In Illinois, the acquisition or sale of residential properties require owners and prospective buyers to follow strict laws. The transactions often start through a sales contract. The contract must provide a fair and reasonable price for the property. A residential real estate lawyer in Chicago could provide assistance in these matters and other circumstances related to real estate.
Selling or Buying a Home
When buying or selling a property, the first task is to determine if the seller is the lawful owner of the property. A title company often assists attorneys with the task and provides title insurance for the buyer. The search is conducted for the last thirty years.
Setting Up Rental Contracts for Rental Properties
Rental property owners must abide by all applicable laws when providing a home for any tenant. It is vital that the owner inspects the property and brings it up to code before allowing anyone to live inside it. Additionally, the rental contract must provide terms that are lawful and that protect the interests of the tenant as well as the owner. An attorney could help the property owner create a lease for any prospective tenants.
Transferring Ownership to a Family Member
In estate planning, the estate value is reduced by transferring real property to a new owner. A real estate attorney can produce a new title for the family member based on the owner’s preferences. The attorney explains all property tax implications that apply prior to the transfer of ownership.
Securing Properties for Underage Heirs
An attorney could assist property owners by transferring ownership of a residential property to a trust for a minor child. The trust becomes the owner of the property until the child reaches the majority of age. The attorney provides a legal title to the property once all identified conditions have been met.
In Illinois, the acquisition of residential properties must comply with all local laws. An attorney must oversee the process and assess all documents associated with the transaction. Property owners who need assistance from a residential real estate lawyer in Chicago can contact Starr, Bejgiert, Zink & Rowells right now.