Real Estate Solutions Throughout Skokie & Cook County
M&A Law Firm, P.C. is a well-established Illinois practice with extensive experience in real estate law. Our team has the insight and necessary skills to assist you in all legal matters pertaining to real estate whether you are a buyer, seller, landlord or tenant and whether you are dealing with residential or commercial property. Our attorneys have comprehensive knowledge of both federal and state legislation and are prepared to offer you a consultation at no cost. If you decide to work with us, we are adept at negotiations, drafting, reviewing, and enforcing documents, performing real estate closings, and a host of other real estate matters that may concern you. When you join forces with M&A Law Firm, you are assured of superior, personalized attention at a reasonable cost.
The section below details aspects of real estate law our practice commonly handles. We hope it helps you to understand some of the complexities involved and realize that it is essential to have a keen attorney at your side while you undertake real estate transactions.
In a world full of do-it-yourself projects, some landlords may be tempted to download a free residential lease online, but unless you have a clear understanding of Real Property Law you should resist this temptation. Without a knowledgeable real estate attorney to guide you, you may end up working against your own best interests. Similarly, tenants who sign residential leases without having an experienced attorney look them over can also encounter problems down the road.
At M&A Law Firm we take into account all aspects of the landlord and tenant relationship, from negotiating to drafting and reviewing documents to clarifying issues such as which party is responsible for damage and repair of the premises under which particular circumstances.
Commercial leases are of the utmost importance since they are part of the foundation of a business, literally keeping it on solid ground. Whether you are a landlord or business tenant, you should be aware that commercial leases differ from residential leases in a number of ways:
- Commercial leases typically apply for 5 years or more (longer than residential leases)
- Commercial leases involve a significant financial investment
- Commercial leases are usually more open to negotiation
- Commercial property, depending on type, may be required to accommodate the disabled
Since at M&A Law Firm we have a strong background of working with clients on both sides of the table, we have developed sharp insight into creative methods of negotiating. We are aware that commercial leases involve more complex negotiations than residential leases do concerning rent, security deposit, length of the lease, and possible modifications to the physical space. There are even situations in which issues such as the possibility of onsite publicity, or restricted competition to the incoming business, may be discussed and resolved. In our tenure as real estate attorneys, we have learned how important it is that both parties understand their rights and responsibilities when entering into such an agreement and that it be clear who is responsible for maintenance and repair, and whether there will be potential to expand or sublease the space if the incoming business grows or falters.
Property Tax Appeals
Owners of property in Illinois, as throughout the country, pay property taxes during the course of each year. Because amounts of property taxes vary widely from state to state and even within the same zone, it is a good idea to work with a knowledgeable real estate/tax appeal attorney to understand how property taxes are computed and to determine whether your own property is being assessed at too high a value. Why not come to M&A Law Firm, P.C. where our talented real estate attorneys will help you obtain an accurate valuation of your property and perhaps have your tax bill lowered? You have nothing to lose since we work on a contingency basis and won’t charge you a fee unless we are successful.
In the current economic client, millions of American homes are underwater. We show compassion to our clients while helping them stay in their homes through reorganizations, loan restructuring, mediation and litigation. Although each client’s case is different, and clients often have varying goals, we explore all options to meet your goals. Call us at 847-786-8999 for a free Consultation.
Our teams of Attorneys have represented the Nation’s largest lenders in Foreclosures. We have a keen understanding of Illinois Mortgage Foreclosure Law. When retained, our Attorneys go to work by reviewing the terms of your mortgage and note to ensure that your Lender has followed the law and terms of your mortgage and note prior to filing a foreclosure.
Real Estate Closings
Purchasing or selling a home is, for most people, an emotional experience. Depending on the individual situation, the experience may be exciting and joyful, nostalgic or even sorrowful. Whatever mix of emotions you find yourself experiencing, one of them will probably be stress due to the complexities and uncertainties of the process. M&A Law Firm is dedicated to making your sale and/or purchase of a home go as smoothly as possible. While you go through the packing and measuring, we will take care of every detail from negotiating your contract to representing you at the closing itself.
We are sure that you, like our other clients, will appreciate the personalized attention and spot-on advice we give you. When you come to M&A Law Firm, you put yourself in extremely capable hands. Always trying to keep your costs reasonable, we offer an affordable flat fee and a discount if we are handling both the sale of your current home and your purchase of another.
Evictions are difficult whether you are the landlord or tenant. While our team is prepared to represent either party, we typically are engaged by landlords. Nonetheless, we understand the financial and emotional implications for both parties so whichever side you’re on we can offer you a helpful perspective. Our comprehensive law practice deals with evictions from both large commercial properties and single-unit apartments. Although we all know that evictions can be complicated, once we become involved we accelerate the process and minimize the drama.
We take all necessary steps to see that the eviction is completed, including filing a complaint with the court appropriate to the location and serving a summons on the defendant. This latter step can be sticky if we are representing a landlord who is confronting a noncompliant or absent tenant. Our role in such cases is to have the defendant served through the sheriff, a process server or simply through publication. After that, the case is presented to a judge and either managed through case management conferences, discovery, or a trial. Throughout this process, we maintain contact with the defendant’s counsel in order to try to resolve the case without unnecessarily prolonging the litigation. If this becomes impossible and we go to trial, you can be sure we will fight vigorously to have your property vacated and back in your possession; we may be able to obtain monetary damages for you as well.
If you are purchasing property as an investment, It’s crucial to have a savvy real estate attorney working with you as you engage in transactions; a learned professional who knows the intricacies of the tax code can often save you a great deal of money. Our practiced attorneys have familiarized themselves with the basic rules behind Internal Revenue Code §1031. The information they possess can help you as you invest by deferring payment of the capital gains tax.
Generally speaking, this part of the tax code states that any real or personal property can be exchanged provided it is held “for productive use in a trade or business” or for “investment” and is exchanged for property of “like-kind” that will also be held for one of these same purposes. For you, the investor, this means that when you dispose of property, you will have more money to invest in your next property acquisition. Some of the salient regulations applying to Code §1031 are these:
- You need a qualified intermediary to hold the assets until the next purchase
- You must sign a number of documents (e.g. an exchange agreement)
- The replacement property must be “like-kind” to the relinquished property
- The same taxpayer who sells the first property must purchase the second
- Both pieces of property must be held for investment purposes
- The investor must be able to prove that the property was purchased as an investment
- Tax may be deferred in its entirety if the new property is of equal or greater value
- The investor has 45 days from closing of the first property to identifying the second
If this all sounds complicated that’s because it is and, in many ways, this is just the tip of the iceberg. We haven’t, for example, yet delved here into “escrow,” the “three property rule,” or the “200 percent rule.” Real estate law is extremely complicated and can be very confusing. This is precisely why the services of an experienced real estate attorney are essential whether you are a tenant, landlord, buyer, seller, or real estate investor. At M&A Law Firm, P.C. we pride ourselves on our thoughtful concern for our client’s individual needs as well as on our legal abilities. To contact us, please call our office or fill out the convenient form on our website.
“Ahmed is highly professional individual who knows the business inside out I am honored to work with him time to time and I recommend him to my friends and everyone out there who is seeking legal assistance in real estate.Thanks Ahmed for serving the Chicago land all the best to you” Illinois Real Estate Attorney – Asad Mahmood 5/5