West Loop Residential Real Estate Attorney

Lawyer for Buyers and Sellers in Residential Real Estate Transactions in Chicago's West Loop

Few Chicago neighborhoods have changed as dramatically over the years as the West Loop. Former meatpacking plants and produce warehouses in the area now hold lofts and condominium buildings, and new mid-rise towers continue to be built. Buyers can also find newer single-family homes and townhomes available in the West Loop. This mix of old and new construction can lead to complex issues that may arise during residential real estate transactions.

A home that looks perfect during a showing may hide leaks, or renovations may have been made without the proper permits. A seller who accepts the wrong offer may experience disputes with the buyer, and the deal could fall apart or be delayed. By working with a real estate lawyer from the start of a transaction, buyers and sellers can understand their rights, avoid problems, and resolve concerns they may encounter.

At The Sherrod Law Firm, Ltd., our attorney represents buyers and sellers in West Loop home sales. We understand the purchase contracts that are used in Chicago real estate transactions, the issues that inspectors may discover in both older and newer buildings, and the steps that can be taken to keep a transaction moving toward closing. We will take the time to learn each client's priorities, answer their questions promptly, and advocate for contract terms or resolutions to disputes that will protect their interests.

Common Concerns in West Loop Real Estate Transactions

Some of the issues that frequently come up when people purchase residential property in the West Loop include:

• Parking Rights: In many West Loop buildings, parking spaces are sold or leased separately from units, or they may be assigned by a condominium association. Buyers will need to understand how issues related to parking will be addressed after they move in.
• Property Taxes: Rapid growth has driven up the values of properties in the West Loop. Buyers will need to understand how property taxes will be assessed so that they will not be surprised by unexpected tax bills.
• Nearby Developments: Ongoing construction in the area can affect the view from a property and lead to issues involving noise or traffic disruptions. It could also affect the resale value of a property.
• Condominium Association Concerns: Some buildings may need masonry work, elevators may need to be replaced, or roofs may need to be repaired. These issues could lead to special assessments by a condominium in the future.

What a Purchase Contract Covers

The contracts used in residential real estate transactions will address a variety of key issues, including:

• Price and Earnest Money: The buyer and seller will need to understand a property's purchase price, the amount of the earnest money deposit, and who will hold that money.
• Closing Date and Possession: A contract should include specific dates for when the sale will close and when the buyer may move in.
• Personal Property: The parties will need to understand which appliances, light fixtures, window treatments, or other items will remain in the home and be included in the purchase price.
• Prorated Costs: Terms should specify how property taxes and association dues will be divided between buyer and seller.
• Condominium Documents: The buyer will have the right to review association records so they fully understand the rules, the dues that must be paid, any special assessments, or other issues that could affect them.

Contingencies Buyers May Request

A contingency allows a party to cancel a purchase contract if a specific condition is not met. Buyers may ask for a mortgage contingency that will protect them if they cannot obtain a loan by a specific date. An appraisal contingency can address what will happen if the lender's appraisal comes in below the purchase price. An inspection contingency will allow the buyer to have the property inspected and address any issues that are discovered. Some buyers may also negotiate contingencies related to the sale of their current homes.

Contingencies Sellers May Request

Contingencies can provide protections for sellers as well. A seller who must find a new home may ask for a contingency tied to that purchase. When a buyer's offer depends on selling another property, the seller can request a provision that will allow them to keep marketing the home and potentially receive a better offer. A seller who needs more time to move may negotiate some time in which they can remain in the home after closing while providing protections for the buyer.

Home Inspection Issues

The inspections performed by buyers may identify issues that could affect the value of a home, and repairs may need to be made. Depending on the age and history of a building, a variety of concerns may be discovered. Common findings that buyers and sellers may need to address include:

Water and Masonry Problems

Older brick buildings can allow water to seep through mortar joints, especially around windows. Sealing or other repairs may be needed to prevent future leaks or address water damage.

Electrical and Mechanical Systems

The City of Chicago has strict requirements for electrical wiring in residential properties. If renovations had been completed without following these rules, repairs may need to be made to ensure that a home complies with the proper building codes.

Sewer Lines and Flooding

In single-family homes and townhomes, sewer lines may have become cracked or damaged by roots. Basements may not have the proper backflow protections, which could increase the risks of flooding.

Environmental Hazards and Work Performed Without Permits

Radon testing will need to be performed to identify potential safety concerns on a property. An inspection may also reveal lead-based paint or other toxic substances. An inspector may find that additions, decks, or finished basements were built without permits. Until these issues are addressed, a buyer may not be able to receive homeowner's insurance coverage.

Negotiating to Address the Results of Inspections

Our attorney can help buyers determine what steps to take following a home inspection. A buyer may ask the seller to complete certain repairs before closing, or they may request a credit for repairs. Our lawyer can also help sellers review repair requests and prepare responses that will address buyers' concerns while ensuring that a transaction can proceed.

Contact Our West Loop Residential Real Estate Lawyer

Whether negotiating contingencies in a purchase contract, resolving disputes related to inspections, or providing assistance during a home closing, the lawyer at The Sherrod Law Firm, Ltd. will work to minimize stress for clients during a residential transaction. With our help, buyers can have confidence that they know what they are purchasing and will be able to avoid unexpected costs, and sellers will be able to get the best possible price while avoiding potential disputes. Contact our West Loop residential property transaction attorney at 312-321-6910 for a free consultation.