Partner with a Real Estate Attorney for Investing in Chicago.

For anyone investing in real estate in Chicago, it’s important to have a good understanding of Illinois real estate laws, regulations, and requirements. To make sure that your transactions comply with local laws and to navigate the complex legal landscape of real estate investing, it’s highly advisable to seek the help of an experienced Illinois Real Estate Attorney.

Real estate attorneys have specialized knowledge that can provide investors with many advantages when acquiring or selling property. For example, they will review all pertinent documents associated with a transaction such as purchase agreements, mortgage documents, title insurance policies, loan documents, and more to make sure everything is in order. They will also advise you on any potential liability issues related to the property such as zoning restrictions or environmental hazards that could affect your investment.

A real estate attorney can offer guidance not only on legal matters but also on financing, leases, tax laws, and other crucial aspects of investing. They can also assist in protecting your interests during negotiations and ensure all parties involved comply with the terms of any agreement.

To comply with local laws and regulations and maximize profits, Chicago real estate investors should consider hiring an experienced Illinois Real Estate Attorney. Their specialized knowledge can help you make informed decisions and minimize risks throughout your investment journey.

By enlisting the assistance of an Illinois Real Estate Attorney, Chicago Real Estate investors can gain the confidence and peace of mind that comes with knowing that all aspects of their transaction are being taken care of properly.

Chicago Real Estate Attorney for Landlords

For Chicago landlords, having a reliable Chicago, Illinois real estate attorney is essential in understanding and navigating the complex legal landscape of Illinois rental law. An experienced real estate lawyer can provide comprehensive guidance and representation to help ensure that your interests are protected in any legal issue related to renting out properties.

A Chicago, Illinois real estate attorney can help landlords with a wide range of issues, such as:

– Drafting or reviewing leases and other rental documents.

– Negotiating tenant disputes and resolving conflicts.

– Representing you in court if needed.

– Advising on tenant rights and landlord obligations under state laws.

– Assisting with evictions, notices to vacate, and other legal forms.

A skilled Chicago, Illinois real estate attorney can help landlords protect their rights and interests by providing knowledgeable advice and representation in any situation involving a tenant or rental property. By working with an experienced lawyer familiar with the intricacies of Illinois rental law, landlords can ensure that their rights are respected and upheld.

For Chicago landlords, having a reliable Chicago, Illinois real estate attorney is the best way to ensure that you always have the information and support you need to make informed decisions and protect your interests in any legal situation related to rental properties. With an experienced lawyer on your side, you can be confident in knowing that you have a knowledgeable advocate who is prepared to safeguard your rights and interests.

When it comes to navigating the complex legal landscape of Illinois rental law, having a Chicago, Illinois real estate attorney you can rely on is essential. With an experienced lawyer by your side, you can rest assured that you always have the information and support you need to protect your rights as a landlord.

2023 New Illinois Real Estate Laws

Illinois Real estate law is transforming with the introduction of six new laws taking effect on January 1, 2023, and two more in 2024.

SB 1495 modifies real estate licensing requirements on January 1, 2024, while AB 2503 requires updating terminology used in real estate contracts by December 31st of that same year.

SB 1005 clarifies the probate code while SB 1017 provides tenant protections against domestic violence to safeguard individuals as they navigate their legal rights within the industry.

AB 1410 mandates that homeowner’s associations (HOAs) permit their members to talk about their common interest development on social media as well as letting them rent out a portion of owner-occupied space. During emergency scenarios, HOAs may not pursue enforcement for violations if it would be potentially hazardous to repair the issue.

AB 1837 and AB 2170 both modify existing laws regarding eligible bidders for foreclosed properties, making it easier for tenants, owner-occupants, nonprofits, and governmental organizations to win a bid.

AB 2559 has outlined a reusable tenant screening report, which landlords can opt to use and must provide tenants with costless access if they do so.

