Law Offices

of Dimitrie Bogdan Umbrarescu

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Home Section Blog Laws The Real Estate Law

The Real Estate Law

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Real estate law is flexible enough to adjust to various economic circumstances. The main concern of the real estate law is protecting the expectations of the parties involved in a real estate contract. Therefore, the parties’ rights and duties depend on the contract signed at the start of the transaction. The contract becomes the law of that transaction. Every dispute between the parties is decided based on the contract.

Most contracts in Illinois have a provision that grants the parties five business days to have a lawyer review the contract. This right is very important because it allows the lawyer to negotiate modifications to the contract.

Each transaction has its own specific facts. For instance, the banks that sell foreclosed properties use their own contract forms with many conditions and requirements that do not exist in other transactions. Therefore, it is important for you to make sure that the contract has an attorney review provision before you sign the contract.

A lawyer’s duties in a real estate transaction are not limited to reviewing the contract and negotiating modifications. From signing the contract until closing, a real estate purchase goes through many steps where lawyers are involved.

A legal field connected to real estate is eviction law. The process of eviction is determined by the civil law and not by the lease. The lease sets only the price and the tenancy period. An eviction is obtained only by court order.

It is important to know that the condominium associations have the right to evict the condominium owners that fail to pay the assessment. In those situations, the condominium association gains the right to possess the condominium unit. This allows the condominium association to lease the unit or collect the rent from the tenants that already live in it. However, the condominium associations do not have the right to sell the condominium unit.

Our office provides assistance in the following situations:

  • Review and negotiation of the residential and commercial real estate contracts
  • Drafting the documents necessary for closing
  • Representing owners in eviction cases
  • Representing tenants in eviction cases
  • Drafting leases
Last Updated on Monday, 01 February 2010 16:40  
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