Residential and Commercial Real Estate Services
Real Estate Legal Services
The purchase and sale of a home are often the largest transactions of a person’s lifetime. At the Law Offices of Jack L. Zaremba, we are dedicated to making this life altering transaction as seamless and stress free as possible. From making sure the initial contract correctly reflects the terms of the deal and protects our client’s interests, to playing “quarterback” for inspection, financing, title and survey to ensure a timely and smooth closing. We are here to answer questions and address any problems or issues that may arise with integrity and compassion.
For a small business, a lease or building purchase is likely one of the largest assets and liabilities of that business. At the Law Offices of Jack L. Zaremba, we are dedicated to understanding the real estate needs of your business and how it relates to the real estate transaction at hand. There are significant differences between residential and commercial real estate transactions, and with the firm’s commercial real estate experience (including office, industrial, retail, and even farming) comes an understanding of these unique and important issues. Let us put that experience to work for you.
The Law Offices of Jack L. Zaremba offers real estate legal services throughout Will County and Southern Cook County, including, but not limited to Frankfort, Mokena, New Lenox, Manhattan, Lockport, Homer Glen, Joliet, Orland Park, Tinley Park and Orland Hills. We offer reasonable flat fees for many services. Call for a free phone consultation and quote.
Residential Real Estate Services
Home Purchases with Financing
After the residential mortgage crisis of 2008, there were significant changes in laws affecting how mortgages were insured. This meant that lenders and borrowers had to start jumping through a lot more hoops during transactions requiring financing. Our firm has the experience to help buyers navigate these requirements to make sure that expectations are reasonable and closing happens in a timely fashion. On every financed transaction, our lawyers make sure the buyer understands the terms of their financing, including interest rates, ARM terms, fees and costs, prepayment penalties, etc.
Often it is the day before closing when Buyer is presented with the HUD-1, a document itemizing all financial aspects of the transaction. The HUD-1 includes a final amount to bring to closing. Most buyers understand that they need to bring funds to closing for their down payment, but there are many moving parts to the final amount required at closing. For example, the buyers will receive an estimated and prorated tax credit for taxes they will pay after closing for the period seller owned the property. Also, a buyer must prepay the lender interest per diem from the date of closing until the end of the month. These are just a few items that make determining the funds due at closing complicated. As soon as we receive the contract, we begin putting together a spreadsheet for the buyer predicting the amount required at the closing so the buyer is best prepared.
New Construction Home Purchase
Purchasing new construction presents an additional set of challenges. Most builders and developers utilize their own customized form of contract that should always be reviewed by an attorney prior to execution or during any allotted attorney review period. Our attorneys work during contract negotiations to protect a buyer from unreasonably long delays, construction defects, private restrictive covenants that may legally prevent buyer from building what they expect they are legally permitted to build and other common pitfalls of new construction home purchases.
For example, most contracts for existing home purchases include hiring a professional home inspector to examine the property for obvious defects. Interestingly, most new construction transactions do not involve a professional home inspector. During contract negotiations on a new construction deal, one of our goals is to obtain permission for a professional home inspector to examine the property for construction defects during the final walk through. The inspector may then assist in making a comprehensive “punch list”, or written list of unfinished or defective items for builder to complete prior to closing or within a short reasonable time after closing.
You have an offer and you have accepted, the pieces are all falling into place for the sale of your home. What has to happen to close? At the Law Offices of Jack L. Zaremba, we advise sellers on how to best resolve any inspection issues. We review the title commitment and advise on any issues that need to be resolved prior to closing, assist in ordering a survey and prepare closing documents for your signature. Our lawyers have extensive experience in addressing all types of title and survey issues, and will work closely with the title company on your behalf. We keep a detailed checklist of all of the tasks needed to close the transaction, and we know the steps and time frames needed to accomplish these tasks.
For Sale By Owner
In a typical Illinois residential home sale, real estate brokers representing each party prepare a contract and negotiate all of the material terms prior to any attorney review. When neither party has a real estate broker, having an attorney is even more critical. At the Law Offices of Jack L. Zaremba, we can prepare a real estate contract based on the terms negotiated by the seller and buyer directly for the sale of a house by owner, in addition to all services regularly provided for a home sale.
Commercial Real Estate Services
Tenants and Purchasers
Do you own a small business? Plan to start one? Please call us at the Law Offices of Jack L. Zaremba to advise you on all legal real estate and related corporate matters. From the decision to lease or purchase all the way through the lease signing or closing, we will work to understand your business and make sure all legal aspects of your transaction is in line with the goals of your business.
Real Estate Investors
Whether you have one investment property or fifty, an apartment building or a retail building, we have the experience to negotiate leases or facilitate the acquisition/disposition of any type of property.
If you need a Residential or Commercial Real Estate Attorney in Will County or Southern Cook County, give us a call at (815) 740-4025 for a free consultation. If you prefer, send us an Email.