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 Frankfort real estate transaction lawyer is important to ensure that your interests are being protected.
At our Frankfort 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 Frankfort 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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Why Hire Real Estate Attorney?
Do you need an experienced Attorney for a Real Estate matter located in Cook County or one of the surrounding counties in Illinois?
Whether your legal matter is a landlord-tenant dispute, relating to the buying or selling of real estate, a boundary dispute with a neighbor, or something else, you need an experienced local attorney who is familiar with the laws of Illinois, but also with real estate-specific rules and regulations on the county and municipal level.
Furthermore, in today's challenging economic times, real estate laws are changing rapidly as governmental entities attempt to help distressed homeowners, landlords and businesses.
Your lawyer needs to stay informed about all of the changes in the law in order to ensure that you get the most reliable advice and the best possible outcome for your legal issue. Our friendly, knowledgeable staff of referral counselors can help you find an experienced real estate lawyer who is right for you.
Meeting the American Bar Association's Standards for Lawyer Referral, our service has among the highest experience requirements for its real estate attorneys in the entire nation.
If you'd like to get a referral online right now, get started by clicking on the link below that best describes the type of real estate attorney you need for your legal issue:
- Real Estate - Commercial (real estate transactions involving contracts and closings for commercial properties, including apartment buildings with 6 or more units; formation of partnerships, joint ventures and other real estate entities; leasing of office, retail, industrial properties or apartment buildings with 6 or more units; mortgage loan financing matters)
- Real Estate - Litigation (litigation on purchase and sale contract disputes or warranty matters; mechanics liens; foreclosures; landlord-tenant disputes involving litigation)
- Real Estate - Residential (real estate transactions involving contracts and closings for residential properties, including condominiums; representation of condominium owners or associations; leases on apartment buildings with less than 6 units);
- Real Estate - Tax (matters relating to real estate or property tax, including appeals of taxes and assessments at county and township levels; appraisal of properties for taxation purposes)
- Zoning Law (pertains to local zoning ordinances, regulations and decisions; appeals of zoning decisions, changes or denials; requests for zoning changes; special use permits; land use planning; planned unit development; and building use conversions which conflict with zoning laws or regulations)
- Condemnation (matters relating to the taking of real property by governmental entities through eminent domain or condemnation, including compensation related to government taking of property).
Why Do We Need A Real Estate Lawyer?
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 Contact A Real Estate Transaction Lawyer
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.