Chicago Real Estate Lawyers
Real Estate Law in Illinois
Real estate law in Chicago governs almost everything involved in the sale and use of land.
The large volume of laws regulating real estate in Chicago might seem overwhelming to the uninitiated. Indeed, they can get very complicated, especially when issues about title defects or construction disputes are involved.
Therefore, it's a good idea to learn some of the basics of Chicago's real estate laws.
Having at least some knowledge of real estate law will be to your advantage in basically any real estate transaction. Knowing the law can give you a bargaining advantage and prevent you from being saddled with obligations that you don't have to assume.
Common Real Estate Law Issues in Chicago
Financing: The majority of people in Chicago can't afford to make a major real estate purchase by paying the full purchase price up front. Most people and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan issued for the purpose of buying a piece of property, with the bank obtaining a security interest in that property until the loan and interest are paid off.
Zoning: Zoning laws regulate what types of structures can be built on given parcels of land. Generally, cities and towns are zoned in order to ensure that neighborhoods are clearly divided into residential, commercial, and industrial categories, to ensure that everyone who uses the land can make the best possible use of it, for their particular purpose
Duty of Disclosure: Sellers of homes are bound by a legal duty to disclose defects in the home to prospective buyers, before they purchase the house. Any defect which the seller knows (or reasonably should know) about, and which cannot be discovered by the buyer through an ordinary inspection, must be disclosed to the buyer.
Implied Warranties: In Chicago, every residential rental agreement carries with it a warranty of habitability, in which the landlord implicitly promises that the unit is fit for human habitation. This applies whether or not such a warranty is mentioned in the lease agreement, and it still applies even if the landlord tries to disclaim any such warranty. There are many circumstances that might make a unit uninhabitable. A few examples are a lack of electricity, no running water, or no heating.
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These issues, along with many others, can sometimes be fairly perplexing. Therefore, you should never hesitate to consult with a Chicago real estate attorney if you have any questions.
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Life in ChicagoMany people often think of Chicago as a mini-New York City with nicer people. Chicago in fact is a large city with a lot to offer tourists, include warm and friendly hospitality.
Popular attractions in Chicago include Willis Tower Skydeck, Millennium Park, Navy Pier, Lincoln Park Zoo, Art Institute of Chicago, Wrigley Field, Grant Park, and the Magnificent Mile. Additionally, Chicago is home to many great restaurants. In fact, the style of deep-dish pizza originated in Chicago.
If one would like to catch a Broadway show, they can at Broadway Theater. Famous universities such as Northwestern University and the University of Chicago also have wonderful, historical campuses that tourists often enjoy touring.
Being such a well-known city, many firms have office locations in Chicago, Illinois. Firms such as Baker & McKenzie, Sidley & Austin, Mayer, Brown & Platt, and Winston & Strawn have large offices that employ brilliant attorneys. Additionally, many small and mid-size firms are also present in Chicago. All in all, residents of Chicago have no need to worry for any legal inquiry of theirs can be handled by the legal force in Chicago.