Cook 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 Forest Park real estate transaction lawyer is important to ensure that your interests are being protected.
At our Forest Park 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 Forest Park 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.
When To Call A Real Estate Transaction Lawyer
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.
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Illinois Property Estate Lawyers
The legal team is known to many in Chicago and its suburbs as a premier resource for matters across the spectrum of Illinois real estate law. Our attorneys' outstanding credentials and wide-ranging knowledge are invaluable assets for clients ranging from first-time buyers to seasoned investors.
Timely, Cost-Efficient Services For Buyers, Sellers, Investors And Landlords
If you are purchasing, selling, developing or leasing property in Chicago, you can turn to our real estate attorneys with confidence. Based in the heart of downtown Chicago, we are in tune with the market, emerging trends, evolving financing options and the strategies that best serve our clients' interests.
Well-established strengths for our law firm include:
- The real-time responsiveness and efficient processes necessary to complete residential real estate transactions — including short sales — as smoothly and cost-effectively as possible
- The insight, negotiating savvy and contract knowledge essential for executing successful commercial real estate transactions, including business-critical leases
Estate Planning Attorneys Focused On Your Needs
Our lawyers apply the same detailed focus and dedication to efficiency when fulfilling the estate planning needs of our clients. Whether your concerns are basic or more complex, we will provide a personalized assessment and draft a will, powers of attorney and other legal documents ideally suited to your personal situation.
Our skills extend to living trusts, long-term care planning, and spotting and resolution of estate planning problems. However, you do not have to worry about being oversold on sophisticated tools when working with our attorneys. We answer questions promptly and clearly, and your satisfaction and peace of mind are the foremost priorities.
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.