Legal Question in Real Estate Law in Illinois

Re: New to Real Estate Investing: Attorney Talk?

The Chicago Bar Association operates an attorney referral service to the general public. Attorneys are pre-screened by the CBA and hold excellent credentials. I can't provide their number on this site because of certain rules regulating this web-site. The Illinois State Bar Association and Cook County Bar Association also have lawyer referral services as well.

Otherwise, word of mouth is typically how one finds attorneys who practice in particular areas of law. Like anything else, it is a very competitive market and prices vary as well depending on a variety of factors (ie. experience, availability, overhead of firm, etc.)

Although a real estate attorney may help you with negotiating to purchase or sell investment property and all that is necessary to have a successful closing, don't forget to have reviewed the property tax implications of owning investment property as well.

A real estate attorney specializing in property tax appeals can give you an analysis to make certain you are not paying more in property taxes than you should. Since real estate taxes are usually a significant expense in any investment property, it is important to have your property's assessments reviewed annually. This could potentially save you a lot of money in the long run.

Re: New to Real Estate Investing: Attorney Talk?

First, get someone who knows real estate; a general practitioner won't do for you. Real estate can be complicated, very complicated. Ask them what percentage of their practice is devoted to real estate, e.g. I would note that "investing" can be very tough. The lenders have tightened up their rules, and unless you have owned a property in excess of a year, you may not be able to "flip" it because the buyer can't get financing. Much more. Good Luck. P.S. I've been doing "deals" for more than 30 years. Good Luck, again! You'll need it.

Re: New to Real Estate Investing: Attorney Talk?

One can never guarantee that another has their best interests at heart, of course. But like the others, I suggest you get an attorney referral by word of mouth or one of the mentioned attorney referral services. Also, no one can guarantee the success of your new venture, as you know.

Having said that, meet with the attorney(s) and see what your gut feeling is. I would suggest having thought out your end before you meet with the attorney(s). In other words, how much do you have to invest? Is it liquid or will you borrow it? What's your risk aversion? How much time do you have to get started? Are you willing to spend some up front? Do you want to "flip" or rent property? Are you interested in residential or commercial? Those are the types of questions you need to ask yourself.

Then after you meet with the first attorney, take his/her recommendations to the next attorney(s) and see what they say about it. Do this until you're comfortable and/or there's a consensus about what to do, because there are almost as many different real estate investing models as there are people. Good luck!