Home Buying and Selling Attorney for Arlington Heights, Schaumburg and Palatine
Depending on the type of transaction involved, the lawyer's role in a real estate matter often starts after the parties involved have entered into a contract. This is almost always the case with residential real estate transactions. Upon executing a contract, a real estate agent or a client will send the contract to an attorney and thus, begins the "attorney review" period. During the "attorney review" period, the attorneys will negotiate for minor changes and then settle on final terms. The terms will include various deadlines that have to be timely met. Among these deadlines will be opportunities to inspect the property, make repairs, obtain financing, etc.
Prior to closing, the attorneys will also obtain and review title reports from the title company involved in the transaction. Reviewing title is one of the most important parts of the lawyer's role in the transaction. The title report will usually give the parties a comprehensive list of matters that have to be taken care of before the title insurance policy will be issued. For instance, if there is an old lien on the property, the lien will have to be removed or insured over. Title reports will also give the purchasing party fair warning of other potential issues that may affect the merchantability of the property.
Finally, at closing the lawyer will guide the client through the paperwork that needs to be completed to finalize the deal. Typically, the Seller's side will have very little paperwork to review while the Buyer's side will have to go through an entire loan packet if the deal is financed by a lender. Although the process is mostly straightforward, clients are well advised to seek the assistance of an experienced attorney. Brian M. Krause has handled many residential real estate transactions and is prepared to offer you competent assistance with your transaction.
Commercial transactions are significantly more complicated than residential transactions, and the attorney is usually more involved in process of drafting the purchase and sale agreement. However, some aspects of the two processes are similar.
Both commercial and residential transactions involve "attorney review" periods, title searches, due diligence, etc. Some additional matters such as stock purchase agreements or asset purchase agreements may need to be considered in the case of transactions involving the sales of restaurants, bars or other commercial properties. If tenants are involved in a commercial sale, the attorney will have to prepare assignments of rents and leases as well other documents. Commercial transactions also usually involve more in the way of title insurance. For instance, a purchaser may want to consider, or a title company may require, more specific endorsements to insure for potential problems confronting commercial properties.
We have assisted large property investors with the purchase and sale of large commercial retail centers, bars and restaurants. Our Chicago property development attorneys can help you complete your desired transactions.
Let Brian M. Krause give you steady guidance in your real estate transaction. Contact us today to schedule a free consultation with our office.