Client Login

Law Offices of T. Nicholas Tyszka, L.L.C.

Chicago's Real Estate Law Firm
(312) 488-1250

HOME     |     OUR FIRM    |     ATTORNEYS     |     PRACTICE AREAS     |     LEARN   |     FIRM NEWS     |     CAREERS     |     CONTACT US

HOME: Learn: Frequently Asked Questions

Learn

Frequently Asked Questions
The following questions are often posed by clients contemplating a real estate transaction. While it is always a good idea to get case-specific information, here are some commonly asked questions:

    Do I need a real esate attorney if I have a broker?
    A broker and an attorney have different functions. Under Illinois law, a broker cannot contemporaneouly act as your attorney in a transaction (even if they are a lawyer). Alternately, a broker who is not an attorney could not provide legal advice for a real estate transaction. A non-lawyer providing legal advice would constitute the unauthorized practice of law.

    Do I need a broker if I have a real estate attorney?
    As previously alluded to, a broker and an attorney have different functions. Whether or not you need a broker will lagely depend on whether you have already identifid a buyer for your property. If you have not, it may be advisable to engage a real etate broker to market the property. Most brokers will paticipate in a multiple listing service (MLS), which will provide a great deal of marketing exposure for your property.

    What costs should I expect to incur when using a real estate attorney?
    When representing a Buyer, a real estate attorney typically gets paid solely through the attorney fee billed. When representing a Seller, a real estate attorney will often get paid an attorney fee and also a fee for arranging and issuing a title insurance policy.

    How do real estae attorneys get paid?
    For residential transactions in Illinois, many attorneys will charge a flat-fee (presuming that the transaction runs smoothly). Commercial transaction are commonly billed by the hour.
         Attorneys may also serve as an agent for the company issuing title insurance. When an attorney is profiting from this arrangement, it must be disclosed to a client in writing. The fees paid to issue a title policy often help to offset that an attorney who bills at an hourly rate of $400 or $500 may charge a flat-fee for a closing. Even the simplest of real estate transactions will take longer than one hour of work.

    Do I need to buy new title insurance if I quit claim a property?
    Maybe. The answer will depend on a number of things, including when the original title policy was issued and what coverage was extended. Other factors include who is currently in title and to whom the property is being deeded.

    Are there special requirements for FHA loans?
    Yes. Click here for more information.

For more information on how we can help you with your real
estate-related matter, please call us at: (312) 488-1250.

 
 


191 N. Wacker Dr.

Office Location:
191 N. Wacker Dr., Suite 2300
Chicago, Illinois 60606-1633

Telephone:
(312) 488-1250

Facsimile:
(312) 488-1251

HOME

OUR FIRM
  Doing Good
  Firm News

ATTORNEYS
  T. Nicholas Tyszka

TITLE SERVICES
  What Is Title Insurance?
  Common Questions
  Our Affiliations
  Rate Cards

LINKS

PRACTICE AREAS
  Real Estate Transactions
      Closings
      Refinancing
      Short Sales
      Land Trusts
      Self-Directed Real Estate IRAs
      1031 Exchanges
  Real Estate Litigation
      Pre-Closing & Post-Closing
  Property Tax Appeals
  Condominium & Community Associations
  Zoning & Land Use
  Landlord/Tenant
      Lease Negotiation & Drafting
      Evictions
  Eminent Domain & Condemnation   Construction Law & Mechanic's Liens
  Foreclosure Defense

 

LEARN
  Illinois Laws & Chicago Laws
  Frequently Asked Questions
  Forms & Glossary of Terms
  Buying 101 & Selling 101

THE VALUE OF AN ATTORNEY IN A REAL ESTATE TRANSACTION

REALTOR® RESOURCES

WHAT'S HAPPENING IN ILLINOIS REAL ESTATE LAW

UPCOMING EVENTS

CONTACT US
  Telephone, Fax & E-mail
  Office Location
  Social Media

CAREERS

Site Map  |  Attorney Advertising
Disclaimer  |  Privacy Policy




© Copyright 2023.
All rights reserved.

Law Offices of T. Nicholas Tyszka, L.L.C.

191 N. Wacker Dr., Suite 2300
Chicago, Illinois 60606-1633
Telephone: (312) 488-1250

DMCA.com

FacebookLinked InTwitterGoogleMantaRSS