~ Real Estate Law ~

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Real Estate Law

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;
  • 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.

We work closely with some of the best known title insurance companies and can assist you in this process.

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:

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.

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.