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

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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.

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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

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