Wicker Park Residential Real Estate Attorney

Lawyer for Transactions Involving Townhomes, Condos, and Multi-Unit Properties in Wicker Park

Wicker Park has become one of Chicago's most popular places to live. The neighborhood includes a number of large mansions, as well as smaller cottages, three-flats, rowhouses, and condominiums in converted buildings. Because so much of Wicker Park's housing has been renovated, divided, or rebuilt in recent decades, each property will have its own history that may need to be addressed when it is sold. These issues can be easy to miss without experience in real estate law, but they can be costly when they are discovered after closing.

The Sherrod Law Firm, Ltd. provides legal representation for buyers and sellers throughout Wicker Park. Our lawyer has a thorough understanding of real estate transactions in Chicago and a sharp eye for the details that can affect a property's value. We provide responsive, personal service to clients throughout real estate transactions, ensuring that their rights are protected and helping them close deals successfully.

Issues That May Affect Different Types of Properties in Wicker Park

Townhouses and New Construction Rowhouses

Many Wicker Park townhouses were built within the last 20 years. When a home is newly built, its property tax bill may initially reflect only the value of the land. However, when an assessment considers the value of the new building, this can affect the property taxes that will be owed. Buyers of homes that have been recently constructed will need to understand who will be responsible for paying property taxes. Our attorney can negotiate a tax escrow or credit to ensure that buyers' interests are protected during a transaction.

A buyer may also need to confirm whether a townhouse is owned outright, including the land beneath it, or whether it is part of a condominium in which the land is a common element. The answer can affect issues such as insurance coverage and maintenance responsibilities.

Small Condominium Buildings

Many properties in Wicker Park are two- or three-unit buildings that have been converted into condominiums. Issues that may affect these properties include:

• No Reserves: Small condominium associations may have set aside little or no money for major repairs, leaving owners to split the costs when damage occurs.
• Deadlocks: When an association only includes two or three owners, one disagreement can stall important decisions.
• Insurance Gaps: Some small associations may not have obtained master insurance policies for properties.
• Exclusive-Use Areas: A buyer will need to understand their rights regarding the use of roof decks, rear yards, and garages or parking spaces.

Multi-Unit Buildings

When a buyer plans to purchase a multi-unit dwelling, they may encounter unique concerns related to financing and tenants. Commercial financing may be required, and specific requirements may need to be met. When a building has existing tenants, a buyer will need to understand the terms of leases. They may also need to determine how to handle security deposits and ensure that they are managed properly.

Single-Family Homes

Some historic homes in Wicker Park will require city approval for exterior changes. Some cottages may be located on narrow lots, and past expansions may have been performed without obtaining the proper permits. It will be important to confirm the permit history of a property so that a buyer will be protected from inheriting code violations.

How Our Law Firm Assists Buyers and Sellers in Residential Transactions

Contract Negotiations

Our lawyer can review and negotiate a purchase contract after an offer has been made on a property by a buyer and accepted by a seller. We will address issues related to financing deadlines, inspection rights, and prorated property taxes. We can provide guidance on what contingencies may be included, including requirements related to a buyer's ability to secure financing or sell their current home.

For sellers, we can draft responses to buyer proposals and make sure any promises about repairs, credits, or possession dates are clearly limited. We may negotiate contingencies that will ensure that a seller will be able to move into a new home, or we may ask for terms allowing for post-closing possession that will give a seller more time to move.

Inspections

An inspection of a rowhouse or condo should look closely at roof decks, flashing around skylights, heating and cooling systems, and soundproofing between neighboring units. After an inspection has been performed, our attorney can help buyers request repairs or credits, ensuring that all issues that have been discovered will be addressed correctly. We can also help sellers respond to requests from buyers in ways that will minimize potential losses while keeping a transaction on track.

Title Searches

A title search will confirm that the seller can deliver clear ownership. Unpaid contractors, subcontractors, or suppliers may have filed mechanic's liens on a property, and these liens will need to be cleared before ownership can be transferred. Other types of liens may also need to be addressed, including tax liens, judgment liens, or liens related to unpaid child support. Other clouds on the title to a property may need to be addressed, such as ownership claims by the heirs of a previous owner. Our lawyer can make sure a title search is performed correctly while addressing any issues that could affect the ability to transfer ownership of a property.

Home Closings

Our attorney will walk clients through the closing process, making sure all legal issues have been addressed correctly to complete a transaction. We will review the documentation and explain everything that is being signed so that clients will have confidence that all issues related to a transaction have been addressed correctly.

Contact Our Wicker Park Residential Real Estate Lawyer

Transactions involving residential properties in Wicker Park can be complex, and legal representation is crucial to ensure that the rights of buyers and sellers will be protected. At The Sherrod Law Firm, Ltd., we can provide the help clients need to complete transactions successfully. Contact our Wicker Park residential real estate transaction attorney at 312-321-6910 to schedule a free consultation.