Yorkville Real Estate Lawyer: Tips for Real Estate Sellers in Kendall County, Illinois

At Gateville Law Firm, we specialize in residential real estate transactions for sellers and buyers of property in Yorkville, Oswego, Plano, Newark, Leland, Somonauk, Sandwich, and nearby areas of Kendall County. Our law firm handles real estate transactions through the Chicagoland area & surrounding suburbs. If you are considering selling your home, there are three significant factors that impact the home sale process in Illinois.

A. Attorney Review and Home Inspection Periods

The first factor involves the attorney review and home inspection periods. The attorney review and home inspection periods are significant during a residential real estate sale process. The attorney review period is established under the Multi-Board Residential Real Estate Contract 7.0 (in the future referred to as "Purchase Sale Agreement") and is the standard real estate contract used in Kendall County and surrounding Chicago suburbs. The purpose of the Purchase Sale Agreement is to outline the typical real estate terms and conditions of the sale of residential property in Illinois. Commercial real estate sales have a different version of the real estate contract. The Purchase Sale Agreement includes provisions for the purchase price, closing date, financing terms and arrangements, home inspection, and attorney review periods.

The advantage of a standard real estate contract is that it simplifies the real estate contract for buyers and sellers. The terms and conditions are clear and concise for attorneys, real estate agents, buyers, and sellers. Legal representation is advisable because there are a lot of grey areas which can impact the sales process. 

Plainfield Residential Real Estate Lawyer

A residential real estate attorney assists sellers with the real estate closing process. A real estate attorney and their team help sellers with the following:

• Review the Multi-Board Residential Real Estate Contract

• Negotiate the Attorney Review & Home Inspection Periods

  ...

Plano Il Real Estate Transfer Lawyer

After the owner's death, the real estate transfer involves legal aspects, including estate planning and probate law. With the COVID-19 pandemic, there has been an increased awareness of estate planning and the importance of managing real estate. In addition, baby boomers, born after World War II, and their children prepare to pass their assets and wealth to the next generation. Therefore, wealth transfer from generation to generation is a significant legal issue.

However, many baby boomers and their families are unprepared to transfer their assets after death. Illinois has eight types of property ownership: sole property ownership, tenancy by the entirety, joint tenants, tenants in typical, private land trusts, business entity transfer, revocable living trusts, and unprobated estates.

Sole Property Ownership

Sole property ownership refers to when one person holds the legal right to the real estate. This may include married couples who own property solely in one name, widows or widowers whose spouse has passed away, or unmarried individuals or couples. 

Buyer’s Attorney: Reviewing and Proposing Amendments to the Multi-Board Residential Purchase Agreement

Most of the real estate buyer's attorney's job is done before the closing. The Multi-Board Residential Purchase Agreement 7.0 ("the Purchase Agreement") is a standard real estate purchase form used around Newark, Yorkville, Sandwich, Oswego, Plainfield, Joliet, and surrounding areas of Illinois. The Purchase Agreement summarizes the key terms and conditions of the purchase of a residential property and is a legally-binding real estate sales contract. The essential terms of the Purchase Agreement include the following:

• The Parties. Paragraph 1 identifies the buyer and seller.

• The Real Estate. Paragraph 2 identifies the property address and Permanent Index Number.

  ...

Legal Help with the Sale and Purchase of Real Estate

Historically, Black families have been marginalized from the real estate market. Attorney Sean Robertson aims to increase Black families' access to the real estate market. Attorney Robertson is highly skilled and experienced in residential and commercial real estate transactions. Attorney Robertson is the founder of Gateville Law Firm, with over 50 years of real estate experience. Our support staff has worked for reputable title companies where they have processed multiple thousands of real estate transactions. Experience should matter to you because thousands of real estate transactions teach invaluable lessons which can benefit you. At Gateville Law Firm, our real estate attorneys and the team have established a top-notched real estate reputation. 

Real Estate Team for Real Estate Investors

Real estate transactions require precision and expertise. In addition, real estate investors need experience and asset protection knowledge. Attorney Robertson graduated from DePaul University College of Law, where he concentrated his legal studies in tax and wealth law. Attorney Robertson focused on tax law because it has a significant background in the following areas:

• Real Estate Transactions and Real Estate Structure Planning

  ...

