wallet while you’re in the real estate game.
Have you purchased a property before? Or are you a landlord that is sometimes stressed out with your tenants? Find out what are the things that you can possibly do.
The government has never been deaf to the needs of the tenants and even owners of some expensive properties in the State. That is why, the Real Estate Law has been implemented.
It is not a secret from us that the legalities involved in purchasing or renting a property is very complex. That is why many have not fought a good fight since they are not aware of their rights. Yes, it is a good idea that one must hire a lawyer for him to have a guide on what’s the best move in the issues about real estate. However, many real estate owners are not well aware of where and how they can find the best lawyer for them; while others are also afraid to entrust to a newly known lawyer the confidential matters regarding the property. Well, others have suggested that you can find one in the country law firms since they are expected that they can surely manage the case, given the experience and their membership in the firm. Thus, whether a lawyer is around or not, the real estate property owner must be aware of his rights and limitations. This means that he himself must also study the Real Estate Law. The usual problems that they are facing are focused on trespassing, frauds, foreclosures and many other legal issues.
Where To Find A Real Estate 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
- Land contracts
- Landlord/tenant disputes
- Real estate document review
- Purchase offers
- Title disputes
- Property encroachment disputes
- Lot line/boundary disputes
- Fence disputes
- 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.
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.