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IL real estate lawyerIf you are a first-time homebuyer, there are many legal terms with which you may not be familiar. In residential real estate terms, a deed is a document that proves the transfer of a title of a specific property from one individual to another. A title is the legal right to use and alter the property if the owner so chooses. With a title, the owner can also transfer interest or any portion to others through the deed, which represents the right of the owner to claim the property. The main difference is the title describes or names the primary holder of the property, whereas the deed is the official legal document that is filed.

The Importance of a Title

There is an old saying, “What is in a title?” Basically, title is the legal term that refers to ownership of something. It may be helpful to think of the word “entitle,” which means having ownership or control over something. In real estate, that would be property. A title is a very important element in residential real estate transactions. When a person holds a title to a home, they possess the legal rights, ownership control, and responsibility of that house. Titles can be held by a single person or by two or more individuals, such as a married couple or an adult and his or her parents. It is important to note that titles can also be held by corporations, organizations, and trusts where all the involved parties share certain ownership rights.

Details of the Deed

A deed is the actual paperwork that is signed by someone who is selling or transferring over the rights to their property, and this person is typically known as the grantor. The person buying or taking possession of the home is referred to as the grantee. The deed includes the names of the property’s seller and the buyer, and the seller must sign it to confirm the transfer of ownership.

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IL real estate lawyerCommercial and residential real estate matters can be complicated since they often involve a lot of paperwork and legal terminology. However, it is important to understand all of the terms to avoid losing time or money. One such real estate issue many people may not be familiar with is a mechanic’s lien, which is a legal document that is filed against a house or other similar type of property. Mechanic’s liens are a means by which subcontractors and suppliers can seek payment for upgrades or enhancements that were performed on a property if they are not getting paid per the terms of their contracts.

Making Home Improvements

Homeowners can face a mechanic’s lien even if they do not miss repair or home improvement payments. For instance, if you have your kitchen remodeled and the contractor does not pay the material supplier, that individual or company can put a lien against your house as a way of recovering the money they are owed. You are then responsible for paying any subcontractors, suppliers, or workers for their labor (time) and materials.

Many homeowners do not know that even if they already paid a contractor for work, if the other parties or tradesmen involved in the project are not paid by the main contractor, the subcontractors can come after the property on which the work was performed, such as a house. Ultimately, if you own a home, you may be required to pay for the work a second time, or worst-case scenario, you may have to sell your house if you cannot afford these extra costs.

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divorce, DuPage County real estate attorneyFor a dedicated real estate broker, there are few things that as satisfying as helping a client buy a new home or to sell a home at a substantial profit. In many situations, the same broker can help a client with both deals at the same time—selling their current home while buying a bigger and better home for the future. At some point, however, most real estate professionals will eventually find themselves caught in the middle of a contentious divorce—one where the couple is being forced by the circumstances to sell their marital home. To manage such a situation, many real estate agents have developed strategies to help them thrive in what has become known as the “divorce niche” of real estate.

Be Very Patient

If you are going through a divorce, you want the proceedings to move as fast as possible without compromising your best interests. The same holds true for a real estate broker who is trying to help you sell your family home. Selling a house is difficult under the best of circumstances, and the added complications of the divorce can slow things down even more. Your agent might need to get approvals from both you and your soon-to-be ex-spouse, which is often very challenging if the divorce has turned bitter. Therefore, you and your broker will need to be extremely patient as you work on selling your home.

Keeping the Divorce Talk to a Minimum

While your divorce may be the only reason that you are selling your home, your potential buyers do not need to know that. In fact, many agents say that it is a good idea to avoid mentioning your divorce to prospective buyers altogether. If you tell a buyer that you are only selling because of a divorce, it may create the impression that you are desperate to make a deal. In turn, this could lead to lower bids and increased demands from buyers looking to capitalize on a perceived opportunity.

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