YOU CAN TRUST FOR REAL ESTATE REPRESENTATION!
William P. Drew III has represented clientele on numerous real estate
matters for over Ten Years, including residential sales and
purchases for both new construction and re-sales, commercial sales
and purchases, land trust transactions, foreclosures, estate
transactions, tax sales, land-sale contracts, lease agreements,
parking space purchases, sales and purchases of town homes and
condominiums, vacant lots and much more. Real estate is often your
most important and valuable investment, and that is why you need
lawyers you can trust! Call or Contact William P. Drew III to handle all
your real estate transactions.
FREQUENTLY ASKED QUESTIONS FOR
REAL ESTATE REPRESENTATION
Why do I need an attorney to represent me on a residential
The attorneys at William P. Drew III provide legal services for the
sale of residential real estate and much more. Legal documents are
drafted when you sell your real estate, including the deed, bill of
sale, affidavit of title and numerous other instruments. William P. Drew
III has been drafting legal documents for over ten years for
residential real estate sales. Moreover, as an experienced real estate
attorney, William P. Drew III will advise and counsel you on the necessary
contract terms and provisions to successfully close the sale of your
home. We carefully review all title, mortgage pay-off and survey
issues before the closing to avoid unexpected surprise and
inconvenient delay. We are available to answer all your real estate
questions. Are fees are affordable and reasonable. At William P. Drew
we know your time and money is of huge importance, and we represent
you from start to finish on the sale of your real estate to assure a
smooth and financially rewarding closing.
Why do I need an attorney to represent me on a residential
When making a purchase of an existing residence or if you are
going new construction, you should retain an experienced real estate
attorney, like Bill Drew, who will review your contract,
recommend all necessary changes thereto, advise you on financing
issues, counsel you on matters affecting title and insurance, and
represent your legal interests at the closing. We know that the
purchase of your residence is a major event and a huge investment.
Our experience and professionalism will enable you to make sound
investment decisions resulting in a smooth start-to-finish closing.
Furthermore, William P. Drew III has many contacts and resources to
further enhance the success of your entire real estate transaction.
What are the fees for representation?
We charge flat fees for the basic representation on sales
($395.00), re-sale purchases ($395.00), and new construction
purchase ($450.00 ). For any and all specialized transactions or
non-basic representation, our fees are based upon an hourly rate of
What is the best way to obtain a Lender?
Word of mouth and reputation. We work with reputable lenders.
Please inquire with our firm if you need a good lender or broker. In
addition, a little homework of your own will go a long way towards
finding the right lender and financing.
How should I take title to real estate?
It depends on your circumstances. In Illinois, a husband and wife
can hold property in tenancy by the entirety, which provides
additional protection and benefits similar to but greater than joint
tenancy. Tenancy by the entirety gives you the right of survivorship
plus it protects your home from attachment if you or your spouse is
sued individually. You also can hold title to real estate in joint
tenancy with right of survivorship, tenancy in common, in a land
trust or in other kinds of trusts. Bill Drew also specializes in
estate planning - so we can advise you on the best way to hold
When should I hire an attorney to represent me?
William P. Drew III will represent you and your family at any time
during the real estate transaction process. Feel free, however, to
contact us at the start of the transaction before signing legal
documents - so we can provide complete representation.
What do I need to know if I am a first time buyer?
A first time buyer should take the time to carefully consider the
best financing options to maximize the investment of purchasing your
new home. Also, a first time buyer should contact William P. Drew
the beginning so we can advise you on certain Buyer-Beware issues
like performing a home inspection and a full pest inspection; to
carefully consider the issue of property taxes and hazard insurance;
flood zone issues; home repair issues; and, much more.
What do I need to know if am buying a new construction home?
Reputation of the Builder is extremely important. Take the time
to see several Model Homes of the Builder. Speak with recent
purchasers of Homes built by the Builder. Contact the municipality
where you plan to build your home regards bonding requirements and
general information on the Builder. Also, ask the municipality if
the streets in your subdivision are dedicated to the municipality.
It is also important to discuss with the Builder and Municipality
drainage and possible flooding issues in your subdivision. And, ask
if the municipality requires builders to follow a building code for
new construction. Before you purchase new construction, take some
time to educate yourself on the state of the art engineering
components of new homes. Consider issues like plumbing, hot water
heating capacity, heating, air conditioning, ventilation and
electrical. Consider home exterior issues like brick, vinyl siding,
cedar and modern thermal windows, etc… Be aware of drainage issues
related to the foundation and grading of your home. When you do your
homework, the entire new construction process goes smoothly. Of
course, there may be changes or some delays, but try to make the
best of the situation. Your attorney is available to assist when
needed. The whole, new construction experience should be an occasion
to celebrate for you and your family!
What role does a realtor play in the real estate transaction?
A realtor that knows your market can make a huge difference for
you. A realtor can advise you on the Listing Price for your home.
Ask the realtor for a written market analysis, which supports the
Listing Price. Realtors can also help with the contract process by
facilitating the necessary legal documents. In the end, a good
realtor is an asset to the real estate transaction process providing
financial and other rewards.
Do I need a home inspection?
Yes. We recommend a home inspection for the major investment of
buying a home.
A home inspection can make the difference regarding the price you
are willing to pay for your home, and whether you want to make the
purchase. In most cases, people do proceed with the purchase, but it
is very important to know the overall condition of the property that
is going to be your family HOME.
Do I need a pest/termite inspection?
A full pest inspection for termites, roaches and other pests,
which often are not visible to the naked eye, is recommended. The
cost for such an inspection is minimal considering the potential
What is a title report and who pays for it?
A title report discloses any and all matters noted in the public
record against the subject real estate, e.g., liens and
encumbrances, mortgages, covenants and restrictions, judgments, and
easements - to name a few. In Illinois, at residential closings, the
Seller normally pays for the title policy of insurance that is given
to the buyer at closing. However, in Illinois, the buyer normally
pays for a similar but less expensive title insurance policy for the
buyer’s lender – at closing. The title insurance policy insures
against certain covered title issues that may arise after the
What do I need to know if I am buying commercial property?
When buying commercial property you need to be aware of potential
issues pertaining to environmental hazards. The last thing you want
to do is to buy property that will require more expense than planned
for. An environmental study of the property can provide you the
assurances necessary to avoid such things as underground storage
tanks, asbestos and other hazards to the environment. Also, when
purchasing commercial property, you may want to make the contract
contingent upon your review of more information up front, e.g.,
title issues, survey issues, tax issues. In other words, do your due
diligence before the agreement is fully executed.
Law Firm of William P. Drew
1063 E. 9th Street, Lockport, Illinois 60441
Telephone: (815) 838-1440
Real Estate | Estate Planning
| Bankruptcy |
Licensed to practice law in Illinois, all
Illinois courts, and the northern district of Illinois, Federal
Court. Licensed to practice in the Northern
District of Indiana, Hammond Federal Court.
William P. Drew III - Counselors at Law
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