In Illinois, real estate laws encompass a wide spectrum of events. Typically, the laws begin with the proper protocol involved in residential and commercial real estate transactions. However, associated proceedings could relate to fraud, defaulted mortgage loans, and breach of contract. Real estate law attorneys in Chicago provide guidance and legal assistance for buyers, sellers and owners.
Creating a Rental Purchase Agreement
A rental purchase agreement provides a tenant the opportunity to buy the property when specific conditions are met. Typically, the tenant must pay the rental payments on time for at least one year. The agreement identifies the down payment required if the tenant chooses to purchase the property. Any additional stipulations requested by the owner are also included. Tenants who do not meet the prerequisite requirements could nullify the rental purchase agreement.
Transfers of Funds
The real estate attorney must oversee the transfer of any funds during a real estate closing. The wire transfer must meet all federal regulations and must be delivered to the seller as directed in the sales contract signed by the buyer. Any evidence of fraud could lead to reports of criminal activities and nullify the sales contract.
Managing Foreclosure Proceedings
Attorneys could manage the foreclosure process from either side of the spectrum. A real estate attorney could represent the lender or the buyer based on which party hires them. When representing the lender, the attorney must review the entire process to ensure that all laws were followed. When representing the buyer, the attorney must ensure that the buyer understands their rights and presents an appropriate action to stop the process.
Real Estate Lawsuits
Real estate lawsuits are filed due to fraudulent activities during any phase of a real estate transaction. For example, if the sales contract is breached, the buyer could take action against the seller for failing to sell them the property. Commercial buyers could file a claim if an investor tried to change the terms of a partnership that included the purchase of a business location.
In Illinois, real estate laws protect the interests of all parties involved in a real estate transaction. The regulations may also apply to rental properties and the foreclosure process. Buyers or sellers who need assistance can contact real estate law attorneys in Chicago through Starr, Bejgiert, Zink & Rowells now.
