Decatur Real Estate Lawyer
What we can do for you:
The purchase of a home is usually the single largest transaction in which most individuals are involved during his or her lifetime. The attorney’s fees for having an attorney advise you regarding a real estate purchase or sale are usually relatively small. And yet often people take the risk of buying or selling without the advice of an attorney. Unfortunately, many regret dearly their choice not to use an attorney.
If you are buying or selling real estate, you should schedule an appointment with our office to discuss the transaction. We will advise you whether you need an attorney or not and why. We will quote you reasonable fees and not charge for this appointment.
Real Estate law can be a confusing area of the law. Listed below are a few things that might help you to know:
A “title policy” is an insurance policy issued to insure that you will be getting title to the real estate you are buying. Actually becoming the owner of the property you believe you are buying is obviously very important.
A “Standard Real Estate Purchase Agreement” is the contract you initially sign in Central Illinois when buying or selling real estate. It spells out your rights and obligations for the sale or purchase.
When a property is sold “as is,” that usually means that the seller is not responsible for any problems you later have with the condition of the property.
A “warranty deed” is the document by which you acquire title.
A “quit-claim deed” is a document by which a person transfers whatever interest in a parcel of real estate he or she may have without guaranteeing that he or she is actually the owner and that the person listed on the deed is actually getting clear title to the property.
Joint Tenancy is a form of joint ownership that includes the “right of survivorship,” i.e., if the joint owner dies, the survivor or survivors own the property.
Tenancy in Common is a form of joint ownership that does not include the “right of survivorship”, i.e. if one dies, his estate inherits his interest in the property.
Tenancy by the Entirety is a form of joint ownership that includes the “right of survivorship” and one additional element: a creditor of one of the owners cannot get the property in order to satisfy the debt unless the other joint owner also owes the debt.