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This
practice is divided into two important distinctions
Commercial Real
Estate
In Illinois, commercial real estate is as
complex as the parties want to make it. Obviously, the reverse is
true. The important point is to protect the client and provide the
services necessary to make the deal happen. Today, clients most
often question their ability to take advantage of an opportunity
based upon how quickly the deal can move from contract to closing.
Again, commercial real estate buyers and sellers know that the key
is the difficulty of the deal. Issues that affect this, generally
are: is this a vacant property or is their a pre-existing building;
what is the financing; what is the zoning; what about inspections -
how many are required. Naturally, how the buyer wants to hold the
property whether as a corporation, LLC, partnership, trust, etc. all
add another layer of complexity to the deal. These are the most
common issues raised in a transaction, naturally, all can be handled
with equity to both the buyer and
seller.
The law firm has
experience in a wide range of commercial transactions throughout
Illinois. |
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Residential
Transactions (top of page)
For the
Seller:
If you are selling your home,
the purpose of having a lawyer is to review the contract between you and
the buyer. Next, you need someone to draft the  closing documents, including the deed
to transfer the home. Also, the attorney makes sure that any local
transaction stamps, zoning approvals, etc. are all satisfied before the
closing. If the property is a condominium or townhouse there are also a
few extra steps.
The time it takes to
complete this type of matter is usually 4 to 5 hours of time from start to
finish. The actual closing usually runs at least 1.5 hours. The most
important reason to hire a lawyer is that this type of matter requires
attention to detail. The seller's attorney also orders title insurance for
the buyer and reviews the history of the property to make sure there is a
clear transfer of the property between the seller and the
buyer.
We handle real estate sales on
a flat rate basis. Please call or email us for more
information.
For the Buyer:
As
you are purchasing a fairly significant asset, it is important to have an
attorney make sure that the seller provides all of the documents needed to
complete this matter. The first step is to get the contract to an attorney
immediately after the seller signs the contract. There is a small turn
around time, usually 3 to 5 days, to provide an opinion on the fairness of
the deal. We look for: the amount of time given to find a loan; how soon
the closing date is set; and we make sure the buyer gets a warranty deed
or other deed transferring the property along with title insurance proving
that the seller is the actual owner of the
property.
The typical time spent on a
purchase is also about 4 to 5 hours including the time spent at the
closing. The buyer's attorney reviews the seller's documents, explains the
lender documents, and makes sure that the deed is recorded and sent to the
buyers.
This transaction is also
available on a flat rate. Please call
or email us for more
information.
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