Will County, IL Spanish Speaking Hispanic Real Estate Transaction 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.
What Are Typical Real Estate Transaction Lawyer Fees
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.
Who Needs A Real Estate Lawyer?
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.
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.
Why Would You Need A Real Estate Lawyer?
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).
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