Kendall County Real Estate Lawyer

At Gateville Law Firm, we specialize in residential real estate transactions for sellers and buyers of real estate in Oswego, Plano, Newark, Leland, Boulder Hill, Aurora, and nearby areas of Kendall County. If you are considering selling or purchasing a home, this article will discuss the real estate closing process in Kendall County and the nearby regions. Three significant factors impact the home sale process in Illinois.

A. Attorney Review and Home Inspection Periods

The first factor involves the attorney review and home inspection periods. The attorney review and home inspection periods are significant during a residential closing. The attorney review period is established under the Multi-Board Residential Real Estate Contract 7.0 ("Purchase Agreement") and is the standard real estate contract used in Kendall County and surrounding Chicago suburbs. 

The Purchase Agreement outlines the typical real estate terms and conditions of selling residential property in Illinois. The commercial sales agreement utilizes a separate agreement. The Purchase Agreement includes the following provisions:

A quit claim deed is a legal instrument in Illinois that transfers real estate ownership from one party to another. The reasons for using a quit claim deed include transferring property interest in a former marital residence or between family members. Gateville Law Firm specializes in real estate and quit claim deed preparation, with attorneys and support staff with extensive experience in these areas.

One significant reason for using a quit claim deed is to transfer ownership in a former marital residence, often required by a divorce decree or marriage settlement agreement. Another reason is to transfer property ownership among family members or to remove someone from real property. Preparing a quit claim deed is a complicated process that requires precision and expertise.

At Gateville Law Firm, our attorneys and former title insurance employees have prepared thousands of quit claim deeds over the years. This experience gives us a breadth of knowledge and qualifications, which is uncustomary for real estate attorneys. We understand that ill-prepared quit claim deeds cause title issues, which are costly legal problems. Often, lay people mistakenly attempt to prepare their quitclaim deeds. This results in cases that may only be found later. At that point, these legal issues can be costly and much more challenging to fix. These title issues can impact one's ability to refinance or sell a property. People often find out about these decisions when attempting to refinance or sell their property. At Gateville Law Firm, our documents are accurate and prepared correctly.

Transferring Real Estate After Death: Yorkville and Kendall County Real Estate Transfer Attorneys

Transferring real estate after death is a complicated mixture of real estate, estate planning, and probate law. Covid-19 has changed the nature of business and emphasized the importance of estate planning and real estate. Baby boomers are the generation that was born after World War II. As a result, birth rates skyrocketed, referred to as "the baby boom.”

Baby boomers and their adult children are preparing and passing their real estate and wealth to their children and grandchildren. As a result, this period resulted in substantial wealth transferred from one generation to the next. 

Baby boomers and their families are ill-prepared to transfer their assets after death. There are eight types of property ownership in Illinois:

In Illinois, a quitclaim deed is a legal document that transfers real estate ownership from one party to another. Moving a property interest in a former marital residence is a significant reason for a quit claim deed. Often, the divorce decree requires one party to transfer their former marital interest in real property to their former spouse. In addition, the marriage settlement agreement may need one spouse to transfer away their legal claim to the other spouse. Often, a former spouse cannot obtain a new mortgage with their name connected to a former residence's mortgage and legal title. 

Second, at Gateville Law Firm, our attorneys and support staff specialize in real estate and quit claim deed law. Unlike most real estate lawyers, our team comprises former title insurance employees and attorneys concentrating on real estate and estate planning law. Second, transferring property ownership often involves family members as well. For example, a quit claim deed frequently transfers property ownership among family members. Alternatively, a quit claim deed is used when one party deceases, and the property passes from one joint owner to the surviving owner. Often, the parties want to clean up the property's legal title in such situations. 

Removing someone from real property is a complicated process. Furthermore, most real estate attorneys must be qualified to prepare a quit claim deed adequately. As a real estate attorney, we would only be in the business of preparation of quit claim deeds with a solid staff of former title insurance employees. The title insurance former employees are critical because they have significantly more experience handling real estate and quit claim deed transactions than real estate attorneys. In addition, our former employees held leadership positions at credible title companies underwritten by national title insurance companies.

