FREQUENTLY ASKED QUESTIONS

The following questions are some of those that are asked of our attorney quite frequently. We hope that the answers may be helpful to you.

Do I need an attorney if I am buying and not selling a house?

The answer to that question is an unequivocal yes. Especially in today’s real estate world with an exorbitant number of mortgage documents and specialized Contracts for foreclosure and short sale properties, an attorney is necessary more than ever. In fact, our office represents many attorneys purchasing property that do not practice in the area of real estate.

Should I have a Will or a Living Trust?

This is one of those questions that the best answer is, it depends. An attorney and the client must make this decision after a consultation and both options are fully explained to the client. A person’s financial and personal situation will be taken into account when the decision is being made.

Can I be responsible for the Seller’s obligations if I buy their business?

Yes, you can. Certain applications and clearances are required by the State of Illinois Department of Revenue or you could be held responsible for the Seller’s unpaid taxes. Further tax and lien searches are necessary to make sure that no creditors have any secured interest in, or any claims against, any of the asset that you are purchasing.

Do I have to go through probate court if I am the only beneficiary named in a will, and there is only a limited amount of property left?

In Illinois, property can be transferred through what is called a Small Estates Affidavit, if the total amount of property in the estate is less than $100,000 and there is no real estate. The affidavit must comply with the requirements of the Illinois Probate Act.

Should I have a home inspection if I buy a foreclosed home in “As-Is” from a bank?

Yes. Most contracts do allow for an inspection period within so many days from the date the seller accepted the offer. You should be able to have a professional inspection to decide whether the property is in an acceptable condition before you actually buy it. The “As-Is” language is applicable after closing. You will have no recourse for any defects or conditions in the property, whether you knew of them or not.

Do I need to have an inspection by the local building department before I sell my home?

There is a possibility for this, depending on what municipality your property is located in. Though Chicago has some pre-closing requirements, they do not require an inspection. Some suburbs have ordinances that require an inspection at the time you list your home for sale. Other municipalities have requirements for inspection only prior to the date of closing.