REAL ESTATE

Real Estate Lawyers in Aurora and Oswego, IL

House document and key - Real Estate in Aurora, IL
Whether you are buying or selling residential, rental or commercial real estate, it's prudent to have an attorney on your side that can make sure your rights are protected. At The Hollingsworth Law Firm of Aurora and Oswego, IL, we will always fight for our clients' best interests. With The Hollingsworth Law Firm, you can rest assured you are getting top-tier representation from attorneys who know what they're doing.

Real Estate Law FAQs

We represent and assist our individual clients in the following areas:

I have listed my house for sale through a real estate broker; do I need an attorney to represent me in my sale and closing?

It is wise to retain an attorney who as a regular part of his or her law practice, represents sellers in real estate transactions. The real estate sales contract generally provides for attorney review and modification. Property inspection and repair issues must be negotiated. In today's market, sellers are often asked to pay all or a part of the buyer's closing costs. The real estate title must be ordered, examined and cleared. Closing documents including deeds, powers of attorney, tax declarations, affidavits, bills of sale and a master closing statement must prepared by the seller or the seller's attorney.

I am purchasing a house through a real estate broker, do I need an Attorney?

It is advisable for buyers to retain an attorney to represent them in their real estate purchase. For most people, the purchase of a residence is their single largest financial undertaking. The real estate sales contract will normally require legal review and negotiation about property inspection, financing, tax prorations and other legal issues. The buyer will typically be required to get a loan and must often request loan extensions if there is a delay in the loan process. The real estate title must be examined cleared and reviewed. In northern Illinois, there are frequently issues concerning SSA's (Special Service Tax Areas). In condominium and town home purchases there are use restrictions on the real estate to be considered. At the closing, buyers will be required to sign a note and a mortgage and many other loan documents which will be explained to the buyers by their attorney.

I have listed my house for sale with a real estate broker and have been told that I need a title insurance policy and a survey. Why I do I need these items?

Buyers and their lenders will always require assurance that ownership of the real estate being sold can be transferred from the seller to the buyer and that the lender's loan will be a first lien on the real estate. Title Insurance gives these protections to buyers and the buyer's lender. Surveys provide assurance that the real estate being sold complies with building set back and easement restrictions and shows that the house and other structures are located within the boundaries of the lot being purchased.

I am purchasing a house through a real estate broker; do I need any type of home inspections?

It is wise for buyers to have a general home Inspection which includes an inspection of HVAC systems, roof, foundation and other structural components including the electrical and plumbing systems. VA lenders require termite inspections and it is not unusual for buyers to have an inspection to detect whether there is the presence of unacceptable concentrations of Radon gas in the subterranean surface of the residence being purchased.

I am a first time home buyer. What closing costs can I expect to pay to get a loan?

Loan origination and discount points; title escrow and title insurance costs; private mortgage insurance; home inspection fees; document recording fees; and, attorneys' fees. Closing costs vary from loan to loan and may be as little as 1% of the buyer's loan amount and as much as 3% -6% of the loan amount depending upon many factors including the buyer's credit scores and type and amount of loan applied for. For more information visit the Department of Housing and Urban Development website listed below (HUD).

I have listed my house for sale; what disclosures about defects and other matters must I give to a buyer?

The Illinois Real Property Disclosure Act requires the disclosure of known defects as listed in the statute by certain real estate sellers; Other Illinois statutes require disclosures concerning the presence of lead paint and mold; various local and municipal ordinances require zoning compliance and other disclosures. The Radon Awareness Act effective 1/1/08 requires sellers to deliver an Illinois Emergency Management Agency (IEMA) radon disclosure pamphlet and to disclosure the presence of unacceptable radon levels, if known.

I have fallen behind in my mortgage payment and would like to sell my house. What if my sale proceeds are not adequate to pay off my mortgage loan?

Some lenders will permit an owner to sell real estate without paying back 100% of the mortgage loan. This type of sale is commonly referred to as a “Short Sale.” These types of sales were common prior to 2010.There are tax, credit and other issues associated with short sales that are not considerations in ordinary closings. The process to obtain lender approval for a short sale is much more complex than a normal closing where the lender is paid in full and generally requires the participation of real estate professionals who are experienced in the short sales process.
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