Chicago Real Estate Lawyers
High costs, complicated contracts, and uncertainties make real estate transactions complex. Laws protect buyers, sellers, renters, and landlords from abuse, but not everyone fully understands the regulatory and legal requirements. A qualified Chicago real estate lawyer helps you navigate residential and commercial deals while avoiding entanglements.
Large-Scale Residential & Commercial Real Estate Transactions in Chicago
It doesn’t matter which side of the table you’re sitting on or what kind of deal it is. Real estate transactions are notoriously intricate and require several lengthy documents. It’s always wise to enlist the assistance of a qualified real estate attorney before negotiating the following transactions:
- Purchase Agreements – When a seller accepts a buyer’s offer, this document describes the specific details. Once signed, this agreement is legally binding.
- Short Sale – A bank agrees to allow a transaction to take place for less than the amount the seller owes.
- Rental and Lease Agreements – A property owner allows a tenant to use a location for a residence or business in exchange for recurring rent payments.
- Commercial Real Estate Transactions – With less consumer protection, these complex deals often necessitate qualified legal opinions. Lawyers write contracts for situations involving income-producing properties, complicated financing, or zoning restrictions.
- Development and Construction – Developing properties like condominiums or apartment buildings requires a coordinated effort to secure the location, financing, and building contractors.
The law emphasizes protecting residential buyers and renters. Sellers, landlords, and business have a more significant burden, but all parties are ultimately responsible for following the rules.
Hire an IL Real Estate Law Firm
Experienced real estate lawyers streamline the process of buying or selling property and reduce the risk of future litigation. Roth Fioretti offers several legal services to our real estate clients:
- Contract Translation: Our team can read and interpret a contract for you, helping you understand the terms and ensuring the conditions are favorable to you.
- Negotiate: Our lawyers employ their expertise to negotiate with the buyer or seller on your behalf.
- Navigate Laws & Ordinances: We are well-versed on residential and commercial real estate laws in and around Chicago. Our attorneys can advise you on local ordinances and zoning restrictions accordingly.
- Draft Contracts & Paperwork: Our firm can create or modify contracts as needed, ensuring your best interests are represented.
Illinois Real Estate Contracts
Real estate contracts identify the parties, the location, and the purchasing price. Contracts often have a list of stipulations and contingencies parties must satisfy before the transaction concludes. Agents rely on standard forms for most deals, but these basic practices are often inadequate. Only a licensed attorney can legally write a contract or provide legal advice.
The purchase agreement is a binding contract, and it functions in the same way any other deal might:
- Offer – A buyer offers to exchange money for a piece of property.
- Acceptance – The seller agrees to the offer, or the seller may counteroffer.
- Consideration – This is the amount paid in cash, loans, or mortgage payments.
Real estate contracts become complicated as parties write additional requirements into the deal. For example, a buyer might insist a seller repair defects. Or, a seller can ask for a closing date to put a deadline on funding.
Outside influences also add to the challenge. By law, sellers must disclose known defects such as environmental hazards, easements, or damages to structures. Most real estate transactions also involve a third-party lender that might add more stipulations before funding the purchase.
Contingencies are potential outcomes that may impact the final results. A buyer may not be able to secure the financing, or an inspection might reveal a problem that alters the value of the property. The contingency defines procedures when parties fail to meet conditions. The parties might negotiate a new agreement, or the transaction could fall apart entirely.
Real Estate Litigation
In some instances, litigation may become necessary:
- Title Issues – You might discover undisclosed liens or another owner. For example, you may discover that an heir has a right to the property that supersedes the buyer’s right.
- Breach of Contract –If a party fails to uphold their duties under the contract, a court may compel a delinquent party to honor the contract or pay damages.
- Lease Disputes – The terms on commercial contracts are usually several years long. A lease dispute may arise when a failing small business remains obligated to pay some rents even after vacating a location.
- Nuisance Claims – This type of litigation resolves conflicts with neighbors. A court could act to address excessive noise, uncontrolled animals, property damage or water contamination.
- Construction Litigation – A real estate attorney helps construction companies overcome supplier or contractor delays. Attorneys also resolve post-sale issues such as design flaws or warranty claims.
- Seller’s disclosures – When a seller knowingly conceals essential information, you may successfully sue for damages.
- Boundary Lines – Inconsistent records sometimes make it difficult for surveyors to determine boundary lines. Real estate attorneys argue to establish lines through a judgment.
- Wrongful Foreclosure – A bank may foreclose by mistake or as a predatory lending tactic. Responsible owners can successfully dispute this action in court.
- Property Owner Associations (POA) – Homeowners might face unexpected liens or fines. Attorneys defend clients in conflict with their POAs.
- Division of Property Due to Death – In the absence of a will, a lawyer helps clients make claims on a disputed property.
Real Estate attorney services are necessary when the case is convoluted or when regular business negotiations fail.
Experienced Real Estate Attorney in Chicago
If you need help with a property transaction or litigation, make sure to consult with a skilled real estate attorney. Roth Fioretti regularly represents clients in property sales and lease transactions, and we also represent clients in condominium developments, breach of contract claims, development disputes, lease disputes, and construction litigation. Our team of qualified real estate attorneys is here to assist.