What Real Estate Matters Do You Handle For Clients In Illinois?
We handle the buying and selling of residential and commercial real estate, industrial, farming, vacant land, new construction, and commercial leasing.
Do I Need A Real Estate Attorney And A Realtor For A Real Estate Transaction In Illinois?
In the Chicago Metro Area (i.e. Cook County, DuPage County, Will County, Lake County, McHenry County, and Kane County), a real estate attorney is necessary on both the buyer and seller side of a real estate transaction. Real estate brokers are not required, but are often used.
What Documents Should I Provide To My Attorney When Buying Or Selling Real Estate?
The selling attorney is capable of obtaining all the information necessary from the public records for preparing a piece of property for sale on behalf of a client. The only information the client needs to bring is the contact information for their homeowner or condominium association (if there is one), the loan number and the phone number for the bank that holds their current mortgage so we can obtain a payoff statement, and a forwarding address.
A buyer will have to work with their mortgage company and provide all of the necessary credit-worthiness information to that lender in order to get the mortgage approved. As attorneys, we don’t really get involved in that process, but merely supervise it at a high level. For this reason, buyers don’t typically have to provide us with any information.
What Are Possible Title Issues That Arise When Buying Or Selling Real Estate In Illinois?
There are several title issues that can arise when buying or selling real estate in Illinois, but just a few will be discussed here. When buying real estate—as basic and funny as it sounds—it’s important to make sure that the buyer is actually getting the correct piece of property. There have been many instances where the wrong piece of property was being transferred inadvertently, or not all of the property was being transferred. For example, parking spots in Chicago are very expensive and sometimes come as limited common elements, deeded parcels, or licenses. This is also true also for storage spaces. Oftentimes, people will buy property for a purchase price that includes these extra pieces of property, but upon closing, those extra pieces of property will have been overlooked or missed.
One of the biggest types of title claims in Illinois involves nonpayment of taxes for one reason or another. For example, perhaps in reviewing the purchase, the wrong tax number was placed within the transaction. It is important to always make sure that the correct tax ID number is following the right piece of property.
There are also survey issues in the Chicago metro area, so it is important to make sure that neighbors are not encroaching on the property or vice versa, and that the building is in its proper location. It’s very common for there to be building setback lines, which can be in the front, back, or side of the property. The bottom line is that the home needs to sit within those setback lines.
Another issue to consider is that of easements. It would certainly be a problem if there were an easement running through the middle of a house. Easements should run along the sides of a home or the rear of the home so that they in no way interfere with the use and enjoyment of the property.
When selling real estate, an unreleased mortgage might be an issue. People refinance their homes very frequently to get better rate terms or cash outs, and previous mortgage companies are sometimes lackadaisical in not releasing their mortgage interest. Additionally, drainage fee districts, utilities, as well as state, county and local transfer taxes need to be paid.
When mixing the concepts of estates and real estate, one finds many issues that need to be settled. For example, when selling real estate from a deceased estate, we have to ensure that the trust was executed properly. If there was no trust, then we will have to ensure that the real estate was properly probated with letters of office issued to the executor, and that the proper people who are selling the property will receive the necessary proceeds from the sale in order to fulfill the intentions of the estate.
For more information on Common Real Estate Issues In Illinois, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (847) 469-4242 today.
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