Real estate law in Illinois is multifaceted and encompasses a broad range of legal issues related to the ownership, use, and transfer of real property. Real estate law covers everything from the purchase and sale of property to the leasing of commercial and residential space to zoning and land use regulations and construction projects. Errors made in real estate law can lead to long-term legal challenges, delays, and missed opportunities.
Fagan, Fagan & Davis is an experienced real estate law firm in northern Illinois offering legal services for residential real estate matters - put simply, buying and selling homes in the Chicago area is our business. We aim to save you time and money while making transactions go smoothly and preventing real estate disputes from the start. Call or text us at (847) 635-8200 to schedule a free phone consultation and let us get your real estate purchase or sale on track for success from the start.
Understanding Real Estate, Housing, and Property Law in Illinois
Real estate law plays a crucial role in facilitating smooth transactions, minimizing risks, and resolving conflicts to ensure the legal integrity of real property dealings. Our Chicago area real estate attorneys can help with the below key aspects of residential real estate law while helping you avoid or minimize common challenges in this area.
Key Aspects of Real Estate Law
- Property transactions, where our real estate attorney will assist clients in (1) buying or selling properties by, for example, reviewing and drafting purchase agreements and ensuring that the terms are clear, legal, and protective of our clients' interests; or (2) negotiating and drafting lease agreements for residential and commercial properties, including addressing terms, conditions, and potential disputes.
- Title issues, where our real estate attorney conducts title searches to ensure that a property has a clear title, free from encumbrances or disputes, and depending on the latter, will resolve title issues for a smooth property transaction. We are licensed title agents.
- Property disputes, where our real estate attorney helps resolve conflicts related to property boundaries, easements, access rights, and other issues, and represents clients in negotiations, mediations, or litigation if necessary.
- Financing and mortgages, where our real estate lawyer assists our clients in understanding and navigating the financing process and will also review mortgage documents, negotiate financing terms, and ensure compliance with lending laws.
- Contracts and agreements, where we draft, review, and negotiate contracts, including agreements between buyers and sellers, landlords and tenants, and other relevant parties.
- Due diligence, where our real estate attorney conducts due diligence on behalf of our clients, investigating the legal and financial aspects of a property, including examining property records, survey reports, and other relevant documents.
- Regulatory compliance, where our real estate lawyer helps our clients stay informed and in compliance with federal, state, and local real estate laws and regulations.
Three Top Challenges Clients Face in Real Estate
- Legal complexity – The intricate nature of real estate laws and regulations is itself one of the biggest challenges our clients faced before coming to us.
- Contractual disputes – Poorly drafted or misunderstood contracts often lead to disputes.
- Financing hurdles – Securing favorable financing terms is another persistent obstacle for many clients.
Top Three Reasons Clients Need our Real Estate Attorney
- Legal expertise – our real estate attorney takes a comprehensive approach to representation and knows the law, the courts, and the stakes involved in a wide range of real estate matters.
- Risk mitigation – our real estate attorney will identify potential risks and provide strategic advice to mitigate them, protecting your interests throughout the process.
- Contractual clarity – Our real estate attorney drafts clear and well-supported contracts and will ensure all of your agreements are thorough and enforceable.
At Fagan, Fagan & Davis, we are committed to pursuing each real estate, housing, and property matter with integrity and efficiency. We know your time is valuable, just as these real estate matters are, and use our resources to your advantage.
Purchase and Sale of Residential Real Estate
One of the most common types of real estate transactions is the purchase and sale of real property. Any contract for the sale of real property must be in writing and signed by both parties, and care must be taken to ensure that contract protects you.
When purchasing real property, it is important to conduct due diligence to ensure that the property is free from:
- Defects
- Liens
- Encumbrances
A title search should be conducted to ensure that the seller has a clear title to the property and that there are no outstanding liens or encumbrances that could affect the buyer's ownership of the property. The attorneys at Fagan, Fagan & Davis are registered title agents in Illinois and can help ensure title integrity.
One of the very earliest phases of a residential purchase gives the buyer the important opportunity to conduct a physical inspection of the property to identify any defects or issues that could affect the value of the property.
Once the purchase agreement has been signed and the due diligence has been completed, the closing process can begin. At closing, the buyer and seller will sign the necessary documents to transfer ownership of the property, and the buyer will pay the purchase price.
The closing process can be complex and may involve a variety of legal and financial documents, much of which depend on the type of property.
Why Choose Our Illinois Real Estate Law Attorneys
At Fagan, Fagan & Davis, our clients choose us because we offer tailored solutions to their real estate legal matters. We consult with our clients so that they understand their rights and options while
- Providing a track record of successful outcomes;
- Taking a client-centric approach; and
- Solving problems proactively.
We have been helping people just like you since the early 1980s negotiate the purchase and sale of residential real estate, and we can help you as well. Choose Fagan, Fagan & Davis for all your real estate legal needs. Our commitment to excellence and client satisfaction sets us apart from others.
Contact a Real Estate Lawyer in the greater Chicago area Today
Regardless of whether you are entering into a new real estate transaction, managing properties, or disputing the terms of a real estate agreement, our real estate lawyer in Illinois can advocate and represent your interests. The laws governing real estate are interrelated and complex, but we will guide you through the process and explain all legal options so that you make informed decisions. Call or text us today at (847) 635-8200 to schedule a free phone consultation.
