Articles Posted in Real Estate

Obtaining Commercial Property in Illinois

Obtaining commercial property in the state of Illinois is a multi-step process that requires both sound planning and thorough due diligence. There are many items to keep in mind over the course of this process that will make sure you get the most out of your investment.

Here, we’ll go over a number of priorities to be aware of when obtaining commercial property in Illinois.

By
Posted in:
Published on:
Updated:

Overall, commercial real estate is a pretty good investment, but you have to handle it wisely. As with any investment venture, there will be challenges to face and pitfalls to avoid, so it always helps to have a good idea beforehand what to expect.

Whether you’re getting started in commercial real estate investing or if you’ve been at it for a while, the following common mistakes can help you avoid losses.

Failure to Match Property to Your Needs

By
Posted in:
Published on:
Updated:

Aside from cleaning, preparing, and marketing a home, sellers must also take several legal considerations into account. Many of these can mean the difference between a successful sale and a lost opportunity, so it’s important to know what to do prior to closing on a sale. This home seller legal checklist will help you be prepared to sell your home.

  • Resolve all liens, debts, etc.: Encumbrances such as liens, debts, and other claims against the property all ought to be resolved prior to selling. Otherwise, you probably won’t be able to sell the home for as much, and you might even face legal difficulties.
  • Get all owners on the same page: If the property is held jointly, it’s important to make sure everyone is on the same page. This stops issues with the title from occurring during the sale, and prevents disputes when it comes to dividing up the proceeds from the sale.
By
Posted in:
Published on:
Updated:

Buying a home for the first time is exciting—you’ll finally have a place to call your very own, and odds are, you’re making your first truly significant investment. However, there is a great deal of complexity involved in real estate transactions, and you want to make sure you avoid the pitfalls that people often fall into when buying a home for the first time.

There are a few precautions you can take to get started with the home buying process.

Assess Your Finances

By
Posted in:
Published on:
Updated:

House hunting is exciting, but you need to be prepared to do it right. Here, we’ll go over what to do and what to avoid when hunting for your dream home.

Do’s

  • Prequalify for financing: One of your first items of business is to make sure you know how much you can afford. You can do this by prequalifying for a mortgage. Once you know how much you can borrow, you’ll have a clear idea of what kind of house you can afford.
By
Posted in:
Published on:
Updated:

Whether it’s commercial or residential real estate, purchasing real property is a large investment-one you don’t want to take lightly. Ultimately, you hope to turn a profit from the property, but whether you will actually do so, how much it will be, and whether you might inherit legal problems with the land are matters you’ll need to take into account. Adequate research—or due diligence-is key to making a wise real estate investment.

Preliminary Due Diligence

Before you even begin discussing a purchase contract, you will be best served with some preliminary research. If you can access title and current owner information early, that will help you in the long run. Once the due diligence process actually starts-i.e. when the contract is signed-you will be pressed for time. Therefore, learning as much as you can about the nature and profitability of the property beforehand will help everything go much more smoothly.

By
Posted in:
Published on:
Updated:

press3
When you purchase a house, you and the seller will sign a contract. Under Illinois law, a real estate purchase agreement is legally binding, and as such, you and the seller will be expected to fulfill that agreement.

However, if you find that you need to back out of buying a house, you still might be able to do so, even if you have already signed a purchase agreement. Certain circumstances could make it desirable—or even necessary—to withdraw from the purchase.

POSSIBLE REASONS TO BACK OUT

By
Posted in:
Published on:
Updated:

Especially if it’s your first time, buying a house can be a long, arduous, and daunting process. There are many risks involved in the course of negotiating contracts and pricing, and the closing process can be highly complex. Calling your lawyer to help you through this grueling ordeal will protect you and allow everything to go much more smoothly.

Potential Risks

There are a number of risks you have to face when buying a home. Even from the very start, there is a chance you may be taken in and come out worse off after your purchase. Having a skilled real estate lawyer with you will mitigate those risks, which may include:

By
Posted in:
Published on:
Updated:

If you have purchased land for industrial, commercial, or residential purposes, you will first need to develop it. Planning land use and development will involve a vast array of steps and procedures, all of which will need to be followed exactly. Here, we’ll go through a few things to keep in mind when planning to develop and use land.

Determine the Purpose

The purpose of the land will largely determine what you’re allowed to do with it. Land developed for commercial use will have different restrictions from residential or mixed-use property. These differences will help you avoid conflict with zoning laws and local associations while allowing you to get the most out of the property itself.

By
Posted in:
Published on:
Updated:
Contact Information