Concepts Addressed by Residential Real Estate Lawyers in Chicago
In Chicago, residential property laws define the rights of owners and sellers regarding their property. They prevent fraudulent sales of real property and ensure that buyers don’t lose their financial investments. They also help estate owners manage their property and avoid losses through the probate process. Residential real estate lawyers in Chicago address a variety of these concepts to protect the rights of sellers, buyers, and owners.
Residential Real Estate Transactions
Residential real estate transactions require an attorney to mitigate risks associated with federal lending laws and the right to sell the property. The attorney evaluates documents at each step of the transaction. The sales contract must present fair and reasonable terms. The mortgage contract must eliminate predatory lending practices that take advantage of buyers. The closing documents must offer the buyer the full benefits of the purchase.
Property Line Disputes
Property line disputes are often associated with trees that are present on two different properties. They also apply to construction projects that could affect both parties. Attorneys mitigate these cases by hiring a surveyor to define the property lines. The exact property lines define the rights of each party and determine what can be done. For example, a property owner cannot cut down a tree unless it is on their property more than their neighbour’s.
Early Property Title Transfers for Estate Owners
Estate owners request early transfers for property titles to protect their property. This stops a loss through the probate process, and it stops nursing homes from taking properties as payment for their services.
How Does Title Insurance Work?
Title insurance provides a refund to the buyer if the seller cannot sell them the property. It is provided as a part of a title search. It protects the rights of the buyer in a real estate transaction.
In Chicago, residential property laws stop fraud and scams. They protect the rights of all parties involved by defining their rights as transactions begin. Attorneys utilize the laws to protect buyers, sellers, and current property owners. To acquire help from residential real estate lawyers in Chicago, contact the law office of Starr, Bejgiert, Zink & Rowells or visit their website right now.
