• Real Estate & Property

  • Residential real estate closings as little as $295 for Sellers and $450 for Buyers.

    Chicago Real Estate Attorney

    Buying a new home or investment property is a huge investment.  Many details must be ironed out before a transfer takes place and with so much at stake.  Therefore it is advisable to hire an attorney to help guide you through the process. Chicago Real Estate Attorney Brian Lohse will represent you from the time the offer is presented until the keys are handed over at the closing table.

    The majority of real estate transactions in Illinois involve attorneys because the Illinois Supreme Court has ruled that even though many items may appear simple the consequences are too large.  The Illinois Supreme Court specifically prohibits a real estate broker from performing the tasks of a Lawyer (The Chicago Bar Association v. Quinlan and Tyson, Inc. 34 Ill.2d 117, 1966).  See more in the blog page about what a broker can and cannot do.

    I can assist you with the purchase or sale of:  Single family houses, condominiums, townhouses, 2-flats, 3-flats, 4-flats, 6-flats, apartment buildings, and commercial properties.

    If you are contemplating making an offer to purchase a home, or whether to accept an offer for your property, call attorney Brian Lohse first to discuss the important points that should be addressed on the contract. 

    Whether you are working with a real estate agent or the property is a "For Sale By Owner," Attorney Brian Lohse will guide you through the entire closing process.  He will help protect your interests and will explain how particular issues can affect you both legally and financially.   

    Compared to what you are paying for the new property or what you will be receiving for the sale, an attorney's price is relatively small.  Keep in mind that my sole responsibility is to look after your best interests.

    In addition to Real Estate Closings, Lohse Law can help you with the following real estate and property matters:
    • Quit Claim Deeds - To read more, click here or go to my Blog page
    • Commercial Transactions
    • Title Insurance
    • Neighbor Property Disputes (fences, trees, driveways, etc.)
    • Oil & Gas Leases
    • Easements
    • Association Law
    • 1031 Tax Deferred Exchange
    • Land Trusts
    • Landlord / Tenant Law and the Chicago RLTO
  • ESTIMATE YOUR CLOSING PROCEEDS

    What is your Projected Sales Price: _______________________________________

    To estimate your net proceeds, subtract numbers 1 through 17 below from the projected sales price.  This calculation should provide you with a fairly close estimate.

     

    1)     MORTGAGE PAYOFF: _________________ 2)     HELOC / LOAN PAYOFFS: __________________

    3)     REAL ESTATE COMMISSION: _________________________

    (Check with your Broker, but probably about 5%. If be sold FSBO, then 0 – 2.5%)

    4)     PRORATED PROPERTY TAXES:  ________________________

    (Because property taxes are about a year behind, take your last known yearly tax bill and add 5% - 10% to that amount.  Divide this number by 365 days and then multiply by what day of the year you will be selling.  Example:  If your taxes are $5,000 per year and you are selling on December 31, you will credit the buyers $5,250 to $5,500 at the closing.)

    5)     SURVEY ($400 to 450 for single lot): ______________________

    (for larger properties, add about $50 per ½ acre)

    6)     TITLE INSURANCE: _________________________

    (Sellers are required to pay for this in Illinois.  Base cost is approximately $1,700 for a $200,000 home.  Add $20 for every $10,000 additional over and above a $200,000 sales price)

    7)     TITLE COMPANY CLOSING COSTS ($100 to $400+): __________________

    (If your property is already paid off and you don’t owe anything, the extra closing costs may only be $100 or so; but if you have loans that must be paid off or other documents to record, the fees will be higher.)

    8)     ESCROW FEE ($0 or $600+): _______________________________

    (Sellers will pay part of the Buyer’s closing costs IF the Buyer is paying cash. Therefore, if they are paying cash, input $600.  If the sales price is over $250,000, add another $25 for each $50,000 in sales price.  However, if the buyer of your house is getting financing, input “0” in this box.)

    9)     STATE TRANSFER TAX: _________________________

    (The State of Illinois gets $1 for every $1,000 in sales price.  Therefore if you are selling for $200,000, the State will get $200.)

    10)     COUNTY TRANSFER TAX: __________________________

    (The County gets $.50 for every $1,000 in sales price.  Therefore if you are selling for $200,000, the County will get $100.)

    11)     LOCAL VILLAGE  / CITY TRANSFER TAX: ________________________

    (Call your local village.  Some are $0; others are $2, $3, $5, or even $10 per $1,000 in sales price.  Chicago charges the Seller $3 per $1,000.)

    12)     LOCAL INSPECTIONS: ______________

    (Call your local village to see if an inspection is required.  Most charge $50 - $100 and require this inspection to ensure the property is safe to occupy.)

    13)     WATER CERTIFICATES / ZONING ($0 - $300): _____________

    (Call your local village, some only require water bills.  Chicago usually requires a water certificate and a zoning certificate; assuming you don’t have past due bills, estimate $275)

    14)     CONDO OR HOA DOCUMENTS ($0 to $750): _____________________

    (Most associations charge Sellers for the association documents and Paid Assessment Letter.)

    15)     WELL / SEPTIC / TERMITE Tests (if req’d): __________________

    (Well and septic tests cost about $300; termite inspection is about $125.)

    16)     REPAIR CREDITS GIVEN TO BUYER (if any): ______________17)     ATTORNEY FEES: ______________