Oak Park Residential Real Estate Lawyer

Experienced Attorney Assisting With Residential Real Estate Transactions in Oak Park, IL

Whether you are a first-time homebuyer or are selling your family home, a residential real estate transaction may involve a variety of complex issues that will need to be addressed. This may be one of the largest transactions you will undertake in your lifetime.

At The Sherrod Law Firm, Ltd., we have over 15 years of legal experience assisting people and families in matters related to residential real estate. We understand the stress that many people face as they manage the details of residential sales and purchases. We will work diligently to help you with your transaction, protect your interests, and prevent future complications.

Selling or Searching for a Home

It is crucial to have qualified legal representation from the moment you start looking to sell or buy residential real estate. By getting in on the ground floor, your attorney can identify issues related to the property, assist with negotiations, and draft the required documents.

Your lawyer's investigation may reveal potential complications, including issues with ownership rights, zoning regulations, liens, easements, and more. Electrical defects, water damage, and structural anomalies may be uncovered during property inspections, and these issues can be addressed through negotiations that may affect the terms of a transaction. Our goal is to help you determine the best approach while ensuring that all of your needs are met.

By having an attorney conduct this research prior to closing, a seller will be able to take the proper steps to avoid liability, while a buyer can avoid unpleasant surprises or obstacles. In other words, we will make sure you are aware of challenges as they arise, and we will work to make sure your transaction goes as smoothly as possible.

Multi-Unit Complexes in Oak Park

During transactions involving apartments, condominiums, and other multi-unit dwellings, an experienced residential real estate lawyer can help you avoid any extra complications or liabilities. Though owning a multi-unit building can be extremely profitable, landlords have specific obligations to their tenants. Our lawyer can help you understand the challenges of an ownership transition and ensure you have a clear understanding of the issues that may affect your rights as the owner.

If there are residents living on the property at the time of purchase, for example, new landlords must generally honor the prior or existing lease agreements. We will meticulously address each and every facet of a potential transaction to keep the sale as easy and legally sound as possible.

Short Sales, Transfers, and Asset Protection

Homeowners experiencing financial trouble may seek a short sale transaction. By selling the property at a lower price than what is owed on the mortgage, the debt may be diminished or forgiven entirely. Though this requires permission from the mortgage lender, short sales can help protect the owner's credit. Because this can present an opportunity for buyers to purchase a home at a lower price, it can also attract more competition.

Most people want to be confident that their investments are secure and that their property can be easily transferred to their heirs after death. Irrevocable trusts and land trusts are among the most effective methods of asset protection. With the assistance of a real estate attorney, an irrevocable trust can be an invaluable way to protect your assets from creditors and other claims. Similarly, land trusts enable property to be shared among multiple owners, benefiting real estate investors and helping protect against risks.

By working with an attorney to transfer properties outside of the probate process, you may preemptively save yourself from extra expenses and disputes. A transfer-on-death instrument can also be an effective way for property owners to transfer their assets to their loved ones. You may also ask your lawyer if a bond in lieu of probate, which allows inherited property to be sold without going through the probate process, is a solution that is right for you.

Contact an Oak Park, Illinois Residential Real Estate Attorney

Property transactions and steps taken to safeguard your assets can be some of the most important issues you will face in your lifetime. At The Sherrod Law Firm, Ltd., our attorney is skilled at guiding buyers and sellers through real estate transactions, and she can help address other concerns related to residential property. Contact our Oak Park real estate lawyer at 312-321-6910 to receive a free consultation.