When transferring a property title, even small mistakes can cause major legal and financial headaches down the road. Here are some of the most common Illinois real estate transfer mistakes to avoid under Illinois law and how a lawyer can help.

Signing Before Final Walkthrough

Do not sign final closing documents until completing a final property walkthrough to ensure no changes or new damage has occurred. It is tempting to sign closing papers early to get one step closer to moving in, but this risks major unnoticed problems. 

Sellers could cover up or fail to disclose issues like roof leaks, foundation cracks, faulty wiring, or plumbing that arise at the last minute. Signing too early leaves you legally bound without recourse. Always insist on a final walkthrough within 24 hours of closing to check the property thoroughly before signing.

Ending your residential lease early can be complicated in Illinois. While the law does allow tenants to break a lease under certain conditions, you must follow proper protocols. Tenants who terminate illegally risk financial penalties and eviction. A lawyer can help you, but it is important you also follow the proper legal steps. Here is what you should do for a lawful process for early lease termination in Illinois.

Review Your Lease Agreement Carefully

The first step is to thoroughly read your entire lease agreement, paying close attention to any provisions about early termination. Many leases outline specific notice periods, fees, or conditions required for legal early move out. Failing to comply means defaulting.

Proper Notice to Your Landlord is Key

In most standard Illinois residential leases, tenants are required to provide 30 days' written notice to legally terminate early. The notice period commences at the start of the next rental period after notice is given. Inform your landlord in writing as soon as possible once you decide to leave.

One of the most critical pieces of documentation in a real estate transaction is the purchase contract between the buyer and seller. This contract is usually drafted once the buyer has made an offer on the property and the seller has accepted that offer. This contract outlines all of the terms and conditions of the transaction, providing protection for both parties. The following are some of the key components that should be included in the contract. For more detailed information regarding a real estate transaction you are considering, make sure to consult with a qualified real estate attorney.

Basic Information

Every real estate contract should clearly state the identification of the parties entering into the agreement, including names, current addresses, and contact information. This will eliminate any confusion about who the contract applies to should issues come up in the future.

The contract should also list a specific date for the real estate closing. This is where the property will officially be transferred from the seller to the buyer. The date should be far enough out to allow for appraisals, inspections, and other documentation that will need to be addressed.

A title search involves investigating the history of a property’s ownership and legal status to ensure there is a clear and marketable title. It is a vital step in any real estate transaction and should never be overlooked. When engaging in any real estate transaction, whether buying or selling a property, conducting a thorough title search is paramount, providing essential information that protects all parties involved and ensures a smooth transfer of ownership.

Rightful Ownership

One primary purpose of a title search is to establish the rightful owner of the property. By examining public records, including deeds, mortgages, and liens, the title search uncovers any existing claims or encumbrances on the property. These can include unpaid taxes, outstanding mortgages, judgments, or other legal disputes. Identifying such issues in advance helps prevent costly surprises and potential legal battles in the future.

Protects Investment

A title search also safeguards the buyer’s investment. It verifies that the seller has the legal authority to transfer ownership and guarantees that the property is free from undisclosed liens or claims. Without a comprehensive title search, the buyer could inherit existing debts or legal entanglements tied to the property, potentially leading to financial hardships or even loss of the property.

Landlords wear many hats and juggle countless responsibilities. For many landlords and property owners, one of the worst aspects of the job is handling tenant evictions. It is an unpleasant process that nobody wants to face, and the global pandemic has presented landlords with even more challenges when it comes to evicting tenants.

Although most eviction moratoriums and other covid-related restrictions have been lifted by now, the pandemic changed the nature of the landlord-tenant relationship. Many tenants are set on doing everything they can to avoid meeting the terms of their lease agreements while remaining in their homes. If you are struggling to evict a tenant, it is important to understand the current eviction process in order to ensure that you are following the law and protecting your rights as a landlord.

Cook County, Illinois Eviction Process

Most evictions occur because a tenant is not paying rent or otherwise violated the lease. In Illinois, evictions are a judicial process. The first step is serving a notice to the tenant. If the eviction notice is based on failure to pay rent, the notice is a 5-day notice. If the tenant is in violation of the lease agreement, it is a 10-day notice. Month-to-month renters must be served with a Notice of Termination of Periodic Tenancy. The type of notice you will need to provide depends on many different factors, including the Illinois county where the rental property is located. This is why many landlords work with real estate lawyers to ensure they are following the current law correctly.