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Libertyville residential real estate lawyerA residential real estate transaction can be very complicated, and both buyers and sellers will need to meet multiple different types of requirements to ensure that ownership of the property can be transferred on the closing date. In some cases, issues related to the home’s title may be uncovered, and these will need to be dealt with before the transaction can be completed. By working with an experienced real estate attorney, buyers and sellers can determine their best options for addressing these concerns.

Resolving Property Liens

A lien gives a person or organization the right to foreclose on a property if a debt is not paid. The most common liens are mortgages, and in these cases, lenders will release their claim to the property when the loan is paid off during the sale of the home. However, other types of liens may exist that may prevent the sale from being completed. These include:

  • Mechanic’s liens - A contractor or subcontractor who performed work on the home may establish this type of lien to ensure that they can receive the amount owed for the work they performed.

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Lake County residential real estate lawyerIf you are planning to buy a new home, you will need to address a wide variety of issues, including securing financing and resolving any concerns uncovered during a home inspection. As you work to complete the necessary requirements to obtain approval for a home loan, you should be sure to understand the various costs that you may be required to pay at the time of your home closing. This can help you avoid any unexpected financial issues and ensure that you will be able to move into your new home without any problems.

Understanding Closing Costs

There are a variety of services performed when finalizing a mortgage, and homebuyers will usually be required to pay the related costs before they can complete the closing process and take ownership of the property. Closing costs may include:

  • Home appraisals and inspections - A lender will usually require a home to be appraised to verify that its value is similar to the amount of the loan. Buyers can perform an inspection to determine whether there are any defects on the property or repairs that will need to be made. Fees for appraisals and inspections will often be several hundred dollars.

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Lake County real estate attorneyIf you are planning to buy a home, you will be looking for the best ways to find a property that meets your needs and that you can afford. In some cases, sellers may be looking to complete a short sale in which they will sell their home for less than the total amount owed on their mortgage. While this type of arrangement may provide some savings, buyers should be aware of the potential issues that may arise during this type of transaction, as well as the unexpected costs or delays they may encounter.

3 Potential Drawbacks of Buying a Short Sale Home

While you may be able to save some money when purchasing a home sold through a short sale, this does not mean that you will pay less than the property is worth. During a short sale, a lender will usually perform an appraisal of the property, and the purchase price of the home will be based on the fair market value as compared to other homes in the area. You should also be aware of the following issues that may arise during a short sale:

  • Longer and more complicated closing process - It can often take six months or more to receive approval for a short sale from the current owner’s mortgage lender and other creditors who may have an interest in the property. In some cases, lenders may reject an offer, or they may make a counteroffer that would require you to pay a higher purchase price. The home closing process for short sales will often be more complicated, adding additional time before the transaction can be completed.

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Libertyville IL home closing attorneyIf you are planning to sell your home, you will need to deal with a wide variety of financial and personal concerns. In addition to looking for a new home, preparing to move, and obtaining financing, you will want to make sure your house is in a good condition so it can fetch an appropriate price when it is placed on the market. While you may be prepared to perform some repairs and make some improvements, you should also be aware of any safety issues, toxic substances, or hazardous materials that may need to be disclosed or remediated during the home closing process.

Resolving Issues Related to Hazardous Substances

You may already be aware of certain safety concerns in your home, or some of these issues may be uncovered when a home inspection is performed. You are typically required to disclose any known health hazards, and you and the buyer may determine how to address any concerns that are found during an inspection. Some hazardous substances or materials that may affect the sale of your home include:

  • Mold - Different types of toxic mold can grow in areas of a home where moisture is present. These may include areas with leaks or which have flooded, or bathrooms, attics, or crawl spaces where steam builds up if it is not properly vented. Mold remediation may need to be performed to remove existing mold and ensure that the proper measures are in place to prevent mold from growing in these areas in the future.

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Waukegan commercial real estate attorneyThe COVID-19 pandemic has had a huge impact on the U.S. economy. In addition to affecting the real estate market, it has led to job losses and reduced income for many people. This has caused some residential tenants to be unable to pay rent, which has also led to difficulties for many landlords, since they may not be able to make mortgage payments or cover other expenses. While lease modifications may help landlords and tenants address these issues, they may also be able to receive government aid to assist in paying the rent that is owed.

Emergency Assistance for Tenants and Landlords

The federal government and multiple states have placed a moratorium on evictions for residential tenants, and this moratorium has been repeatedly extended as the coronavirus pandemic has continued to affect people and families. While landlords are currently unable to evict tenants, any unpaid rent will continue to be owed. To address this issue, a recent economic stimulus bill passed by the federal government created the Emergency Rental Assistance Program, setting aside $25 billion to be used to help tenants pay past-due rent and address ongoing difficulties in making rent payments.

A tenant will qualify for assistance if at least one person in the household has experienced financial hardship due to COVID-19, including losing their job, experiencing a reduction in income, or incurring significant costs related to medical treatment. A tenant will need to demonstrate that inability to pay rent has put them at risk of homelessness or housing instability. The household income must also be 80 percent or less of the median income in the tenant’s area. Household income may be determined by looking at the total income earned in the year 2020 or the monthly income at the time of filing an application for rental assistance.

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