Barrington IL Real Estate Lawyers

Experienced Attorneys Serving Inverness, Algonquin, Palatine, and Northern Illinois

Purchasing a home is often one of the larger purchases or investments people make. Why risk entering contractual real estate agreements without consulting a lawyer? Lucas Law founding attorney Joseph Lucas has been handling commercial and residential real estate transactions for many years. In fact, he has been a licensed real estate broker for over three decades. Although Mr. Lucas limits his role to practicing law, his real estate industry knowledge helps to safeguard your interests.

Buying and Selling a Home

The firm is well prepared to assist real estate buyers or sellers avoid potential legal problems, and diplomatically resolve differences between parties such as:

• Drafting and reviewing purchase contracts.
• Navigating potential contract contingencies.
• Tax consequences in contracts.
• Proper contract or loan compliance.
• Identify potential problems with purchasing agreements.
• Avoid liabilities from improper representations or disclosures.
• Interpret courses of action in short sales, foreclosures, and for-sale by owner arrangements.

Regardless of whether you are a seller or buyer needing services of due diligence or title-related assistance, we can manage the process throughout.

Real Estate Issues Involving Divorce

In situations of divorce, marital property is to be equitably divided among the parties, as well as any liability and debt. Often decisions to proceed with divorce are based on financial stress. Experienced real estate counsel may help evaluate or protect clients in situations of foreclosure and assist with negotiating contract modifications with lenders, or facilitating property short sales. Properties may significantly decline in value, resulting in the amount owed on the mortgage to far exceed the current value of the property.

Commercial Real Estate Transactions and Leases

Commercial real estate purchases or sales are increasingly complex and have tax consequences. Documents involved in purchase offers, lease agreements and contracts may be subjected to concerns such as regional zoning, liens, necessary permits, or liability regarding the prior existence of hazardous materials. Recently, those familiar with the commercial real estate market have realized some unprecedented changes in pricing. Many landlords found themselves in dire financial situations amid the recession and drastically reduced lease pricing, yet often added discretely presented terms, charges, and fees within lease agreements. An experienced real estate attorney will ensure clients have a full understanding of agreements and clarity regarding square footage calculation, costs of utilities, and any vague maintenance or repair liabilities.

Partition Actions

One common real estate dispute involves cases of partition. These are suits where one property co-owner requests a court to divide a property between two or more owners. Under Illinois Statute 735 ILCS, property which is co-owned may allow for an owner to file a partition act in circuit court.

Quiet Title Actions

Actions seeking to "quiet" claims on your property from other parties can benefit from legal assistance. You may seek to reaffirm ownership of a property as being "free and clear" by petitioning the validity of another's claim to the property in court.

Transfers and Retitling in Illinois

Titles can be described as a compilation of the rights associated with a property. Closure of a property sale occurs when the title is legally transferred from seller to buyer. Deeds are instruments used for transferring property ownership. Attorneys can review the chain of title to check for unaccounted transfers or ownership claims that were never formally terminated.

For over 35 years, Lucas Law has been working with issues of real estate law. If you have upcoming transactions or concerns, contact the office at 847-381-8700 for a consultation. We serve clients in Barrington, Inverness, Algonquin, Palatine, Cary, Fox River Grove, Kildeer, Wauconda, Island Lake, Lake Zurich, Tower Lakes, Hawthorn Woods, and all surrounding communities.