Importance of using an Illinois Real Estate Lawyer

Whether you’re buying or selling a property, an Illinois real estate attorney can help to protect your interests and safeguard you from potential financial loss. The legal complexities involved in real estate transactions can be confusing for laypeople, from those purchasing residential property to businesses purchasing commercial locations. Real estate lawyers can provide advice and assistance throughout the process, ensuring everything is conducted legally and smoothly.

In Illinois, real estate attorneys are licensed to practice law by the Illinois Supreme Court. They must adhere to the highest standards of ethical conduct and professional responsibility. Real estate lawyers have experience with a wide range of legal issues related to real estate, including purchase contracts, mortgages, title searches, zoning regulations, and more. Suppose you’re thinking about buying or selling property in Illinois. In that case, it’s in your best interest to consult with an Illinois real estate lawyer to ensure that everything is done correctly and efficiently.

An Illinois real estate lawyer can provide a number of services, including:

– Reviewing and negotiating purchase contracts

– Conducting title searches

– Examining real estate documents for accuracy

– Advising on mortgage terms and financing options

– Assisting with closings and ensuring that all legal requirements are met

– Handling disputes between buyers and sellers

Choosing the right Illinois real estate lawyer is an important decision. You’ll want to find someone who is experienced, knowledgeable, and who you feel comfortable working with. Be sure to ask for referrals from friends, family, or other professionals in the real estate industry once you’ve narrowed down your choices, schedule consultations with each lawyer to get a better sense of their qualifications and personality. With the help of an Illinois real estate lawyer, you can confidently move forward with your real estate transaction, knowing that your interests are being protected.

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. 

Chicago property taxes increasing

The average Chicago Property Taxes increasing by 10% this year this year following City Hall and Chicago Public Schools tax hikes to pay for police, fire and teacher pensions, according to calculations released Tuesday by the Cook County clerk’s office.

As a result, the owner of a city home determined to be worth $224,500 will pay nearly $4,000 in property taxes this year — an increase of about $363.

Read the rest of the article directly on the Chicago Tribune website:http://trib.in/2uS39qD

Illinois Residential Real Property Disclose Act

The Illinois Residential Real Property Disclosure Act is an Illinois statute that was enacted in 1998 with the goal of guarding home buyers against dishonest sellers who falsely report the condition of their real estate property.  It is meant to provide Illinois real estate buyers with a reliable representation of the key conditions of a property.

It requires that sellers complete a form entirely, specifically answering numerous questions about a wide range of conditions of their property from foundation to plumbing and everywhere in between. Therefore, it’s always important to talk with an Illinois real estate lawyer.

To learn more about the Illinois Residential Real Property Disclosure Act: http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2152&ChapterID=62