At Peter Alan Wasem, P.C., we have over 30-years of knowledge and experience in providing comprehensive legal representation involving real estate, representing both sellers and buyers in residential and commercial real estate transactions. Although Illinois law does not require engaging an attorney for real estate transactions, having an attorney to represent your interest may be crucial for consummation of a successful transaction.
We partner with Chicago Land Agency Services as an agent for Chicago Title Insurance Company, and maintain a relationship with Fidelity Title Insurance Company, to provide both sellers and buyers with the strength and security of an established title closing.
Residential Real Estate Services
- Contract Review and Negotiation. Review of the contract, and if permitted under the terms of the Contract, negotiate and prepare needed changes with Sellers or their counsel;
- Inspection. Managing professional inspection matters, including request for repairs;
- Critical Dates. Monitor critical dates set forth in the Contract, including contingency deadlines and send notices requesting extensions of deadlines or cancellation of the Contract, if necessary;
- Lender Coordination. Working with lender, if any, on loan approval, including title matters and any closing related matters.;
- Title. Ordering and examination of title, including reviewing title commitment and resolving title defects, liens, encroachments, or encumbrances prior to closing;
- Walk thru. Managing and resolving any final walk thru inspection matters;
- Closing. Schedule and attend the closing, including reviewing the loan documents, if any, to confirm the interest rate and payment period conform to your mortgage loan commitment and reviewing seller’s closing documents for compliance with the Contract, including the closing and title insurance requirements and review of the final closing statement of Seller and your lender.
Commercial Real Estate Services
In addition to the residential services listed above:
- Transaction Structuring. Negotiating and drafting of sale and purchase agreement (PSA) for office buildings, retail centers, industrial properties, and multi-family units;
- Due Diligence Support. Reviewing environmental reports, zoning ordinances, existing commercial leases, and structural surveys;
- Commercial Leasing. Drafting, reviewing, and negotiating retail, office, and industrial lease agreements for landlords and tenants;
- Financing. Assisting with commercial loan documentation requirements and reviewing loan documents.
- Entity Formation. Setting up of specialized LLCs or corporate entities to hold fee simple title to property.
- 1031 Exchanges. Managing and coordinating 1031 or like-kind exchanges.