Commercial Real Estate Attorneys
in Skokie, Illinois
As a family-owned law firm in Skokie, Illinois, we at Alexander | Grossman Attorneys at Law take pride in offering comprehensive legal services. Commercial real estate transactions are one of the many spokes in our umbrella, and we have a proven track record of success in this field.
Our attorneys, Brian E. Alexander and Jennifer S. Grossman, have 45+ years of versatile legal experience and a thorough understanding of Illinois statutes—positioning us to guide clients through commercial real estate transactions with efficiency and precision.
We understand the unique challenges and opportunities that surface during these deals. That's why our commercial real estate lawyers are committed to working closely with our clients—to customize strategies around their objectives, providing personalized attention and direction every step of the way.
What's Considered Commercial Real Estate?
Commercial real estate refers to any property used for business purposes, including offices, retail spaces, industrial buildings, and multifamily housing with five or more units. It also includes undeveloped land that's intended for future commercial use.
At Alexander | Grossman Attorneys at Law, we can provide guidance on a wide range of legal matters related to commercial properties. Put our knowledge, experience, and dedication to work for you—contact us today to schedule a free consultation.
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Understanding Illinois Legal Requirements for Commercial Real Estate Transactions
Whether you're a buyer or a seller, a firm understanding of legal mandates set by Illinois Compiled Statutes and the Illinois General Assembly is key to the successful completion of a deal.
In Illinois, property rights are a crucial part of commercial real estate transactions. This means you have the right to use, lease, sell, or even alter the property as you see fit. However, these rights aren't absolute. They're subject to local zoning laws, environmental regulations, and other legal restrictions.
Leases and Contracts
Commercial leases and contracts are another critical component of real estate transactions in Illinois. Specific documents involved include:
Purchase Agreement: This is the primary contract between the buyer and seller. It outlines the terms of the sale, including the purchase price, closing date, and any contingencies (like financing or property inspections).
Title Documents: These include the title insurance policy and the title commitment. They provide information about the property's ownership history and any liens, encumbrances, or issues that might affect the title.
Lease Agreements: If you're leasing a commercial property, the lease agreement spells out the terms of the lease, such as the duration, rent amount, responsibilities for repairs and maintenance, and other essential details.
Environmental Reports: These reports detail any environmental concerns associated with the property, like contamination or protected natural areas. They're vital for ensuring compliance with Illinois' environmental regulations.
Property Inspection Reports: These reports provide an in-depth look at the property's condition, revealing any potential issues or needed repairs.
Closing Documents: These include the settlement statement, which provides a detailed breakdown of the financial aspects of the transaction, and the deed, which officially transfers ownership from the seller to the buyer.
Legal Bills and Court Costs Documents: These outline the attorney fees, court costs, and expenses related to the transaction.
It's always essential to understand what you're signing. As your laywers, we’ll review every detail of these documents with you, ensuring you're fully informed before making any commitments.
Zoning and Environmental Regulations
Illinois has specific zoning and environmental regulations that apply to commercial properties. For instance, a property might be zoned for retail use but not for manufacturing. Similarly, there might be environmental restrictions if the property is near a protected natural area. We can help you understand these regulations so that you can move forward with the knowledge that your planned use of the property is legally permissible.
Property taxes can significantly impact your bottom line in a commercial real estate transaction. In Illinois, these taxes are based on the assessed value of the property. We can assist you in understanding how property taxes are calculated and any potential tax incentives that may be available to you.
These laws mandate that sellers disclose specific information about the property to potential buyers. As required by the Illinois Real Property Disclosure Act, sellers must provide a disclosure form detailing the property's condition, any known defects, and any environmental hazards present. This process ensures buyers are well-informed and protected from unknowingly purchasing a property with hidden issues. Adhering to these disclosure laws is vital for sellers, not only to avoid legal repercussions but also to foster a fair and transparent transaction.
As property owners, it's your responsibility to have insurance coverage that safeguards your investment and mitigates potential risks. Commercial property insurance typically covers building damage, liability claims, and loss of income due to property damage. Depending on the property's location and associated risks, you may need to secure specific policies, like flood or earthquake insurance.
At Alexander | Grossman Attorneys at Law, we're committed to helping you understand and comply with these insurance laws. It's our goal to ensure you're adequately protecting your assets and minimizing financial risks.
Remember, these are just some of the legal requirements for commercial real estate transactions in Illinois. Every transaction is unique, and it's crucial to have experienced legal counsel by your side.
What Sets Our Firm Apart
We're not just any law firm; we're a family-owned and operated enterprise with over four decades of experience under our belt. We believe in treating our clients like family. This means we provide one-on-one attention, taking the time to understand your goals and concerns, and working with you closely from start to end.
Our services span real estate law, estate planning and probate, and family law, addressing diverse yet interconnected legal challenges that may arise at various stages of your life. We're all about trust and personal commitment, and we strive to provide each client with individual attention.
In a nutshell, it's our unmatched experience, personalized approach, wide range of services, and commitment to our community that truly sets us apart. At Alexander | Grossman Attorneys at Law, we're here for you, ready to guide you through your commercial real estate transaction with confidence.
Commercial Real Estate Attorneys in Skokie, Illinois
Whether you're buying, selling, leasing, or developing commercial real estate, we're here to provide the legal support you need. We understand the importance of a successful commercial real estate transaction and commit ourselves to protecting your interests and fulfilling your objectives. Trust in our ability to help you achieve your commercial real estate goals in Cook County and Lake County, Illinois.