What Makes Real Estate Transactions in Illinois Unique?

What makes Illinois unique? Almost too many things to name!

For one thing, our state is the one true “Land of Lincoln” (sorry Kentucky), playing home to Honest Abe when he worked as an attorney, a state legislator, and a member of the U.S. House of Representatives.

Or, how about this. Did you know Illinois is one of the only places in the world with a river that flows backwards? That it’s the birthplace of the Twinkie? Or that the Prairie State is home to world’s largest bottle of ketchup?

Bottom line? There’s a lot that makes Illinois, and its crown jewel, the city of Chicago, absolutely one-of-a-kind. From its legendary baseball teams to the fact that it houses some of the most iconic food, art, and architecture in the world, there’s no place like Chicago – or all of Illinois, for that matter.

And that uniqueness extends into the world of real estate, as well.

There are all sorts of unique wrinkles, regulations, and precedents that make buying, selling, renting, or developing property in Illinois a totally unique experience compared to the rest of the country. This is particularly true in Chicagoland!

In Chicago, for example, the real estate markets just work differently, as any broker would be quick to tell you. Neighborhoods have unique housing markets, and the city and the state go through ups and downs that are often totally out-of-step with the national market, for better or for worse.

Illinois and Chicago also have distinct property tax laws – complete with unique assessment methods and mechanisms that are, in many ways, totally unique to the state.

We could go on and on. For example, we could discuss how, in Illinois, you may have the ability to register your property as a homestead and put it off limits to creditors. Or we could dive into the many real estate laws that are unique to Chicago, including laws related to:

  • Lease and rental agreements
  • Disclosures
  • Condominiums
  • Commercial development

The list goes on and on, and the specifics for every transaction will be a little bit different, depending on the unique needs of the buyer, seller, or developer.

But the main thing to remember is this: Whether you’re a family looking to purchase or build your first home, a company opening up residential properties, or a commercial developer hoping to break ground on a new project, moving a project forward will mean making sure that the right papers get to the right places, with the t’s crossed and the i’s dotted. It will mean navigating all of the unique laws and codes that we’ve already discussed. And, in many cases, a successful real estate transaction will mean having to deal with any number of different parties – from zoning boards to historical commissions, licensing boards to easement granters.

For all these reasons and more, attorneys are typically considered to be essential players when it comes to Illinois and Chicago real estate transactions.

From the simplest home or condo sale to the most complex development deal, experienced real estate attorneys are vital partners in the real estate game, who will be able to handle paperwork, coordinate schedules, and so much more.

From paperwork to negotiations, the little things can have an enormous impact, affecting your financial goals in the short and long term – including tax liabilities, access to funds, estate transitions, and more.

Here at Gunderson Law Firm, our team eats, sleeps, and breathes all things Chicago. From rooting on the Cubs, to sampling everything the foodie scene has to offer, to getting involved with local charities and community organizations, we love our city. We know what makes it tick, and we’re happy to share our deep insights and experience with first-time home buyers, sellers, property management companies, and real estate brokers.

We can help handle:

  • Residential and commercial purchase & sale agreements
  • Mortgage conveyancing
  • Property tax appeals
  • Landlord/tenant disputes
  • Pre-marketing planning consultation
  • Litigation
  • Leases, including title examinations and advice on insurance and financing

Have any questions? You know where to find us! Drop us a line by email or phone to get the conversation started.

2018-08-21T12:15:32+00:00 August 23rd, 2018|Community|