Bolingbrook Quit Claim Deed Lawyer: What are Quit Claim Deeds

A quitclaim deed is a real estate tool that aids in changing the legal title to a property. A quitclaim deed is different from a warranty deed because a quitclaim deed does not accompany with it the warranties on interest, meaning that whatever interest the titleholder had is what is being conveyed, whether it be incorrect or encumbered. Additionally, because a quitclaim deed is only a transfer of title and no interest in being sold, the transfer is exempt from specific transfer taxes imposed by the city. There are many reasons why one might need a quit claim deed. At Gateville Law Firm, we will be able to explain whether a quitclaim deed is advisable and if so, can complete the deed to ensure there are no errors that would result in the deed being rejected by the county. 

Adding a Person to Title

A common reason for a quitclaim deed is to add an individual to the title. This could be because the title holder gained a roommate, married, or wants an additional individual on the title. Gateville Law Firm assists in advising any possible repercussions of adding the individual and delineating the type of ownership between the parties, whether it be a tenancy in common, joint tenancy with the right of survivorship, or a tenancy by the entirety. Each tenancy has different requirements and, without superior knowledge, can likely be done incorrectly.

Removing a Person from the Title

Similar to adding an individual, it is common for a quitclaim to be done by removing a party from the title. However, this can be a more complicated process, as the individual who is being removed must also sign off on the deed. This means the transfer cannot be done in secret, and all parties must be fully disclosed before the deed is completed. This transfer type is often seen during a divorce where both parties are on title to the property. The divorce decree will dictate who will be removed from the title, and the party being removed must sign according to the terms of the Judgment. 

A quitclaim deed in Illinois is a legal document that transfers real estate ownership of property from one party to the next party. A significant reason for using a quitclaim deed is when transferring property interest in a former marital residence, which may be required by a divorce decree or a marriage settlement agreement. Additionally, quitclaim deeds are often used to transfer property ownership among family members or to remove someone from real property.

To properly prepare a quitclaim deed properly, it is crucial to work with experienced real estate attorneys specializing in quitclaim deed preparations. We work with you over the telephone and obtain a copy of your deed and you simply return your original paperwork back to our office. An office visit is unnecessary. 

At Gateville Law Firm, our real estate team specializes in real estate and quitclaim deed law. We have prepared thousands of quitclaim deeds in the past several years. Our team consists of former title insurance employees who have extensive experience in handling real estate and quitclaim deed transactions. Our staff understand the potential challenges that may arise from an improperly prepared quitclaim deed. Generally, the title insurance company discovers the problem, which complicates refinances and sales of homes.

Yorkville Uncontested Divorce Attorney-Flat Fee Attorneys

Divorce is a difficult time and resolving your divorce in a cost-effective manner is a wise

decision. An uncontested divorce is a divorce, which resolves the major issues in an amicable

way. Uncontested divorce means that the spouses can negotiate and resolve their major

Oswego Uncontested Divorce Lawyer: What is an Uncontested Divorce? 

What is an Uncontested Divorce?

If both spouses agree on all the significant matters concerning the divorce, they may obtain an uncontested divorce. Important issues in divorce include the division of assets, child custody and support, and spousal support.

Benefits of an Uncontested Divorce: Saving Time, Money, and Emotions

An uncontested divorce is the best-case scenario for two spouses seeking a divorce for several reasons. Not only does an uncontested divorce save the parties money in attorney and court fees, but it also minimizes the emotional stress on the entire family that results from obtaining a divorce because the process is taken care of as quickly and amicably as possible.

Uncontested divorces take much less time than traditional divorces because a conventional divorce is a long, drawn-out process. The longer this process takes, the more emotional burden is put on the former spouses and their families. In addition, a traditional divorce requires both opposing sides to go through a full court case. This includes service of process (hiring a professional to service the opposing party with a court summons at their home), production of documents by the parties, and both parties being required to meet strict deadlines. As a result, attorney fees, court costs, and outside fees for obtaining the necessary documents quickly add up and lead to a heavy financial burden. It is common for a traditional middle-class couple's divorce case to cost the parties tens of thousands of dollars.

How is Spousal Support Calculated in Illinois

The divorce process can often be an emotionally draining, stressful, and trying time for all parties involved. One of the biggest concerns those going through a divorce have is how the divorce will impact their finances. This consists in paying spousal support (known as alimony or maintenance) to the ex-spouse.

What is Spousal Support?

Suppose a judge has determined that the circumstances of a divorce are appropriate to include spousal support. In that case, the judge will then order one ex-spouse to pay the other monthly payments, called spousal support, once the marriage has legally ended. In some instances, if there is a prenuptial or postnuptial agreement, the amount is determined through this agreement rather than by a judge.

