Legal Counsel Info
Real Estate
Real estate law is a very broad field which ranges from basic home sales to extremely complex commercial transactions, including some of the following:
- sales and purchases of improved and unimproved property
- investment in and development of residential and commercial properties
- covenants, conditions and restrictions on the use of real estate
- homeowners associations
- commercial and residential leases
Barrett, Twomey, Broom, Hughes & Hoke, LLP is committed to assisting its clients to make these types of transactions as comfortable, clear, and efficient as possible.
One of the most important decisions most families make is the purchase of a home. The excitement of this purchase can cause some buyers to make significant financial commitments without adequate investigation. Having an attorney assist you with this process can help you avoid some problems.
It is extremely important that you purchase property without liens or other problems that you were not aware of. Some questions you should ask to avoid disappointment are:
- What covenants, conditions, or restrictions are in place which would affect your use of the property?
- What type of deed will you get?
- A quitclaim deed will convey to you only whatever interest the grantor has in the property at the time the grantor signs the deed. If the grantor has no interest, you get no interest. If the grantor acquires an interest after the grantor signs the deed, the grantor gets that interest, not you.
- A warranty deed, which contains language such as “grants, sells and conveys”, “to have and to hold forever”, and “warrant and defend the property to the buyer”, guarantees the grantor’s title and ensures that if a problem with the title to the property arises, the grantor will be responsible for clearing that title problem.
- Will you get title insurance? A title insurance policy, from a reputable company, will provide insurance against many title problems. If there is a problem, rather than relying on a grantor who may not be available or may not be financially able to solve a title problem, the insuring title company could either investigate and correct the problem or compensate you for your loss.
- Is there a written contact to purchase? A written contract to purchase a home should address the rights of the buyer and the seller. It should include all of the terms of your sale, including the sale price, earnest money deposit, financing contingencies, closing date, possession date, real estate tax prorations, inspection rights, warranties of condition, and any personal property included. You should not sign any contract or other document related to the sale which you do not understand.
- Did you get a lead based paint disclosure? If the property was built prior to 1978, federal law requires that any contract for sale of residential property must include a lead warning statement.
- Did you get a Resident Real Property Disclosure Report? Illinois law requires that every seller of residential real estate must provide a prospective buyer with a disclosure of material defects in the property before the buyer signs a contract to purchase.
There may be many other questions you have or issues you may want to address when selling or purchasing real estate. Your real estate attorney can help you with these.
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