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!
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Emanuel gets the go-ahead to seize Old Main Post Office
Things are getting interesting over at the Old Post Office again. As I wrote back on February 29, the City is moving to take control of the property to sell it to someone who will develop it. Mayor Emanuel’s plan received approval from the Community Development Commission. The City will now seek bids from developers, which are due by June 8, 2016. Meanwhile, the current owner, Bill Davies, claims that he is on the verge of sealing a deal with “a New York investor with ‘impeccable status and stature‘” to redevelop the property, and that the Mayor’s actions will jeopardize that plan. Evidently, Emanuel is not interested in promises made…
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What The Meaning of “As Is” Is
From time to time, I get a contract in the office where the property is being sold “as is.” Sellers rejoice when they accept an “as is” offer, because they feel secure knowing that the 18 year old roof and 15 year old furnace are not going to cost them during inspection. However, as Lee Corso is fond of saying, “Not so fast, my friend.” As simple a concept it seems to be, “as is” can be tricky. Experience suggests that, more often than not, “as is” buyers still make inspection request. Why do Buyers do it? What is the justification for it? How do we prepare our clients to…
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If It’s Not In Writing, It Doesn’t Exist
We have all heard the saying, but what does it mean for your clients? Let me illustrate by telling you the story of Antonio. After Antonio’s offer on a condo in Lake View was accepted, the seller offered to throw in the $1,500 gas grill on the balcony for no additional cost. At the time, the seller did not want the trouble of moving it. Both agents agreed over the phone to the arrangement, but they did not tell the attorneys, and nothing about the inclusion of the grill was put in writing. Antonio’s agent was familiar with his counterpart, and Antonio trusted that the seller’s agent had everything covered…
