Articles Tagged with realestate

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An attorney plays a vital role in real estate acquisitions, improvements, and management. When choosing an attorney to handle the legal components of your real estate business dealings, it helps to know what questions to ask.

Reasons to Hire a Real Estate Attorney

First, let’s look at the reasons why you’d want to hire a real estate attorney in the first place.

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Real estate purchases involve complex contractual agreements, and making sure those agreements are enforceable is key to seeing the transaction smoothly through to its end. There are both legal requirements as well as practical elements that factor into whether a purchase contract is enforceable, and we’ll go over the most important of those here.

Legal Elements of an Enforceable Real Estate Contract

An enforceable real estate contract needs to adhere to legal requirements, including the following.

A will can be a valuable component of any estate plan since it helps expedite the probate process. By making your last wishes known, you’ll make it easier for the court to make sure your property is divided appropriately. However, there are some items that really don’t belong on your will, either because they’d complicate the disposition of your estate or because it’s simply unnecessary to mention them.

Here, we’ll look at a number of items that you typically should not put on your will.

Anything with a Named Beneficiary

Owning a multifamily rental property can be a profitable investment, but it also presents a significant liability if it’s mismanaged. It’s important to adhere to all applicable laws, including those pertaining to the rights of your tenants. By following best practices, you can not only protect yourself from losing lawsuits, but avoid most of them entirely.

1. Set Up Recordkeeping from the Start

First of all, it’s important to keep thorough records on the financial and practical aspects of your property. Some of the documents that either you or a designated property manager should keep up to date include:

Between the lower interest rates, government bailouts, and economic challenges present during the current pandemic, real estate investing is likely to be heavily impacted, at least during the short term. In some cases, real estate investors may find themselves with unexpected opportunities, while other scenarios present difficulties.

While it’s not totally clear exactly how investment properties will be affected as yet, there are some likely changes that will occur.

Consequences for Rental Properties

The COVID-19 outbreak has affected everyone, including landlords and their tenants. During this time, it’s important for both to know their rights and follow the laws governing landlord-tenant relationships, including the temporary restrictions currently in place.

If you own or operate rental property, it’s important to make sure you stay well within legal requirements and guidelines. Otherwise, you expose yourself to lawsuits.

The Economic Situation for Renters and Landlords

Real estate investors may at times find themselves looking at properties that meet their requirements in all but one aspect—zoning. The zoning laws that apply to a given piece of property can restrict what you do with it, and it may be tempting to try to rezone it.

Here, we’ll go over the factors to consider before trying to rezone a property.

The Rezoning Process – Factors to Consider

While Illinois doesn’t have any strict legal requirement to have an attorney present during real estate closings, hiring one is still a good idea. A real estate attorney helps you throughout the process of buying or selling real estate by:

  • Preparing and reviewing documents
  • Handling disputes
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