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Tips for First-Time Homebuyers

 Posted on February 13, 2024 in Residential Real Estate

IL real estate lawyerBuying a home for the first time can be an intimidating process. There are a lot of steps you must take on your path to home ownership and a lot of moving parts in a real estate sale. If you are planning on purchasing your first home soon, it is strongly advised that you work with an experienced Country Club Hills, IL, real estate attorney. Those who are not familiar with some of the legal details related to the different types of deeds and how they are transferred, how the home inspection process works, and what to look for during a title search can usually benefit from a lawyer’s help. A lawyer can do much more to protect you than a real estate agent can. Your lawyer can review all of the documents you need to sign at closing and ensure that the transfer of property will go as smoothly as possible

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Tips for Buying a Property for Rental Income

 Posted on January 20, 2024 in Residential Real Estate

IL real estate lawyerIf you are planning to purchase a residential property that you will rent to tenants, there are a few specific things you should look for or avoid. Right now, the market is excellent for potential landlords. Housing prices have finally begun to drop back to somewhat more reasonable levels, making it easier to buy a house now than it was a few years ago. If you are purchasing an apartment building, duplex, or other multi-family dwelling, there may be additional costs involved as the seller likely knows what the property is worth when rented out. Rent prices have increased steadily, putting landlords at a slight advantage. However, there is some liability - and a good bit of work - involved in being a landlord. Working with a Cook County, IL, real estate attorney is generally the best way to protect yourself and your investment

What to Look for and Avoid When Buying Rental Properties in Cook County, IL

When you are renting a property you own to long-term tenants, you will need to pay strict attention to a variety of local housing code ordinances. You will likely be accountable for maintaining the property so that it is up to code and meets all local requirements. Some helpful tips include: 

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What is a Transfer on Death Instrument?

 Posted on December 15, 2023 in Estate Planning

IL estate lawyerA transfer on death instrument (TODI) is exactly what it sounds like. This type of legal document allows you to name a person who will have the right to take ownership of a piece of your property after you have passed away. By using a TODI, you can keep your real property out of reach of the probate court. Putting a house through probate can be difficult. The fees associated with probate are steep, and in some cases, the house needs to be sold to cover costs. Your designated beneficiary can simply transfer the deed into their name simply by presenting your death certificate to the Recorder of Deeds. This estate planning option is simple, fast, and costs little. You should consult a qualified Roseland, IL, estate planning and real estate attorney before executing this legal document. 

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If I Buy a Property, Do I Have to Honor Existing Leases?

 Posted on November 16, 2023 in Residential Real Estate

IL real estate lawyerUnless the apartment building you are buying is brand new, there are almost certainly tenants living in the building. As much as you may wish to start with a “clean slate” empty building and craft your community with purpose, you must honor existing leases. However, you may not be obligated to renew leases for existing tenants if you are not happy with the current renters. In most cases, you can simply allow the tenants’ leases to expire. Before you take any action, it is important to speak with a qualified Chicago real estate attorney who has experience with the sale of multi-unit buildings. Tenants’ rights is a complex area of law, and running afoul of it can lead to serious penalties. The laws that apply to renters in your building may vary by municipality and in some cases, the building. 

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If I Am Selling My House, Do I Need a Lawyer?

 Posted on October 18, 2023 in Residential Real Estate

IL real estate lawyerWhile a lawyer is not strictly necessary when you are selling your house, having one can help immensely. Selling your house is likely one of the most complex transactions you will ever engage in. Even smaller and older houses are quite valuable at the moment. Real estate prices are some of the highest they have been in a very, very long time. You likely stand to profit tremendously if your home sale is successful. A lawyer can help make sure that everything goes smoothly while protecting you from possible future liability. There is a certain amount of risk involved in any real estate transaction, but your attorney can take steps to minimize your risk, such as making sure the proper title insurance is in place. There is a nearly endless amount of different legal issues that can come up during a real estate transaction. Having an Illinois real estate lawyer already on board and prepared to address potential concerns can set you up for a successful sale. 

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How Does a Land Trust Work?

 Posted on September 14, 2023 in Estate Planning

Chatham, IL estate planning lawyerLands trusts are living trusts that give the beneficiary full or partial legal ownership over a property. The person who establishes the trust is the grantor and the owner of the property. A trustee manages the trust itself. 

