Residential & Commercial Real Estate
Buying or Selling?
A home is the single most valuable asset many families will ever own. The exciting process of buying or selling your home can also be riddled with anxiety. We will guide you from the moment you decide to purchase or sell your property until closing. We review essential legal documents including:
Mortgages and Payoffs
Appraisals and Inspections
Purchase and Sales Agreements
Contracts and Negotiation Strategies
Construction Contracts
There are several laws involved with the procedure of buying real estate in Illinois. For sellers and investors, our job is to help you make the most out of your investment.
One particular area where a Real Estate Attorney can offer valuable advice involves property disclosures and inspection issues. The Illinois Real Property Disclosure Act requires your real estate agent to fill you in on any problems on the property, including:
Roof Defects
Insect Infestations
Property Drainage Problems
Plumbing and Sewage Issues
Problems with the Property Title
Any Lead-based Paint in the Home
Cracks with the Foundation
Dangerous Pollutants such as Radon
Expertise You Can Trust
If you are buying or selling a home, chances are you already have a real estate agent assisting you. Once you have a (signed) residential real estate contract and have deposited earnest money, it is also advisable that you promptly seek the assistance of an effective Real Estate attorney.
Most real estate contracts provide a brief modification period for attorneys to negotiate and adjust contract provisions other than the selling price. Careful review of the contract terms is essential to avoid certain contingencies or commitments that create extraordinary risks. Because the purchase or sale of your home is a major transaction, you should contact a real estate attorney to assist you with all the important details including: title aspects, mortgage origination and payoff, surveys, inspections and repairs, disclosure of known defects, and real estate tax prorations, in addition to warranty analysis in new home construction contracts.
Among our services for “seller” clients, we handle the preparation of all closing documents. We will also order and obtain title insurance and surveys, as required. For our “buyer” clients, we will guide you through any lender issues both before and at closing, and also review all closing documentation to ensure that you receive a clear and marketable title.
We’re Involved At All Stages
Buying & Selling Commercial Property
Real Estate Contracts, Leasing & Developments
New Construction & Office Build-Outs
Get Legal Advice Early
Whether you are buying, selling, or leasing or commercial realty, you should seek professional legal advice early in the process before you sign a binding document that limits your options or commits you to undesirable consequences.
If you are a first-time commercial property owner or already own commercial property and intend to acquire a commercial or industrial site, Loughran Law P.C. can help you by drafting a customized lease, an application form for evaluating the credit-worthiness and desirability of potential tenants, and a list of rules and regulations governing usage of your rental property by the tenants and their guests.
Do not underestimate the potential tax consequences of a contemplated sale of commercial real estate. Current federal tax laws provide incentives to structure a transaction so as to defer taxation on the gain realized.