What is the Purpose Behind Spousal Support?

A judge will typically order spousal support to be paid from one ex-spouse to the other to help the ex-spouse support themselves and live on their own following the divorce. Generally, people who are found to be able to work on their own are expected to find employment and support themselves. However, it is essential to note a judge is not required to order spousal support.

Yorkville Divorce Lawyer: Basics About the Divorce Process

Contested vs. Uncontested Divorce

In Illinois, an uncontested divorce is also known as a "dissolution of marriage." When both spouses agree to the significant vital terms of a divorce, and neither spouse challenges the divorce, the divorce is uncontested. The key terms in a divorce that must be agreed upon include, among others, the issues of property, debts, children, and spousal support (also known as alimony). Specifically, this includes topics like the division of marital property and marital debts, child custody and parenting schedule, child support and medical insurance coverage for any children, and custody of pets shared during the marriage.

Do I Need to Attend Court Hearings for My Uncontested Divorce?

The spouse petitioning the court for the divorce (by filing the paperwork with the county) must make an appearance at the final hearing with the court. However, only that spouse is required to attend, so long as the other spouse has agreed to and signed all relevant documents (including the Marital Settlement Agreement, discussed in depth below). At the final hearing, the petitioning spouse must testify to the terms of the Marital Settlement Agreement and the identity of both parties. Further, the judge or the other spouse's attorney, if they are assisted by one, can ask questions that ensure the terms of the Marital Settlement Agreement are clearly understood before they are officially finalized by a court order.

What is a Marital Settlement Agreement?

A Marital Settlement Agreement can go by many names. They are sometimes called Divorce Settlement Agreements, Separation Agreements or Separation and Property Settlement Agreements, Custody, Support, and Property Agreements, Mediated Separation Agreements, Collaborative Settlement Agreements, or Property Settlement Agreements. No matter the name used to refer to the agreement, the purpose of the deal is the same in that it is a written document that contains agreements made by both of the divorcing parties for the key divorce terms mentioned above (property, custody, alimony, etc.). This Agreement is significant because once it is signed, it becomes a legally binding contract and both divorcing spouses must follow the terms as they are written. Then, the Agreement will be included in the final divorce decree and become a binding court order. A party that later violates the order faces legal penalties and, for example, could be held in contempt of court.

Kendall County Child Support 101

This article summarizes Illinois Child Support. Child support guidelines determine child support in Yorkville and Kendall County. See 750 ILCS 5/505. The income shares model is the child support enacted legislation, effective on January 1, 2019. The child support model calculates total household net income and computes each parent’s percentage of combined net income. Based upon the household’s net income and each parent’s percentage of net income towards the total household income is how Kendall County Child Support is calculated now. 750 ILCS 5/505(1).

Illinois child support aims to make child support obligations more equitable between the custodian and non-custodial parent. Thus, both parents' income shall be considered, and a parent not working may have their income attributed, meaning the Court can establish a baseline net income for that parent. 

The Illinois Department of Healthcare and Family Services has developed a worksheet that created an Illinois policy for what Illinois considers an adequate amount of child support. In addition, here is the Illinois Department of Healthcare and Family Service's Child Support Calculator, designed to simplify the Illinois child support process for parents. See Child Support Estimator (illinois.gov).

Yorkville and Kendall County Child Support Modification Attorneys

Covid-19 has caused significant economic and emotional damage in 2020. Many people have faced reduced income, layoffs; and or a change of circumstances warranting a change in child support. In Illinois, child support may be modified when there is a "substantial change of circumstances" since the last court order. 750 ILCS 5-510(1).  The second reason for a change in child support is upon a showing of an inconsistency of income of at least twenty (20) percent. 750 ILCS 5-510(2).

Child Support Modification Petition

A Petition must be filed, which requests relief from a previous court order due to a substantial change in circumstances. A Petition is a legal motion that asks for a change in child support based upon a considerable shift in cases, a significant decrease or income in income, and the healthcare needs of the child or children requiring a change.

The notice must be given to the other side or the other attorney to provide them with a opportunity to respond. Typically, a financial affidavit will be required in the State of Illinois when a party wants child support modification. A financial affidavit is a summary of a person's income, expenses, and assets, which informs the court and the opposing side of the person's ability to pay.