Residential Real Estate Attorneys in Skokie, Illinois
Whether you're buying your first home or selling an investment property, real estate transactions can be both exciting and overwhelming. At Alexander | Grossman Attorneys at Law, we strive to make this process as seamless and stress-free as possible.
With over 45 years in practice, we're passionate about helping Chicagoland families buy/sell their homes, manage residential leases, and facilitate deed transfers. We're a family-owned and operated law firm based in Skokie, Illinois; when you work with us, you can expect to get treated like family.
We serve residents throughout our community and the surrounding areas, including the North Shore, all of Cook County, Lake County, and beyond. If you're ready to experience a smoother, more secure real estate transaction, contact us today.
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Real Estate Transactions: The Basics
Residential real estate transactions can vary widely based on the specifics of the property, the parties involved, and the nature of the deal. Here are some common types of transactions:
Buying a Home: This is perhaps the most common residential real estate transaction. It involves the transfer of ownership from one party (the seller) to another (the buyer). The process includes negotiating the terms of the sale, inspecting the property, securing financing, and finally, closing the deal.
Selling a Home: This is the flip side of buying a home. Sellers must prepare their property for sale, which may involve repairs or improvements. They must also work with a real estate agent to list the property, negotiate offers, and navigate the closing process.
Deed Transfers: This involves changing the legal ownership of a property. Deed transfers may occur for various reasons, such as the sale of a property, adding or removing a spouse's name after marriage or divorce, or transferring property into a living trust.
Refinancing a Mortgage: Homeowners may choose to refinance their mortgage to take advantage of lower interest rates, change their loan term, or tap into their home equity. While this doesn't involve a change in property ownership, it does involve a new loan agreement.
Each of these transactions involves a unique set of legal considerations, which is why it's so important to have a knowledgeable real estate attorney guide you through the process.
The Attorney Review and Inspection Period in Illinois
Once a real estate contract is signed by both the buyer and the seller, the attorney review period begins. This is a unique provision in Illinois real estate transactions that essentially provides a safety net for both parties.
In the attorney review period, which typically lasts five business days, both the buyer's and seller's attorneys will review the contract. They can approve the contract as it is, propose modifications, or even disapprove the contract. Also during this time, the Buyer will conduct an inspection, done by a licensed property inspector, to determine if the Buyer wishes to proceed with the purchase based upon the condition of the property. This also allows the Buyer the opportunity to raise concerns discovered during the inspection that they want the Seller to address. This period allows for certain changes to be made to the contract without any penalties or loss of earnest money deposit. While all issues do not need to be resolved in these five business days, they must be raised within the the 5 days, or such time as the contract provides for.
It's important to note that the attorney review period only begins once both the buyer and the seller have signed the contract.
The purpose of this period is to ensure that both parties fully understand the terms of the contract and that their interests are adequately protected. It allows for professional legal scrutiny of the agreement, which can prevent misunderstandings and disputes down the line. It also allows the attorneys to negotiate an agreement acceptable to both parties about the resolution of any items raised by the property inspection.
This is why it's crucial to have a real estate attorney by your side when buying or selling a home in Illinois. Your real estate lawyer can help you navigate the attorney review and inspection period effectively, keeping your rights and interests well-protected.
Why Hire a Real Estate Attorney?
Navigating the world of real estate transactions without reliable legal guidance can lead to costly mistakes. As experienced real estate attorneys, we provide invaluable assistance at every stage of the process. The following covers some of the key ways in which we can make a positive difference in your real estate journey:
Negotiations: Negotiating a real estate deal requires understanding and experience. We apply our knowledge of the local market and real estate law to help you secure the best possible terms.
Rights Protection: We are committed to protecting your rights.
Contract Drafting and Review: A well-drafted contract is the foundation of a successful real estate transaction. Our attorneys create and review contracts that are legally sound and serve your best interests.
Dispute Avoidance and Handling: It's always our goal to prevent disputes before they arise. However, if a conflict does occur, our attorneys are ready to handle it with efficiency and professionalism.
Closings: The final stage of any real estate transaction is the closing. We will work hard to make sure that all your paperwork is in order, whether you are the Buyer or the Seller, your funds are transferred correctly, and your property's title is properly transferred.
At Alexander | Grossman Attorneys at Law, we understand that every client's needs are unique. Whether you're buying a home, selling a property, or buying or selling commercial real estate, we offer tailored solutions to meet your specific needs.
Residential Real Estate Attorneys in Skokie, Illinois
Experience the difference that an experienced real estate attorney can make. At Alexander | Grossman Attorneys at Law, our commitment to providing exceptional service and our extensive experience in real estate matters make us the go-to choice for many residents in Skokie, Illinois, and throughout Chicagoland. Let us help you achieve your property goals. Contact us today to set up a free consultation. Your peace of mind is our top priority.
The firm does not handle landlord/tenant matters, condominium association dispute issues or real estate tax appeals.