Buying and selling real estate can be extremely complicated with many steps to ensure a "clean" title is provided. 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.
Lohse Law 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 either contemplating making an offer to purchase a property, or to accept an offer for the property you are selling, call attorney Brian Lohse first to discuss the important points that should be addressed in the contract.
Because every transaction takes between 10 and 15 hours from "contract to closing," Lohse Law only handles 15-20 transactions at any given time. With such a small caseload, Brian Lohse is able to work directly with you for your closing. 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. In fact, real estate attorney fees have been about the same since 1978!
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.
Your real estate attorney has your legal interests in mind and owes you a duty of loyalty. Others involved in the real estate transaction do not owe you a duty of loyalty (i.e. realtors, lenders, appraisers, inspectors). These other professionals may not have your best interests in mind and may be motivated by commissions or payment. Before you sign documents involving significant legal rights and obligations, I can explain the terms and help you understand what you are signing. Remember that it is your attorney's responsibility to look after your best interests, not your realtor.
If you are looking to estimate what the sales proceeds will be, use the worksheet below to help you estimate the net proceeds. This will help you estimate how much you will walk away with after factoring in most of the costs associated with the sale. Scroll down for the link to the Estimated Sales Proceeds Worksheet.
Single family homes valued from $50K to $5MM
Condominums and penthouses valued from $25K to $2.5MM
Chicago parking or garage spaces valued from $10K to $100K
Townhomes and row homes valued at $50K to $2MM
Apartment buildings with 8 to 32 units
Greystones and Brownstones from $100K to $2MM
Multi-family flats valued from $100K - $3MM
Strip Centers valued at $200K or more.
Bungalow homes valued from $50K to $1MM
Vacant lots in Cook, Dupage, Kane, Kendall, Lake, McHenry or Will County. Valued from $20K to $1MM
Business only or business including the real estate
Light industrial buildings valued at $100K to $2MM.