Let’s face it — law firms are often considered pretty stale and boring places. Although most things surrounding the law are serious, like big real estate purchaes, there are ways to make the experience less drab and a little more enjoyable. Patrick Loftus understands this more than most lawyers. By taking a highly personal approach with his clients, Patric has found a way around the bore. While most law firms rely on suport staff to be the primary contact with clients, and their clients may not have a single conversation with their lawyer until the day of closing, if ever, that is not the case with Patrick. “Each one of…
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LoftusLaw Goes To London
In another departure from the topic of real estate, I am pleased to report that LoftusLaw (basically just me) had the honor of spending a week in London, UK soaking in the sites and learning about the UK legal system and the legal traditions we share with our brothers and sisters across the pond. I would like to give a huge thanks to the Chicago Bar Association, and especially Beth McMeen for organizing the trip. It is no small feat to get over 100 attorneys and their guests moving in the same direction for three straight days! The highlight of the trip was a banquet at the Inner Temple Main Hall.…
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3 Negotiaton Strategies Sellers Can Use To Walk Away From Closing With More Money
Once you receive a decent offer for your home, you and the potential buyer will probably make the price the main focus of your negotiations. As important as the price is, it is not the only contract term that determines how much money the Seller will walk away with from the deal. Because the Buyer will likely be so singularly focused on the price, you may be able to gain valuable concessions from the Buyer along the way without much argument. Here are three strategies you can use increase your bottom line without making a change to the purchase price. Tip #1 – Tax Credit Percentage A frequently overlooked contact term that directly affects the seller’s…
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Why Should You Hire An Attorney To Buy or Sell Your Home?
Answer: Because you do not want to risk flushing your money down the toilet. You have probably heard people say that you don’t really need a lawyer for a real estate transaction. Or you may be under the impression that real estate closings are easy for lawyers, and your real estate lawyer really isn’t doing much other than collecting a check at closing. To be honest, I hope and pray that your lawyer does not have much to do, because a smooth transaction makes the herculean task of moving a lot less stressful. Unfortunately, most real estate transactions will involve some unexpected hiccups, and that’s when having an…
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Closing Costs Part 2 – Title Charges
In the second installment of my series on closing costs, I will tackle title charges. Generally speaking, when you buy or sell a home, the closing of the transaction takes place at a title company. The title company has two main roles: 1. escrowee and 2. issuing title insurance. As escrowee, the title company receives funds from the buyer and lender and disburses the money at the end of the closing based on the parties instructions. Title insurance insures the buyer’s clear title to the property. Title companies don’t work for free, so there are some costs associated with the services they provide. Escrow/Settlement Fee This fee is for the title…
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Estimate Your Closing Costs – Part 1
If you have ever bought or sold a home, you know that there are all sorts of charges that you incur in addition to the purchase price, which are known to most as “closing costs.” We all know about them, but estimating the final number can be elusive if you are not familiar with the process. In the next four emails, I am going to shed some light on calculating the closing costs, so that you can better understand what the home is really going to cost you as a buyer or what you can expect to walk away with as a seller. Real Estate Taxes The real estate tax…
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The Five Questions To Ask Your Real Estate Attorney First
How much do you charge? This seems like a no-brainer, but I am surprised at how often people do not ask me during the introduction phone call. There is no reason to be shy! No one expects the attorney to work for free, but you need to know that the cost is within your budget. Is it a flat fee or hourly? Hint: it should be a flat fee for a standard real estate buy or sell. Does the attorney front costs to be reimbursed at the closing, or do you have to pay as you go? Do not leave the cost as a mystery to be solved at the…
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How To Hire A Real Estate Lawyer
My friends at avvo.com wrote a nice little guide for those of you who are in the market for a real estate lawyer. Check out the guide here. It’s definitely worth checking out if you want an anxiety free way to get some questions answered. Another anxiety free way to get your real estate law questions answered is to email me at patrick@loftus-law.com or call me at 773-632-8330. Telephone consultations are done free of charge! See what my clients have to say about me!
