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Real Estate

Tuesday, July 30, 2019

All About the Illinois Power of Attorney Act

power of attorney allows a person (known as a “principal”) to appoint a representative (or agent) to manage their property and affairs in the event they are no longer able to do so for themselves. At some point, nearly everyone will need a power of attorney to represent them. But it’s hard to know what a power of attorney is, how to appoint the right one, and what type of power of attorney you need. This is why it’s always a good idea to discuss any power of attorney agreement with a local attorney well-versed in these matters like the skilled lawyers at M&A Law Firm.

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Tuesday, July 23, 2019

Real Estate Closing Costs in Illinois

Closing costs is an umbrella term used for a realtor commissions, taxes, title related fees, filing fees, and other costs due at closing. A closing occurs at the point in a real estate transaction when the title of the property is transferred from the seller to the buyer. If you’re buying or selling a home in Illinois, you’ll want an attorney present at your real estate closing. But the best real estate attorneys – like the ones on staff at M&A Law Firm – will know how to help you save money and time when you’re closing on a home.


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Tuesday, June 25, 2019

How Do You Know if You Need Title Insurance?

Performing a title search and obtaining title insurance are two common requirements homebuyers encounter, particularly during the mortgage closing process. Simply put, the title is the official document reflecting legal ownership of the property, an in is conveyed as the property is sold over time. Although the completion of the title search and purchasing of title insurance is a standardized process, it can raise important questions about the ownership of your property. But what's the difference between a title search and title insurance, and how do you know if you need title insurance at all? The skilled real estate attorneys at M&A Law Firm are here to tell you!



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Tuesday, June 11, 2019

Things to Keep In Mind When Buying Commercial Property

Regardless of whether it’s commercial or residential, any real-estate transaction can be overwhelming. They are typically full of long negotiations and complex contracts, and the process of closing can be a real bear. The fact of the matter remains, acquiring real estate is a major milestone in anyone's personal or professional life. The skilled attorneys at M&A Law Firm are available to help you through any residential or commercial real estate purchases you may be making in the Chicago area, but here are some things to keep in mind before you sign on the dotted line.

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Tuesday, June 4, 2019

Staying Safe with Your Power of Attorney

power of attorney is a legal document authorizing one person - referred to as an agent - to act on behalf of another person in business and legal affairs. Is this may become necessary, for example, when closing on the sale of a piece of real estate or undergoing life-threatening medical procedures. Power of attorney documents, in short, give your agent the authority to make legal decisions on your behalf. This authority may be temporary or permanent, or conditioned upon the occurrence of some future event such as permanent impairment or disability. Once given, a power of attorney must be revoked in writing - and in some cases, it cannot be revoked at all.

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Tuesday, May 28, 2019

Five Tips for Negotiating Your Next Commercial Lease

Despite what people may tell you, just about everything in life is negotiable. This is particularly true in the world of commercial real estate. Commercial lease agreements obligating your business to pay a hefty sum in rent each month, but they also include many other critical terms regarding the use of the leased space. Nearly every one of these terms can be negotiated, and a good real estate attorney will know exactly what to look for when helping you negotiate a commercial lease.  

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Thursday, May 16, 2019

What Happens if You Inherit a Property in Foreclosure?

 Knowing what will happen to your home or real estate properties after you pass is an important part of proper estate planning. However, it is an unfortunate fact that many elderly people face challenges paying their mortgages. This can add to the already daunting legal challenges that come with planning an estate, and sometimes properties our pass to inheritors in a will while the property is undergoing foreclosure proceedings. These circumstances raise unique legal issues that must be addressed with the help of a good real estate attorney.

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Tuesday, May 7, 2019

What Happens If Your Landlord Defaults on the Mortgage?

What happens if your landlord ends up in foreclosure after defaulting on the mortgage? In most U.S. jurisdictions a tenant cannot be immediately evicted or forced to leave a unit when a landlord is in foreclosure. And no matter how dire his financial straits may be, landlords are not permitted to turn off utilities, change the locks, or board up a building. And if any of these things have happened to you – call M&A Law Firm today.



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Tuesday, April 23, 2019

Mortgages 101: What Every Homebuyer Needs to Know

When you’re purchasing your first home, it’s easy to think that you’re saving time and money by not working with a local real estate attorney. However, a good real estate attorney can help guide you through the increasingly complex process of securing a mortgage that works for you. This will not only help you save money over the long-term, it will also help you avoid the costly and traumatic experience of going through a foreclosure.


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Tuesday, March 26, 2019

What is a Short Sale, and How Can It Help You?


Generally, people do not pay cash upfront for their first real estate purchase. Instead, most homes are purchased using a mortgage. Mortgages charge fees and interest, which means they can drive up the price of the home purchase. Most people expect their home to appreciate in value over time to cover this extra cost. However when it does not, home buyers may find themselves considering a short sale.


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Tuesday, March 12, 2019

How Hiring an Attorney Can Save You Big on Closing Costs

After you save for a down payment, find the house of your dreams, secure your credit and get approved for a mortgage you submit an offer. In some markets – particularly the high-demand Chicago neighborhoods – this can be substantial. Even after the offer is accepted, however, there is still the final hurdle to homeownership—the pre-closing process and closing itself. Unless you’ve been in the real estate game for a long time, the sheer magnitude of the mounting expenses can go well beyond what you believed you had to pay for your new home. It’s enough to send any sane person running. Luckily, having a good real estate lawyer in your corner during the final countdown can make all the difference, even when it comes time to pay the closing costs on your new home.

 


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