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 Oak Lawn real estate transaction lawyer is important to ensure that your interests are being protected.
At our Oak Lawn 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 Oak Lawn 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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Handling all Legal Issues Throughout Your Real Estate Transaction
We are devoted to making every commercial real estate transaction a success for property investors. Our focus is on handling all issues related to your real estate transaction, from purchase agreements to property developments to financing workouts. Our attorneys will work closely with you to develop a creative and effective strategy to not only protect your short-term goals, but also to make sure that those goals are aimed at maximizing your long-term success.
Strong Real Estate Legal Representation Throughout Illinois
Since 1979, the law firm has provided strong representation to businesses in Chicago and the surrounding parts Illinois and throughout the United States. We represent respected companies seeking new sites, real estate developers, real estate owners and lenders, as well as real estate operators and managers.
We handle all commercial real estate matters, from the purchase of small owner-occupied industrial buildings to the development of sophisticated multitenant office parks. Our attorneys have dealt with mobile home park communities, apartment complexes, shopping malls, condominiums, retail stores and much more.
Our team can represent you throughout all phases of a commercial real estate transaction, including, but limited to:
- Negotiation and preparation of sale/purchase agreements (buy/sell agreements)
- Financing and refinancing
- Syndication/raising equity capital
- Land use planning and development
- Closing documentation
- Title issues
- Lender workouts
We can also help with construction disputes and environmental law matters, such as wetlands regulatory issues involving the Illinois Department of Environmental Quality or the United States Army Corps of Engineers. We understand the amount of time and money invested in your real estate transaction. Our lawyers will work to maximize the success of your business and real estate investment.
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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.
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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.