In Illinois, real estate law encompasses a multitude of circumstances that apply to the purchase and sale of real properties. Attorneys in the field manage everything from mortgage loan modifications to closings. A Real Estate Lawyer in Chicago explains what property owners can expect from several different proceedings.
Modifying Mortgage Home Loans
Mortgage home loans are modified if the lender included any predatory lending terms into the contract initially. It is unlawful to add the terms to the contract under federal laws. Modifications are also completed when the consumer is facing difficulties paying the loan payments due to sudden financial hardships.
Creating Binding Sales Contracts
When a property owner chooses to sell their property on their own, it is vital for them to create a binding sales contract with the correct legal terms. A real estate attorney helps the owner determine the right terms for their contract that meet their specifications. The contract protects the interests of the seller in the closing.
Prepare Owners to Sell a Business
Business owners who want to sell their business must make decisions about underlying factors that affect their workers. If the company isn’t shutting down, clauses are included to protect their workers and ensure that the new owner maintains all existing employment contracts. If any equipment is included in the sale, each item is listed in the contract individually. An appraisal is needed for each item.
Coordinate the Property Closing
Real estate attorneys coordinate property closings, too. All documents are reviewed to ensure that laws are followed as expected. The attorney ensures that all parties fulfill their contractual obligations as directed in the contracts. This includes paying closing costs and obtaining proper insurance as stated in the mortgage contract.
In Illinois, property owners face life events that could require the assistance of a real estate attorney. The events include managing financial hardships, identifying predatory lending practices, and selling their property. Specific proceedings must be followed according to the current laws. Attorneys guide owners through each process. Property owners who need help from a Real Estate Lawyer in Chicago contact The law office of Starr Bejgiert Zink & Rowells right now.