Call For a Free Consultation 888.502.9477
Looking to Buy or Sell Vacant Land? Avoid Common Pitfalls With Attorney Al On Your Side

Vacant Land Sales and Purchases

Real Estate Lawyer in Chicago, Illinois

In the city of Chicago, vacant land may be purchased at prices significantly lower than appraised fair market value using the guidelines set by the Adjacent Neighbors Land Acquisition Program (ANLAP).

If you are looking to buy a vacant plot of land in Chicago, the Law Office of Al Beaudreau, Ltd. can help you with the fine print so you understand what you will be signing.

Contact us today for a free consultation in any of the following locations:

Criteria for Purchasing Land

While this program has created exciting opportunities for individuals to purchase land for various needs, numerous details in the ANLAP may make purchasing a piece of land more difficult than first perceived.

The list of criteria required to purchase a vacant lot is extensive but there are a few key points to first consider:

  • Zoning: The vacant lot in question must be in a particular zone in Chicago. Only the zones RM-5, RT-4, and RS 1-3 are eligible. If you do not understand zoning codes, our team of professionals can help you figure out if the lot you wish to purchase is within a valid zone.
  • Minimum bids: Each vacant lot eligible for purchase due to the ANLAP has an established fair market value that must not exceed $50,000. Purchasing bids for these lots typically cannot be less than 10% of the given fair market value. In some cases, you should expect to have to bid close to half the calculated value.
  • No delinquencies: Withstanding or overdue real estate taxes or other debts to the city of Chicago may render your ANLAP vacant lot purchase null and void.
  • One and only: You cannot purchase more than one vacant lot through the ANLAP. Consult a real estate law attorney if you need help determining if the parcel you are considering is the right choice.
  • Improvements: You must make an attempt to restore or improve the condition of the vacant lot you purchased – whether by landscaping or repair to adjacent properties. If you fail to do so within six (6) months, the purchase agreement may be annulled.

I want to purchase a vacant lot in DuPage, Cook, or Will County. Who can help me?

To the trained eye, a vacant lot may just be an empty canvas waiting for development and opportunity. If you have plans to purchase a vacant lot in Chicago and improve it, you will need an experienced real estate law attorney from the Law Office of Al Beaudreau, Ltd. to help you with each step along the way. Nothing would be more disappointing than losing your investment due to misfiled paperwork or misunderstood regulations. Let us help you today with all of your real estate needs. We have over 20 years of experience to help ensure everything goes according to your plan.

Call (888) 502-9477 for a free consultation.