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Wheaton, IL real estate attorneysThere are a number of reasons that you may want to purchase a home that is being sold by the owner. It could be that the property has everything you have been looking for, or it could simply be a desire to complete an expedient purchase. Whatever the case, there are some risks that you should be aware of, and some factors you should consider, when purchasing a "for sale by owner" (FSBO) property. These risks and factors - and how you can effectively manage them - could prove to be crucial.

You May Have to Do Some Leg Work

Real estate agents are paid (and trained) to address many details for both the buyer and the seller. A FSBO owner, though interested in selling their property, does not have the same knowledge or experience, which means they may fail to provide you with important information. This oversight may not necessarily be intentional, but it is something you should be aware of. Furthermore, FSBO owners may lack the organizational skills needed to complete paperwork in a timely manner.

Be prepared for possible delays and never agree to anything until you have done your homework. At the very least, this should include an investigation on any previous insurance claims filed on the home, a market analysis of the area, research on zoning details and specific details of the property, and an experienced real estate attorney who can protect your interests by examining the contract and other details of the transaction.

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Illinois house shopping, DuPage County Real Estate AttorneyPurchasing a new home can be both exciting and intimidating. Looking at different real estate listings, daydreaming about your ideal home, and gathering different decorating ideas can be fun. However, dealing with the financial requirements and trying to understand the real estate and legal jargon can be confusing. Therefore, consulting with your own DuPage County real estate attorney when you are ready to make the move is essential.

There are several common mistakes made when shopping for a new home, and knowing what those mistakes are can help you avoid those pitfalls.

Mistake #1: Looking Before You Are Ready

The first factor to consider is if you are really ready to purchase a home. Although you may prefer to build equity each month instead of handing your money to a landlord, most real estate specialists agree that if you are planning on moving away from the area in which you are currently living, then you should avoid purchasing a home until you know where you will be settling. If you purchase a home now, you may not be able to resell or rent the home when you move away.

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DuPage County real estate lawyersIf you are planning to build - be it a custom home, subdivision, or mini mall - there are some rules and regulations that you will have to follow. Known as land use and zoning ordinances, these laws restrict what can be built where. Highly complex and esoteric, these laws can make or break your land development or building project. The following information can help you understand the basics.

Why So Many Rules?

Zoning laws and land use regulations were first adopted in New York City in 1916. Since that time, they have been adopted by almost every state, city, and county. Their purpose is multifaceted, covering a wide range of social, environmental, and even appearance issues, including:

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Illinois purchasing commercial real estate, DuPage County Real Estate AttorneyOne of the most exciting steps a small business owner can take is purchasing a piece of commercial property in order to expand his or her business. Whether the purchase is because the business is expanding and needs a bigger facility or the business is generating more than enough income to go from renting commercial space to owning it, the excitement can be akin to a person purchasing their first home. However, it is critical for any business owner to do due diligence on any commercial property they are considering buying.

The first step a potential buyer should take is to hire a title company to ensure the property has a clean title. A title company search can reveal actual owners, any liens, any covenants, any easements, or other restrictions which could hinder plans for the property.

It is also important to hire an independent company to perform a survey of the property. Establishing boundary lines, right-of-way easement, and access roads is a critical step in due diligence.

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purchasing your first home, DuPage County Real Estate AttorneyOne of the most exciting experiences for a person or for a couple is the purchase of a first home. After years of working hard and saving towards that down payment, it can feel very rewarding to actually sign on the dotted line and become a homeowner. However, the process is not without the occasional hiccup—and headaches. Therefore, following a few tips can help the purchase go smoother.

What is Your Credit Score?

One of the first steps a potential home buyer should take is to check his or her credit. Financial institutions put a heavy weight on a person's credit score when it comes to deciding how much—or if—they will approve a mortgage.

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