Portage Park Residential Real Estate Attorney

Lawyer for Purchase Contracts, Home Closings, and More in Portage Park

In Portage Park, multiple types of homes and other residential properties may be placed on the market. The stability the neighborhood provides makes it appealing to buyers, but they may need to address unique concerns when purchasing homes, especially in transactions involving buildings that are several decades old. Sellers, for their part, may find that certain types of records will need to be updated before they can transfer ownership of a property. A transaction can also stall when a buyer's financing hits a snag or an inspection uncovers a costly repair.

The attorney at The Sherrod Law Firm, Ltd. helps buyers and sellers in Portage Park identify and resolve these concerns or other issues that may affect real estate transactions. Clients can benefit by working with someone who has a strong knowledge of Illinois real estate laws and over 15 years of experience in Chicago home sales. With our personal approach, our firm will work to protect each client's interests and help them achieve a successful closing.

Concerns When Negotiating a Purchase Agreement

A purchase contract will set the rules for an entire real estate transaction. Its terms will decide who pays for what, when the deal must close, and what will happen if something goes wrong. Our lawyer can help clients understand how to address the issues related to real estate contracts that may arise.

Purchase Contract Issues for Buyers

Buyers should make sure mortgage contingencies accurately describe the loans they are seeking, including the type of loan and the down payment amount. They will also need to confirm which items will remain in the home and be included in the purchase price.

Purchase Contract Issues for Sellers

Sellers want to make sure buyers will be able to complete transactions successfully. A seller may ask for a larger earnest money deposit, a shorter mortgage contingency period, or proof that the buyer has been approved for financing. If a seller is still living in the home, they may ask for additional time after closing to move, which can be addressed through a post-closing possession agreement.

Encumbrances and Title Issues

An encumbrance is any claim, right, or restriction that may affect a property. These issues will need to be resolved before ownership of a property can be transferred from a seller to a buyer. Our attorney can make sure a title search is performed correctly and identify encumbrances while making sure they are addressed before closing. Common encumbrances uncovered in title searches include:

• Mortgages: The seller's existing loans must be paid off at closing. A refinanced loan that was never released may also appear in a title search.
• Federal Tax Liens: When a person owes taxes, the IRS may file a lien on their property.
• Judgment and Support Liens: Court judgments and unpaid child support may create liens on real estate owned by the person who owes the debt.
• Easements: Utility companies or the City of Chicago may have rights to use part of a lot, including areas near alleys.
• Encroachments: A garage, fence, or addition may extend over a property line.

Depending on the type of encumbrance, different solutions may be available. Mortgages and many liens can be paid from the seller's proceeds at closing, and the title company will record releases afterward. A tax lien may require a payoff statement or a certificate of release from the IRS. Encroachments may be addressed through an agreement with a neighbor, a revised survey, or title insurance coverage. Our lawyer will review these items with clients and work with title companies, lenders, and other parties to clear them.

Issues That May Arise During a Transaction

Home Inspection Concerns

Inspections of Portage Park homes may uncover issues such as:

• Lead Service Lines: Many older Chicago homes receive water through lead pipes. The state of Illinois requires water utilities to replace these lines over time, but buyers may want to know whether a home has been affected and whether a replacement has been scheduled.
• Basement Flooding: The Northwest Side has a history of sewer backups or other forms of flooding during heavy storms. Inspectors may recommend installing a backflow valve or using other solutions to prevent flooding.
• Attic and Basement Conversions: Many homeowners in Portage Park have made improvements to attics or added finished basements. However, if work was done without permits, it may not meet building code requirements.
• Aging Sewer Lines: Connections to the city sewer may be cracked or blocked by tree roots.

When inspection results reveal significant defects, our attorney can work with buyers to request repairs, credits, or price adjustments. When representing sellers, we can evaluate requests and help clients determine the best responses that will protect their interests while minimizing potential financial losses.

Financing Concerns

Financing problems are among the most common reasons why home closings may be delayed. Some of the challenges buyers may face include:

• Low Appraisals: If an appraiser values a home below the price agreed in the contract, the lender may not be willing to finance the home at a higher amount. The buyer may need to bring more cash, renegotiate with the seller, or cancel the contract.
• Changes in the Buyer's Finances: A new car loan, a job change, or a large credit card purchase before closing can cause the lender to withdraw approval.
• Renovation Loans: A buyer who will be using an FHA loan to purchase and repair a home will need to meet additional requirements, including contractor bids and inspections. This can add time to the closing process.
• Down Payment Assistance: Programs offered through the Illinois Housing Development Authority or the City of Chicago may have their own deadlines and approval steps that will need to be met.

Our lawyer will pay attention to loan deadlines and communicate with lenders and other parties when delays occur. If more time is needed, we will work to negotiate extensions so a buyer will be protected.

Closing the Transaction

At closing, our attorney will review the final figures, confirm that all liens are being paid, and make sure the deed and transfer documents are correct before anyone signs. We will walk clients through the closing process, making sure they fully understand the documents included and their legal requirements.

Contact Our Portage Park Residential Real Estate Lawyer

While homes in Portage Park offer lasting value, the right steps will need to be taken during a transaction to ensure that all issues will be handled correctly and that closing can be completed on the planned date. At The Sherrod Law Firm, Ltd., we work to ensure that buyers and sellers will be able to resolve any problems they may encounter before they derail a sale. Contact our Portage Park home purchases and sales attorney at 312-321-6910 to arrange a free consultation.