In Illinois, real estate law encompasses a wide array of concepts faced by consumers, property owners, and individuals who rent properties in the local area. These laws protect sellers and buyers entering into real estate contracts. They also prevent predatory lending terms that could lead to foreclosure. The following are concepts managed by a real estate lawyer in Chicago.
The Management of Real Estate Transactions
An attorney helps buyers and sellers during a real estate transaction. They review the title and conduct a title search to ensure that the seller has the right to sell the property. The attorney reviews the sales contract to prevent any unnecessary terms or clauses that could present difficulties for either party. They make sure that these conditions are fair and reasonable for all parties involved. The attorneys also ensure that the closing proceeds as required by law.
Title Transfers for Estate Owners
Any estate owners who want to acquire asset protection can transfer ownership of their real property. They visit a real estate attorney to transfer the title to their chosen family member. Once the ownership assignment is completed, it is no longer a part of the estate and lowers the estate’s overall value. This process also eliminates any inheritance taxes for the family member.
Creating and Enforcing a Rental Agreement
A rental property owner works with an attorney to create and enforce a rental agreement. They identify terms that protect their property and interests. The terms of the contract may include special conditions such as a requirement for renter’s insurance. It also outlines the terms of an eviction and the repercussions of late rental payments. The contract also explains conditions that could enable them to end the contract if the tenant doesn’t fulfill their obligations or violates certain rules.
In Illinois, real estate laws protect real property owners and consumers who want to buy their property. These laws enable estate owners to transfer the title to their property to a family member to protect their assets. Local residents who need the services of a real estate lawyer in Chicago should contact Starr Bejgiert Zink & Rowells for more information today.