Logan Square Residential Real Estate Attorney

Lawyer for Home Purchases and Sales in Chicago's Logan Square Neighborhood

The Logan Square neighborhood is one of the most active housing markets in Chicago. There are multiple options available for buyers who are looking for a good place to live with easy access to the rest of the city. Because of rising demand, sellers will often receive good offers on their homes, and they will need to take the right steps to protect their investments. At the same time, buyers will need to ensure that they can get the most value for the amounts they are paying while addressing any concerns related to inspections or repairs.

The attorney at The Sherrod Law Firm, Ltd. helps homeowners and home buyers in Logan Square make informed choices throughout every stage of a real estate transaction. We have hands-on experience with a wide variety of residential transactions in Chicago, a detailed understanding of the applicable laws, and the negotiating skills needed to protect our clients in high-pressure situations. We take pride in giving each client personal attention and helping them achieve their goals.

Legal Guidance for People Selling Their Homes

Selling a home involves more than accepting the highest offer. Our lawyer can help sellers anticipate problems and keep control of the process, assisting with:

Evaluating Offers and Negotiating the Contract

When several buyers make offers, our attorney can help sellers look beyond the price. A slightly lower offer from a buyer with strong financing and few contingencies may be more likely to close than a higher offer from a buyer who needs to sell their home first. We can review issues related to appraisals, requested closing dates, and other factors that may affect offers.

Once an offer is accepted, we will review the contract to limit the seller's risk. We can work with clients to clarify which repairs will and will not be made while addressing other terms that could affect our client's interests.

Making Sure the Title Is Clear

A real estate transaction may not be able to proceed until the seller's title is clean. Our lawyer can perform a title search and address any issues that are discovered before they delay the sale. Common issues for sellers include:

• Open Credit Lines: A home equity line of credit must be paid off and formally closed.
• Fence and Garage Encroachments: On narrow Chicago lots, a neighbor's fence or garage may sit a few inches over the property line. An understanding of the actual location of the property line and any encroachments can be crucial.
• Name Discrepancies: An owner who married, divorced, or changed names after buying their home may need to ensure that the correct name is provided in documents.
• Property Held in a Trust or Estate: In these situations, a trustee or estate representative must have the proper authority to sign the deed and transfer ownership of a property to a buyer.

Responding to Buyer Requests

After a home inspection, a buyer may ask for repairs, credits, or a price reduction. A buyer may also ask for a closing extension because a loan has been delayed. Our attorney can help sellers evaluate these requests and consider issues such as the costs of repairs, how likely it is that another buyer would raise the same concerns, and how much time the seller needs to move into a new home. We can negotiate agreements on these issues while avoiding confusion about how matters will be resolved.

Guidance for People Buying Homes

Buyers face a different set of challenges than sellers during real estate transactions. They may need to compete with other potential buyers when making offers, but they will also need to make sure their rights will be protected as they obtain financing, complete the closing process, and take possession of a home. Our lawyer can assist buyers with:

Negotiating Contingencies

Contingencies in a real estate contract can protect buyers if financing falls through, if an appraisal is low, or if an inspection reveals serious defects. In a competitive market, a buyer may be tempted to waive certain rights so that they can complete a transaction. Our attorney will explain the risks of doing so and help buyers find compromises that will protect their rights. We can provide guidance on whether options such as shortening the inspection period or limiting repair requests to major defects may be beneficial.

Addressing Inspection Findings

Inspections of homes may reveal issues with crumbling brickwork, porches that need structural repair, or water leaks that occur during heavy rain. In two-flats, basement bedrooms may not have proper emergency exits, or units may have been converted without obtaining the proper permits.

Our lawyer can help buyers decide which issues may be addressed through repair requests. When the seller cannot finish repairs before closing, we can negotiate agreements that will address the costs of repairs while protecting the buyer.

Completing the Closing

As a home closing approaches, our attorney will make sure everything is in order, including reviewing the settlement statement for errors and confirming that issues related to property taxes or credits match what was agreed in the purchase contract. We will walk buyers through the closing process, making sure they know the purpose of each document they sign. After closing, we will make sure the paperwork is filed correctly so that our client will be able to take possession of their new home.

Contact Our Logan Square Residential Real Estate Lawyer

Whether you are listing a residence for sale in Logan Square or planning to buy a single-family home, a townhouse, or a condominium, the lawyer at The Sherrod Law Firm, Ltd. can help you avoid costly mistakes while protecting your rights.

We can help negotiate favorable terms in a real estate contract, protect your interests throughout the closing process, address any disputes that may arise, and make sure everything is fully prepared to transfer the property from the seller to the buyer. We will provide the guidance needed from the original offer through the closing date, ensuring that you have a strong legal advocate on your side. Set up your free consultation by contacting our Logan Square residential real estate transaction attorney at 312-321-6910.