Hassle-Free Illinois Property Transactions
The buying and selling of real estate involves a complex process that requires knowledge of local law. A real estate lawyer in Illinois can help guide clients through each step of a property sale and assist with legal disputes that may arise during the transaction. Our lawyers have experience advising clients on residential and commercial real estate transactions, including zoning laws and land use issues, contract matters, title and deed concerns, and connecting real estate decisions with other aspects of client’s long-term financial planning.
One of the most important roles that a real estate attorney in Illinois Hassle-Free Illinois Property Transactions can play is to ensure compliance with real estate disclosure laws during property sales. The Illinois Real Estate Property Disclosure Act requires that sellers disclose any known defects or issues with the property to potential buyers, allowing them to make informed purchasing decisions and reduce the risk of litigation after a purchase. If a buyer discovers problems with the property after closing that could have been disclosed by the seller, they can sue for damages, repair costs, and attorney fees.
If you are considering a property sale in the state of Illinois, you should know that there are many factors to consider, including the tax consequences. In addition to federal income taxes, you must also factor in state and local property taxes. In some cases, you may be able to claim a capital gains exclusion, which can significantly reduce the amount of money you will have to pay in taxes.
Generally, real estate transfer taxes are levied by cities and counties to offset the cost of infrastructure improvements, such as roads and sewers. These taxes are typically based on the value of the property and can be found on your county assessment records.
If your municipality imposes a real estate transfer tax, it is typically payable by both the buyer and seller at closing. Some municipalities will waive this fee for home buyers, so be sure to ask your local government about the transfer tax before you buy a property.
If you are thinking of selling your home, you can avoid paying real estate agent commissions by listing it yourself on a FSBO website. However, you will still need to market the property, conduct market research, manage offers and showings, and draw up a FSBO contract on your own. Additionally, if you do not have access to the MLS, you will not be able to get as much exposure for your property and may struggle to sell it quickly. If you do not have the time or expertise to handle a FSBO sale, you can always work with a low-commission real estate company, such as Clever, which saves sellers thousands of dollars and gets them offers 2.8x faster than the national average.