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Bradford Miller Law, PC, Attorneys & Lawyers Real Estate, Chicago, IL
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February 2017 Archives

Struggling with a difficult tenant can get exhausting

Managing rental properties and having the title of landlord comes with a lot of negative condemnations. Many people believe that landlords are just out to make the most money and do the least for their tenants. However, most often this is not the case. Often, it's the landlord who is getting cheated out of fair earnings because of bad tenants.

Successful Real Estate Closing

Successfully negotiating a real estate deal can be a tricky process. There are many points you will need to remember during negotiations. Both the buyers and sellers try to negotiate good prices for themselves, and that can lead to some conflict. Buyers also have to pay closing costs for their mortgage, in the form of money kept in escrow by the mortgage lender for items like taxes and insurance. Sometimes, buyers ask sellers to make concessions on their behalf, which means the asking price is going to get raised. Sellers can negotiate the closing date for the deal, which will affect the buyer's cash flow after home ownership is shifted to the buyer.

Understanding Disclosure Statements

They can take many forms. Disclosure statements provide a great deal of useful information to the buyer about the property they are looking to buy and its past history. The amount of information contained in the disclosure statement depends on the seller. The information can include anything from a statement acknowledging that the roof leaks to news about a construction project nearby. In part, these statements are designed to protect the seller from legal action in the future if the buyer decides to take them to court over false presentation of the estate's condition. The laws regarding disclosure can vary between states. The documents that may need to be signed as part of the disclosure agreement can include natural hazards disclosure statements, state transfer statements and Megan's Law disclosures.

Important Real Estate Contract Clauses

While drawing up the contract for making an offer on a home, there are certain clauses that should be included in it to ensure your interests are protected. The first thing the contract should specify is that the check you present to the sellers or their agent will be held by a neutral third party. If the check is for a large amount of money, it should be held in an interest-bearing account where the money earned will be given to you at the time of settlement. Remember to include a specific time frame for returning the check in case the offer expires or is withdrawn or any other reason through which the deal falls through.

Check for these important building code violations

A house that has been built according to building code specifications goes a long way towards ensuring that you stay safe and comfortable. On the other hand, houses which display one or several violations of the code are unsafe for habitation. There are some basic building code violations that you should check for before moving into a new house.

Buying your first condo? Here's what you should ask

Buying your first piece of property is a big step. It is a major investment whether you are purchasing it as your main residence or as a rental property. It is definitely not something you want to do without doing plenty of research and consulting with someone knowledgeable about buying property in Chicago. An experienced real estate attorney can help you through the entire process of purchasing your first condominium.

Why it may be good to have a real estate attorney on your side

When you're looking to buy a piece of residential real estate, you are conducting one of the biggest financial transactions of your life. Trying to take on such a task alone leaves room for the creation of many potential legal conflicts.

Avoiding Common Seller Mistakes

Selling your home is one of the biggest financial decisions that you will make in your life. There are many precautions that need to be taken on your part for the transaction to be carried through successfully. Let's talk about some of the mistakes that need to be avoided while selling a house.

  • Not preparing the house before salesale. Trying to get hurriedly through the preparation process before putting your house up for sale can lead to glaring shortcomings that the potential buyers will notice. Take the time to perform a thorough inspection of yresidential real estatetate and make note of any repairs that will need to be made, along with the more cosmetic upgrades like a new coat of paint.
  • Not employing experts. s. Selling houses is a complex process that requires professional expertise, especially for publicity and negotiations. Statistically, homes that are not represented take longer to sell, and that can mean lower prices. FInd a good real estate agent and take their help while determining your price, showing your residential property to buyers and drawing up the final sales contract.
  • Bad photos. Invest some money in hiring professionals to take photos of your house from all the best angles. A poorly lit shot or blurred background can make your house less appealing to buyers.