SELLING OR PURCHASING PROPERTY?
Whether you are working with a realtor or are involved in a For Sale By Owner (FSBO) transaction, it is important to have the help of a real estate attorney when buying or selling property. Elizabeth A. Beck is an experienced Real Estate attorney who has represented clients in the sale or purchase of :
- Residential Property
- Agricultural Property
- Commercial Property
REPRESENTATION IN FOR SALE BY OWNER (FSBO) TRANSACTIONS
Many homeowners are choosing to market and sell their homes without the assistance of a Realtor. As FSBO sellers soon learn however, selling one’s home involves a lot more than ordering a “For Sale By Owner” kit off the internet and sticking a “For Sale” sign in the yard. Illinois and Federal Laws require numerous disclosures be provided by the Seller to the Buyer. It pays to have an ethical and knowledgeable real estate attorney on your side to:
- Advise and provide Sellers with mandatory disclosures;
- Draft the Real Estate Sales Contract;
- Conduct the title search and prepare Owner’s Policy and Lender’s Policy of Title Insurance;
- Coordinate the transaction with the Buyer’s Lender;
- Preparation of Closing Documents, obtaining payoff letters and conducting the closing;
BUYERS, GET TITLE INSURANCE!
Every buyer needs title insurance to insure that the Buyer and the Lender receive clear and marketable title to the real estate. The value on what you could lose if you go without coverage could mean significant loss of money or even the property itself. Title Insurance is a retroactive policy where coverage is retroactive from the date of purchase. The title insurance policy insures for any claims made against the owners’ rights in the property.
Elizabeth has been an issuing member in good standing of ATTORNEY’S TITLE GUARANTY FUND (ATGF), a title insurance company comprised solely of licensed attorneys, since 1987. She has experience in not only the issuance of title insurance policies but also the defense of claims. Elizabeth A. Beck is the right choice when it comes to issues of title insurance.
REPRESENTATION IN TAX DEFERRED (1031) EXCHANGE TRANSACTIONS
In some cases, a Seller may be able to defer payment of capital gains taxes that would otherwise be owed on a sale of property by participating in a 1031 Exchange, also known as a “Like-Kind” or “Starker” Exchange. In order to tap into the full potential of the benefits offered through a 1031 exchange, it is crucial to have a comprehensive grasp of the exchange process. The Internal Revenue Service (IRS) rules and deadlines regarding 1031 exchanges leave no room for error. Elizabeth A. Beck has represented clients both in the sale of relinquished property and in the purchase of replacement property. She will be happy to work with a qualified intermediary (Q.I.) of your choice or can provide you with the names of banks and title companies who provide Qualified Intermediary (Q.I.) services. Contact Elizabeth A. Beck for advice on how this reinvestment strategy could benefit you.
REPRESENTATION IN A PARTITION ACTION
Unfortunately, sometimes co-owners of property cannot agree on the management of the property. An action for partition is a lawsuit filed by one or more co-owners of property which seeks to divide this co-owned property – either by the physical division of the property, if possible, or by the division of proceeds from a Court ordered sale of the property. The filing of a Partition action can be an extremely complicated process. Consider consulting a real estate attorney who is well versed in Partition actions. Elizabeth A. Beck has the experience to make sure your rights are protected during a partition action and to advise you as to possible money saving alternatives to a Partition action.
WHY CHOOSE ELIZABETH A. BECK FOR YOUR REAL ESTATE NEEDS?
Elizabeth A. Beck has been in practice 30 years and has practiced in Real Estate law for the entire length of her career. In order to stay abreast of changes in the field of real estate law, she is an active member of the following organizations which promote and protect the rights of parties to real estate transactions:
Attorneys’ Title Guaranty Fund (ATGF) – ATGF is a title insurance company based in Champaign Illinois with services in Illinois, Indiana and Wisconsin. Every issuing member of ATGF is a licensed and practicing attorney. ATGF provides their members with the tools to provide high level assistance in all matters of real estate law, with a focus on title insurance.
Illinois Real Estate Lawyer’s Association (IRELA) – This organization is comprised of experienced Illinois attorneys who are dedicated to assisting businesses and individuals with all types of real estate transactions.
American Land Title Association (ALTA) – This organization advocates for the safe and efficient transfer of real estate by insisting on high standards when searching land title records and preparing title insurance documentation. ALTA is a major voice in Congress, State Legislatures and Administrative Agencies on the issues of real estate transfers and the accountability of title insurers to their clients.
ILLINOIS STATE BAR ASSOCIATION REAL ESTATE LAW SECTION
This is a subsection of the Illinois State Bar Association in which all members are attorneys who practice in the area of real estate law. The Section distributes quarterly newsletters and holds seminars to help members stay up-to-date on changes in the area of Real Estate law.