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Illinois Real Estate FAQ

Questions? We Can Help You Find the Answers!

  • Do I really need a legal professional for my real estate transaction?
    Buying or selling a home or any residential or commercial property can be extremely stressful. There are numerous complex legal and financial issues involved, and a single misstep may affect the outcome of the transaction. A lawyer can help you avoid common mistakes and stay prepared for any unforeseen complications that might arise during the transaction. This can help a sale or purchase go as smoothly and swiftly as possible, with the least amount of stress.
  • What is a short sale?
    A short sale is defined as the sale of real estate where the sale price falls short of the amount of money owed on the property. Rather than lose the property to foreclosure, some homeowners and commercial property owners may wish to negotiate with the bank to complete a short sale, where they would be forgiven the remainder of the loan balance.
  • Can you help me purchase a foreclosure or bank-owned property?
    Our firm assists clients throughout the greater Chicago area with all types of foreclosure and bank-owned property purchases. These may be more complex than other transactions and are therefore best addressed with experienced help. Because we have more than 20 years in this field and have handled more than 7,000 transactions, we are well-qualified to handle your purchase of a foreclosure or bank-owned property.
  • What does "For Sale by Owner" mean?
    For Sale by Owner, or FSBO, is a term used to describe a situation where real property is sold without the representation of a real estate agent or real estate broker. Rather than pay a commission to an agent and/or broker in the transaction, the property owner would handle the sale, often with the help of an Illinois real estate lawyer and online listing service. Depending on the fee that a real estate agent charges for his or her services (this may be approximately 6% of the purchase price), a property owner may save a significant amount of money by taking this route. The specific results may vary.
  • How can you help with my sale?
    Our Chicago real estate law firm can offer you a number of valuable services if you are selling your property. We can review your listing agreement, prepare, review and negotiate the purchase contract, prepare the seller's deed, prepare the power of attorney and other important documents related to the sale, offer advice on tax consequences and review the title commitment. We can help you through the entire transaction to help ensure it goes smoothly.

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