AB 2745, states experience applicable to the real estate broker exam must have been obtained within the last five years.

AB 2960 stipulates that the disclosure requirements of a contract remain in effect, regardless if such requirements are altered after its initial agreement.

Warranty Deed vs. Quitclaim Deed

Warranty Deed vs. Quitclaim Deed

When you’re in the process of selling (or purchasing) a house, you will most likely, encounter several kinds of documents: all with different names and with different uses and functions. Two of the most misunderstood documents are the warranty deed vs. quitclaim deed. Many think that these two forms are alike, but they are not.

A warranty deed is a document which the seller presents to you and is used in the majority of all sales transactions. The warranty deed simply states that the seller owns the property being sold and that it is free from any sort of liens. By presenting a warranty deed, the buyer is assured that the holder of the title has the legal right to transfer ownership of the unit and is assured that no one (financial institution or other creditors) would come after him to make a claim on the property. In the eventuality that someone does lay claim to the property that has just been purchased (or that the claims stated in the warranty are erroneous), the buyer is further protected by law and would be entitled to receive a form of compensation. Warranty deeds seldom stand alone as these documents are usually backed up by a title insurance policy.

A quitclaim deed, on the other hand, is presented to a buyer by someone who does not necessarily own the property being sold but holds responsibility for it. This occurs due to several reasons such as when the owner dies and bequeaths the property to one of his heirs, or when there is a marriage and the owner wants to include the name of his/her spouse to the title (among others). A quitclaim deed offers a lower level of protection to buyers. This kind of document is used primarily when the property in question will just stay within a family.

Incidentally, there are times when both a warranty deed and a quitclaim deed are presented to a potential buyer. An example is when the property lies on the border of rivers and or lakes; where ownership of the underwater land on which his property stands on remains unclear.

If you are unsure which kind of deed works best for your property, consult a real estate agent or a real estate lawyer.

Understanding Title Insurance

Understanding Title Insurance

Title to a property is a record detailing the owners of the property and rights associated with the ownership. Title typically shows a progression of ownership from the first owner to the current one. Title is a fairly simple concept, but when it goes wrong it is a nightmare. That is where title insurance comes in, and why it’s important to understanding title insurance.

Title Insurance

Title insurance guarantees that the title on a property is marketable when you purchase the home, condo, land, etc. You should always pay for title insurance. It typically costs a few hundred dollars and will save you a bundle if problems arise.

When you buy title insurance, a title insurance company researches the title for the property. The insurance company will look to see if the title is clear. Clear simply means that the seller is truly transferring title to you and no other person can claim ownership. While this sounds fairly simple, rest assured that title problems arise all of the time.

Title Problems

You might be wondering how you could possibly have title problems. Here are a few examples:

  1. Divorcing Couples Divorce is unpleasant and sometime very ugly. In particularly nasty situations, one spouse may attempt to sell a home without telling the other. To gain clear title, you need both spouses to sign off on the sale. If you dont, you are going to become a party of the divorce proceedings. Now, wouldnt that be fun?
  2. Estate Sales If you are purchasing a house as part of an estate sale, there can be real problems. The heirs may not be getting along and in an effort to get whats mine, may try to sell the residence without including all the heirs in the transaction. If you buy this home, you could end up involved in a lawsuit filed by an heir left out of the transaction.
  3. Ingress and Egress Issues Title to a property can have technical issues related to egress and ingress. Occasionally, one finds title to a property that is so messed up that the owner doesnt have the right to enter or leave the land because to do so would require crossing another persons property. In short, the property is landlocked and something must be worked out with the neighbors. Typically, a solution comes in the form of hard, cold cashlots of it.

These are just a few issues that can arise with title. With real estate, unique issues can arise all the time.

If you buy title insurance, you dont have to worry about problems with title. If a problem arises, you calmly pick up the phone and call the title insurance company. The insurance company will come up with a solution, even if it means paying you for bad title.