This estate planning strategy allows individuals and business owners to protect their property. The entire estate planning process can be difficult, so it is always smart to consult an experienced attorney. They can ensure that your land trust is legally binding and can guide you into making the best informed decision for your unique circumstance. 

What Are the Advantages of a Land Trust in Illinois?

Land trusts are usually established by real estate investors and estate planning property owners because of their advantages. Here are a few of those benefits

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Are You a New Parent? It Is Time to Craft an Estate Plan

 Posted on August 18, 2023 in Estate Planning

Hyde Park, IL estate planning attorneyAs a new parent, you are likely feeling somewhat overwhelmed by the responsibility that you now have for safeguarding the interests of the little person who has been entrusted to your care. This is normal, and although this feeling can be uncomfortable at times, you can use it to your family’s advantage. Allow it to inspire you to make healthy choices, to shore up your finances, and to either craft an estate plan for the first time or to update any documents that you may have executed in the past.

Naming a Guardian 

In the tragic event that you do not live long enough to watch your child reach the age of majority, it is going to be vitally important that you have selected someone you trust to assume responsibility for their care. If you do not choose someone proactively – ideally, someone who shares your parenting philosophies and is stable and loving – the state will determine who will raise your child. This is an outcome that you can avoid by naming a guardian for your child in your will.

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Why the Risk of Commercial Real Estate Doom Loops Matters Now

 Posted on July 19, 2023 in Uncategorized

Roseland Real Estate AttorneyIn recent months, much has been written about the state of commercial office space in the U.S., especially in large urban centers like Los Angeles, Washington D.C., and Chicago. Due to social and economic shifts that were accelerated dramatically by the Covid-19 pandemic, fewer businesses are operating in traditional office spaces. And while the prevalence of remote and hybrid work environments is being questioned by some, these arrangements are incredibly popular overall. As a result, commercial real estate investments in traditional office spaces are not what they once were.

Is This Shift a Ticking Time Bomb?

There is an increasing concern that empty office space – especially in large urban centers – is not just a problem for individual developers and investors who hoped to see a significant return on their initial and ongoing attention paid to any particular property. There is a sense that the shifting reality of urban office space could lead to a phenomenon that has been dubbed a “doom loop.” And it is also being widely predicted that the effects of this concern could be felt in earnest as early as 2025 when the nation’s commercial investors and real estate developers hit a debt wall.

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Reasons Why You Should Retain a Real Estate Attorney When Purchasing a Home

 Posted on June 20, 2023 in Residential Real Estate

Oak Lawn Residential Real Estate LawyerIf you are a first-time home buyer, there are a variety of issues that must be addressed as you search for your “perfect home.” One of the best ways you can protect yourself from any potential legal and/or financial issues that could arise is to have a skilled Illinois real estate attorney representing you throughout the process. The entire process – from submitting a bid to purchase the home through closing on the property and getting the keys – can feel overwhelming, but having your own attorney can ensure a smooth and successful transaction. The following are some of the key reasons why first-time home buyers can benefit from having an attorney.

Negotiations and Counteroffers

When it comes to negotiating the terms of the purchase agreement, a real estate attorney can provide valuable advice and assistance. They can help the buyer draft counteroffers, negotiate repairs, or negotiate favorable terms, such as contingencies or financing arrangements, to protect the buyer's interests.

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How a Pour-Over Will Can Benefit Your Illinois Estate Plan

 Posted on May 18, 2023 in Estate Planning

Oak Lawn Estate Planning LawyerOne of the most beneficial tools a person can use in their estate plan is a trust. Trusts provide many advantages, including the ability to avoid probating the assets that are contained in the trust. However, there are situations where after the trust is created, the individual passes before they had the opportunity to transfer certain assets into the trust that should have been included. This can happen for various reasons, such as acquiring new assets after the creation of the trust or unintentionally omitting certain assets from the trust. In these situations, a pour-over will can ensure that any overlooked assets will still be managed and distributed according to the terms of the trust.

Advantages of a Pour-Over Will

One of the key advantages of a pour-over will is its ability to simplify the probate process. When a person passes away, their estate typically goes through probate, which involves validating the will and distributing assets. However, if a person's assets are primarily held in a trust and they have a pour-over will, the pour-over will directs any remaining assets to the trust, bypassing probate for those assets. This can save time and money, and reduce the complexity of the probate process.

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