Real Estate Attorney in Cook County, Illinois
The process of buying or selling real estate property can be overwhelming, and most people find it easier to get things done with the help of a real estate attorney. During the purchase or sale of property, most individuals may want to rely on the assistance of real estate agents and title insurance companies. Although these entities may help, they are not authorized to provide the legal advice you require. Furthermore, in Illinois, it is customary to have an attorney represent you when buying or selling real estate property.
Today, property laws are changing rapidly as governmental entities attempt to help out property owners. Your lawyer needs to stay informed about all of the variations in the law and ensure that your interests are adequately represented. Our real estate attorneys are equipped to prepare and review all documents relating to real estate matters including purchase agreements, leases, mortgage documents, title documents and transfer documents. Whatever your real estate concerns, you can confidently rely on our professional services as we fully understand Illinois real estate law and are eager to help.
What Does a Real Estate Attorney Do?
Residential and commercial closings
Real estate attorneys handle all transactional matters relating to residential and commercial closings. A typical real estate closing goes through three stages which include pre-closing, closing, and post-closing. In each of these steps, there is a lot of paperwork to deal with. The closing attorney reviews your real estate contract and negotiates for changes as felt necessary. They also review the title report and title insurance and contact parties for necessary information. Preliminary settlement statements are then prepared and sent to all parties for review before closing is conducted.
The attorney has to create open lines of communication between many parties including lenders, buyers, sellers, real estate brokers, surveyors, the seller’s mortgage holder, the purchaser’s prospective homeowner’s insurance company, the county tax department, adjoining property owners, home inspectors, homeowner associations and other involved attorneys. They have to be mindful of all the issues that must be addressed for the closing transaction to reach its finality correctly. The attorney also disburses any and all other fees and amounts associated with the transaction. Our attorneys are committed to handling your closing process in a professional and expeditious manner.
Residential and commercial leasing
Your lease attorney will ensure that your residential and commercial real estate transactions are completed in a timely and legally compliant manner. From the creation of leases, to review of contracts of sale, deeds, deeds of trust, notes and liens and negotiation of the same, real estate attorneys provide special expertise on all these matters. He/she will help negotiate a lease and use his/her creativity to make appropriate provisions that protect your rights and interests. Don’t be fooled into believing that the standard purchase and sale agreements provided by a realtor will protect your interests. Many times, these forms do not account for specific aspects of the sale that may be unique or not anticipated. It’s, therefore, important to have your lease reviewed before you decide to sign it. This is especially true for commercial leases, which generally have little protection for the tenant.
Title Work
Real estate attorneys also come in handy when it comes to ordering the title search and completing the title review. In each transaction, the purchaser and lender are both required to get a clear title for the property. Your closing attorney should, therefore, check the title to the property being sold upon the receipt of a real estate purchase agreement or a request from a bank or mortgage broker.
Land use and zoning
An experienced local attorney will help with all issues relating to zoning and special land use. Considering that each city has its own complex zoning laws, always ensure you engage lawyers with substantial experience in zoning entitlements and land use rights, creating easements, regulatory compliance matters, covenants, declarations and other solutions specific to Cook County.
Document drafting and reviewing
Real estate transactions often involve many types of documents such as leases and rental agreements, purchase contracts and financing agreements. The real estate lawyer plays a crucial role in drafting and revising these documents associated with the real estate and loan closing. They will prepare the correct documents and tailor them to suit what you need them to do. With our extensive knowledge in understanding real estate contracts, real estate law in Cook County, Illinois, we save our clients time and money and help them avoid the snares and pitfalls often associated with real estate transactions. Whenever you entrust the service of an attorney in the drafting of agreements and leases, you can rest easy knowing that you have minimized the risks for your business or home investment.
Property tax appeal
Property owners in Illinois must pay property tax each year to the local taxing authorities. The amount of property tax you have to pay for your house is based on the value of your house. According to the National Taxpayers Union, it is estimated that up to 60 percent of U.S. properties are overassessed. Working with property tax appeal experts can help buyers save millions of dollars in tax savings through appeals. The initial step is to determine and understand all possible bases for appealing your proposed property tax assessments and take up every step necessary to lower your real estate tax liability. Whenever you realize that your tax amount has been incorrectly assessed, find the help of an experienced attorney to guide you through the appeal process.
Litigation
If you are faced with a real estate dispute, whether residential or commercial, you will need the help of an attorney for litigation. Whether it’s an issue relating to the sale or purchase of property, a landlord-tenant dispute, foreclosures, boundary dispute with a neighbor or whatever concern, a competent attorney who is familiar with Illinois laws relating to real estate-specific rules and regulations in Cook County is crucial. An attorney will quickly evaluate the issues and make sure that your property and contract rights are protected. You no longer have to carry the burden of worry and anxiety wondering how your real estate problem will be resolved. We take the time to listen to ensure that we fully understand your objective and negotiate aggressively on your behalf and if the situation demands, represent you with unparalleled vigor and dedication in court. Make sure you choose someone you are confident can provide the most reliable representation for the best possible outcome for your legal issue.
Recommendation for Buyers and Sellers
Most buyers and sellers, especially those doing it for the first time, are unaware of the need to have an attorney when buying a home. Every state has differing requirements for the sale and purchase of a property. Both of these transactions involve the exchange of large sums of money not to mention the time spent. It, therefore, is essential to ensure the process goes smoothly with the sound advice and representation of a local real estate attorney.
Real estate buyers and sellers are often faced with title issues, inadequate brokerage agreements, vague sale terms, and unfamiliarity with provisions found in real estate contracts. Your lawyer should be in a position to help out with all these issues. Buyers also need to be aware of the different deadlines included in the contract.
If buying a property, your lawyer should:
- Get you to understand the purchase contract, including how you will take the title of the property.
- Conduct thorough checks to ensure there are no covenants, easements, liens, etc. registered against the property that will limit the use of the property.
- Arrange for title insurance protection to protect you from losses due to title defects.
- Scrutinize the property adjustments, including tax arrears and utilities costs to be paid before the transaction closing.
- Attend the closing session and review all the papers you will be required to sign. They should explain the nature, amount, and fairness of all closing costs.
- Arrange title insurance protection and explain the title exceptions as to what is not insured to avoid you from making losses due to title defects.
- Ensure you get a valid registered ownership subject only to the liabilities you have accepted.
If selling a property, your lawyer should:
- Review the binder and review the purchase and sale agreement.
- Prepare the deed and power of attorney if necessary.Deal with title problems as they arise and help correct them before closing.
- Oversee or attend the closing and review all the papers you will be required to sign.
- Arrange for transfer of security deposits and any payments to be made to you and the old mortgage.
- Prepare the adjustments of what each party will owe for annual taxes and utilities and other costs paid prior to the real estate transaction closing.
- Arrange for insurance certificates if needed.
Don’t take risks with your real estate transactions.
Choosing a lawyer to help you with your real estate needs is an important and very personal decision. Understanding the role of the attorney can help you select the individual or firm that you are most comfortable with. As you seek to take advantage of the burgeoning real estate market in Cook County, Illinois by either selling your house/commercial property or investing in one, you need an experienced real estate attorney by your side to help you understand each of the documents and to make sure that nothing goes south.
Contact us today to learn more about our services or set up a consultation. We are pleased with the opportunity to help you navigate through your real estate transaction process.