Posted by Bradford Miller Law, P.C. - Experienced in Real Estate and Landlord Tenant Law
It is extremely important that you hire an experienced Chicago real estate attorney when you sell your home. Clearing up title issues, drafting closing documents, ordering payoff for your mortgages, and fixing any survey, zoning and water certification issues are just some of the tasks we would perform on behalf of a Seller.
Our fee for a Seller's closing is only $400 and there is no fee unless the transaction closes.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are selling your home, contact us right away at 312-238-9298. It is important that you hire an Attorney BEFORE you sign a contract.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Sunday, November 1, 2009
Why do I need an Attorney when I am buying a home?
Posted by Bradford Miller Law, P.C. - Experienced in Real Estate and Landlord Tenant Law
For most people, buying a home will probably be the biggest purchase they ever make. In a typical real estate contract, there are many provisions that can greatly impact the Buyers rights and obligations. There are also many deadlines that are extremely imporant. For example, if you are not able to secure a mortgage within the time period, you could end up losing your earnest money or even get sued.
Our fee for a Buyer's closing is only $400 and there is no fee unless the transaction closes.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are buying a home, contact us right away at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
For most people, buying a home will probably be the biggest purchase they ever make. In a typical real estate contract, there are many provisions that can greatly impact the Buyers rights and obligations. There are also many deadlines that are extremely imporant. For example, if you are not able to secure a mortgage within the time period, you could end up losing your earnest money or even get sued.
Our fee for a Buyer's closing is only $400 and there is no fee unless the transaction closes.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are buying a home, contact us right away at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Sunday, October 25, 2009
Typical timeline from the Seller's point of view
Although every transaction can be different, this is a general timeline from the Seller's point of view.
1. There is an offer for the property. Your Realtor receives earnest money from the Buyer.
2. When you receive an offer (or even before) you should immediately call an Attorney and fax or email the contract to their office. It is important to get the Attorney involved right away because there are deadlines that begin to run.
3. The Attorney will then begin their work on the transaction which will include reviewing the terms of the contract, ordering and reviewing the title policy, and drafting the paperwork necessary for closing.
4. Inspection deadline. In a typical contract, the Buyer has the right to have the property professionally inspected. If any problems are found, the Buyer may ask for them to be repaired or they may ask for a monetary credit. Or they could choose to cancel the contract and have the earnest money returned to them.
5. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. For a Buyer that needs to take out a mortgage, this is the deadline where the lender either "commits" to lending money for the property or decides they cannot lend money for this property. Often this deadline needs to be extended because the lenders have become more cautious then before and therefore need more time.
6. At some point, usually after the Attorneys have come to an agreement on all terms, the Buyer will give an additional amount of earnest money. This money typically goes to your Realtor's office who then puts it into an escrow account.
7. The final walk-through takes place, usually the day before the closing.
8. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged.
Overall, the above timeline typically takes around 60 days to complete but every transaction is different and sometimes deadlines need to be extended for one reason or another.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are selling your home, contact us right away at 312-238-9298. It is important that you hire an Attorney BEFORE you sign a contract.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
1. There is an offer for the property. Your Realtor receives earnest money from the Buyer.
2. When you receive an offer (or even before) you should immediately call an Attorney and fax or email the contract to their office. It is important to get the Attorney involved right away because there are deadlines that begin to run.
3. The Attorney will then begin their work on the transaction which will include reviewing the terms of the contract, ordering and reviewing the title policy, and drafting the paperwork necessary for closing.
4. Inspection deadline. In a typical contract, the Buyer has the right to have the property professionally inspected. If any problems are found, the Buyer may ask for them to be repaired or they may ask for a monetary credit. Or they could choose to cancel the contract and have the earnest money returned to them.
5. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. For a Buyer that needs to take out a mortgage, this is the deadline where the lender either "commits" to lending money for the property or decides they cannot lend money for this property. Often this deadline needs to be extended because the lenders have become more cautious then before and therefore need more time.
6. At some point, usually after the Attorneys have come to an agreement on all terms, the Buyer will give an additional amount of earnest money. This money typically goes to your Realtor's office who then puts it into an escrow account.
7. The final walk-through takes place, usually the day before the closing.
8. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged.
Overall, the above timeline typically takes around 60 days to complete but every transaction is different and sometimes deadlines need to be extended for one reason or another.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are selling your home, contact us right away at 312-238-9298. It is important that you hire an Attorney BEFORE you sign a contract.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Tuesday, October 20, 2009
Chicago Landlord-Tenant Law
Posted by Bradford Miller Law, P.C. - Experienced in Real Estate and Landlord Tenant Law
In the City of Chicago, we have a Chicago Residential Landlord Tenant Ordinance. In essence, it is a Tenant's Bill of Rights. Both Landlords and Tenants should know about it because failure to follow it may impose significant penalties.
If you are involved in a landlord-tenant dispute, contact Bradford Miller Law, P.C. right away at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
In the City of Chicago, we have a Chicago Residential Landlord Tenant Ordinance. In essence, it is a Tenant's Bill of Rights. Both Landlords and Tenants should know about it because failure to follow it may impose significant penalties.
If you are involved in a landlord-tenant dispute, contact Bradford Miller Law, P.C. right away at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
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