Bankruptcy Lawyer Real Estate Attorney Lockport IllinoisLAWYERS 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 sale?

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 III, 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 purchase?

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 $195.00 per/hour.

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 title!

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 III from 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 downside.

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 closing.

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.

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Law Firm of William P. Drew III, Inc.
1063 E. 9th Street, Lockport, Illinois 60441
Telephone: (815) 838-1440
Fax: (815) 838-1445

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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.

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