Real Estate Law in Illinois

Real estate law in Lake Bluff governs almost everything involved in the sale and use of land.

The wide volume of laws regulating real estate in Lake Bluff 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 Lake Bluff's real estate laws.

Some understanding of the relevant law can give you an advantage in almost any situation. In the real estate context, it can help you spot illegal terms in lease agreements, give you some idea of what your rights are in a dispute, among other things. If nothing else, knowledge of the law can help you spot people who are willing to break it, so you can avoid dealing with them.

Common Real Estate Law Issues in Lake Bluff

Financing: Most individuals are unable to make major real estate purchases in Lake Bluff with cash, because few people have that kind of money on hand. Thus, to buy real estate, most entities use a mortgage. This is a loan used to buy a piece of property. When the loan is issued, and the property purchased, the lender holds a security interest in the property until the loan is paid off, with interest.

Zoning: Zoning regulations determine what types of structures are allowed on various parcels, based on their location in a municipality. For example, some areas in a city might be zoned only for residential use. Another area might allow industrial use. These rules are meant to keep property values up, and promote harmony among neighbors by preventing conflicts.

Duty to Disclose: When buying a home in Lake Bluff, you are safeguarded by the law. The seller has a legal obligation to disclose to the buyer any defects of which the seller is aware, which the buyer couldn't detect through a superficial inspection. If you are selling a home, it's probably best to disclose every defect you know about, to guarantee that you aren't faced with a lawsuit from the buyer sometime in the future.

Implied Warranties: Every lease of a residential unit in Lake Bluff carries with it an implicit promise by the owner that the unit will meet some basic minimum requirements for human habitability. There are many factors that go into deciding if an unit is "habitable," but there are a few essentials, and they include running water, heat, electricity, and adequate shelter from the elements.

Can a Lake Bluff Real Estate Lawyer Help?

These issues, along with many others, can sometimes be fairly perplexing. Therefore, you should never hesitate to consult with a Lake Bluff real estate attorney if you have any questions.