5 Types of Real Estate Sales to Avoid

 Posted on April 05, 2024 in Residential Real Estate

When you are buying residential real estate, it is best to be represented by a knowledgeable Chicago, IL real estate lawyer. An attorney can help you avoid the many pitfalls that may come with buying a home or multi-unit building. Residential real estate is particularly expensive in the current market, so buying a property is likely a major investment. Whether you plan to live in your new property or rent it out for a profit, failing to notice a major problem that an attorney could have caught can leave you with immense buyer’s remorse. An attorney can carefully investigate the property itself, its chain of title, and the proposed deed to ensure that you are making a sound and advisable purchase.

Identifying Problems in Residential Real Estate Transactions 

There are some types of issues with a property and some types of deeds that may suggest that you should reconsider a purchase. Problems that may indicate you should walk away from a purchase include:

• Quitclaim deed - Very few attorneys would ever advise a client to accept a quitclaim deed. A quitclaim deed does not guarantee you any ownership rights. This type of deed simply states that the seller is transferring any ownership interest he or she may or may not have in the property. There could be another party with ownership rights. 
• Unacceptable tenants - If you are buying an occupied property, you may want to review the list of current tenants and have your attorney conduct a brief assessment. Having tenants who are causing property damage, smoking indoors, using or selling drugs, or creating disturbances may mean that you will need to invest substantial time and money to evict problematic tenants. 
• Restrictive covenants or land use regulations - Your attorney will examine any covenants, easements, or land use regulations that could interfere with your intended use of the property. 
• Substantial housing code issues - If you are buying a multi-unit property, it is important to have an attorney assess whether there are any substantial housing code violations you could become financially responsible for fixing after the sale is complete. 
• Clouded title - The title search is essential. If it is not clear from the chain of the title that the seller and only the seller has ownership rights, you could have a situation where another party appears claiming that he or she has an ownership interest in your property. 

An attorney can conduct an investigation to reveal these issues or other substantial problems that may indicate you should walk away from a potential purchase.

Contact a Chicago, IL Real Estate Transactions Lawyer 

If you are considering a real estate purchase, The Sherrod Law Firm, Ltd. can help you buy with confidence. Knowledgeable Cook County, IL real estate attorney Constance R. Sherrod will work to ensure that you fully understand all your rights and options when you are buying a home or multi-unit building. Contact us at 312-321-6910 for a complimentary consultation.