With the latest statistics shown a full recover in the Chicago real estate market in 2019, real estate investors are moving to this area for their home or commercial shopping.
That is case for instance of a San Francisco apartment investor is moving into Chicago, paying nearly $17 million for two properties in South Shore. Belveron Partners bought Shorewind Towers, a 178-unit building at 7000 South Shore Drive, and Shorewind Court, a 60-unit property nearby at 6951 S. Oglesby Ave., from Chicago landlord TLC Management, according to Cook County property records.
Belveron is among a group of out-of-town multifamily investors that have taken an interest in the South Side of Chicago, attracted by investment returns that beat those in many other markets.
The legal side of these transactions is without a doubt a keystone. To better understand the legal aspects in purchasing properties in Chicago, we have reported a few answers by the Shawn Bolger Blog (interview conducted by GoodNoon).
“2019 has been an exciting year for growing market trends in Chicago and the surrounding areas. Market reports predict that the Chicago real estate property prices will continue to rise through 2019. If you’re considering purchasing a property in this growing market, you may want to purchase sooner rather than later to avoid increasing property prices and to secure the best available interest rate for you. Notably, we have experienced historically low interest rates in the last year.
When you purchase real estate, it’s critical to have a supportive and diligent legal team behind you to make sure every step of the way is properly addressed.
To better understand the legal aspects of purchasing properties in Chicago and the metropolitan areas, our law firm has provided a general FAQ to address how the real estate purchase is structured:
Is It Necessary To Hire A Real Estate Attorney?
As a purchaser, you are not required to have an attorney represent you. However, it’s in your best interest to hire a real estate attorney. Purchasing a home can have a tremendous impact on your finances and future goals. As a purchaser, you want to be certain that the contract that you’re signing is fair and represents your interests. An experienced real estate attorney will be able to guide you through the transaction process and ensure that your interests are represented.
When Do I Hire Your Firm?
When you begin looking at property, you can contact our firm to explain that you have begun your property search. Once there is an executed contract, meaning that the real estate contract has been signed by both the buyer and the seller, you can formally hire our firm.
What Needs To Be Done To Start The Legal Process?
The legal process begins with an executed contract. It’s critical that you or your real estate agent send us the real estate contract as soon as it’s signed by both parties. From there, we will begin the legal review of the contract. This process is called Attorney Review.
What Is Attorney Review?
Attorney Review is a contractual period that allows the attorneys to make modifications or clarifications to the contract. This period allows either party to cancel for any other reason other than the purchase price. So, it’s crucial that this review period is closed efficiently and timely. If you are doing a home inspection on the subject property, then we include your home inspection repair requests in the attorney modification letter.
What Is The Earnest Money Deposit?
The Earnest money is a deposit to a seller which supports the buyer’s good faith in preforming the executed contract. The real estate contract will specify when the earnest money needs to be delivered and whether the brokerage, law firm, or title company will hold the earnest money deposit. The earnest money deposit will be used towards the purchase price.
What If I Cannot Get Approved For Lender Financing?
There are very specific financing contingencies that protect you from being liable on the contract if you are not able to obtain lender financing. Our firm can help ensure that you fall within these contingencies. If you cannot obtain lender financing under normal circumstances, then an attorney will follow through with all the required steps to ensure that the contract is cancelled, and your earnest money deposit is released back to you.
Company Name: Shawn Bolger Limited
Contact Person: Shawn Bolger
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Address:1000 Jorie Blvd. Suite 136 Oak Brook
State: IL 60523
Country: United States