Illinois Real Estate License Act (RELA) signed into law

Gov. J.B. Pritzker signed the Illinios Real Estate License Act (RELA) into law, a move that strengthens rules for training and professionalism and enhances consumer protections.  

Public Act 101-0357 was signed on August 9, 2019. It is a rewrite of the Illinois Real Estate License Act, which by statute must be revised every decade to reflect industry changes. 

New Illinois law prohibits landlords from evicting tenants…

Illinois has become the second state to prohibit landlords from evicting tenants solely because they’re living in the U.S. illegally.

The measure Democratic Gov. J.B. Pritzker signed into law also prohibits landlords from reporting or threatening to report tenants’ immigration status to authorities in order to intimidate them, or as retaliation for exercising their rights as tenants, or to force them to move out.

Read more in the article posted in the Chicago Tribune.

https://www.chicagotribune.com/politics/ct-jb-pritzker-immigrant-tenant-protection-20190821-vh32aefcwnaurp2a5d4u3v37ni-story.html

Give A Smile-Get A Smile

In today’s world of technology, we do not have ample opportunity to get personal. Life is fast-paced and everyone seems to be in a rush. We dial the phone and we talk to machines. We spend long hours on the computer playing games, emailing one another or working with our web pages. Even in the office environment, we email the person in the cubicle 3 feet away instead of walking over to hand them a task list.

Don’t get me wrong. I love technology. I cannot imagine ever being without my computer and am guilty of spending a large part of my day working online. The computer and the Internet afford many opportunities. Now at no charge outside of my Internet connection, I can communicate with persons all over the world. If screened carefully young people have a world of education available at their fingertips. I could continue to expound on the many benefits that technology has brought into our lives. However, that is not the gist of this article.

As a result of the technological age of today’s world, our personal touch with one another is decreasing. We need to take full advantage of the opportunity to be personal. Humans are becoming strangers to one another. People are in a hurry to get on with the business of living and walk past each other on the street without even a nod.

Have you wondered why there is so much clinical depression in the world today? Ask yourself why our young people are so distressed. Why so many of them attempt suicide or worse the murder of their classmates or families. Do you conclude as I do that we need more of a personal touch?

Have you taken notice to how you felt when you were standing in line at a bank and someone turned and smiled at you? Prior to that smile, you were feeling very anxious, possibly tapping your foot in impatience. You weren’t very happy to be there waiting in a long line. You had things to get done and you were getting more frustrated by the minute. It was one of the mundane drudgeries we all have to go through. Then comes this smile from the person in the line next to you and suddenly you feel much better. You are compelled to smile back. You do so without giving it thought, as though it is a natural inclination to reciprocate the smile.

Think about it, don’t you feel compelled to smile back when someone smiles at you? Doesn’t if lift your mood, and bring you out of a frustrated frame of mind? But that smile does so much more than that. It makes you feel accepted and liked. Somebody cares and shares the things you go through. It makes you part of a group, an integral part of the human race. If you do not think that our society, do research into why our young people join gangs. The kids will tell you they are seeking to belong, to be a part of something. The gang becomes an extension of the family.

There is power in the smile, you see. Its as though that instant someone waved a wand and all the drudgery disappeared. You suddenly feel warm and responsive and the person who offered you a smile has just gone from a stranger to be wary of to a kindred spirit. Sometimes a conversation is started and now the mundane drudgery has actually become an enjoyable experience. You no longer feel frustrated and rushed and in spite of yourself and enjoying yourself. The world is now warm and fuzzy instead of cold, fearful and bitter.

I do not mean to imply that giving and receiving a smile is the solution to the world’s problems, but it is a very good place to start. We all need to feel that sense of belonging. We are after all members of the same human family. We should feel moved to embrace each other in our hearts and minds.

So go ahead and smile. I dare you. But be careful. You might find the world a friendlier place to live. You might find that people are warm and kind and appreciative. Your smile might just make their day.