Tinley Park, IL Real Estate Attorney

Skilled Real Estate Lawyer for Asset Protection and Short Sales in Tinley Park

Purchasing or selling real estate comes with risk. Whether you are looking for a home to settle into or a source of passive income from a multi-family rental unit, a property that has not been thoroughly vetted can set you back thousands of dollars due to unexpected issues. If you do not follow the proper steps when selling your home, you could experience disputes or lose money. A real estate lawyer can be your best advocate, ensuring that your rights are secured with minimal stress on your end.

The attorney at The Sherrod Law Firm, Ltd. combines professional experience with a personable attitude, working with clients in Tinley Park, IL to address and resolve any real estate concerns. We can provide the legal guidance you need to protect your interests during real estate transactions or when addressing other issues that may affect you.

What Is a Short Sale?

A homeowner who has experienced financial problems may seek a short sale as an alternative to foreclosure. When doing so, they will put the property up for sale at a price below what is owed on the mortgage. This requires approval from the mortgage lender. The seller may either be required to pay the remaining amount owed on the mortgage, or in some cases, the debt may be forgiven.

A short sale can help preserve a homeowner's credit. A foreclosure can put a severe dent in a person's credit score, potentially affecting their ability to find housing or purchase a vehicle in the future. A short sale may still have a negative impact on a person's credit score, but in most cases, it will be less impactful than the loss of a home through foreclosure. Our real estate attorney can help homeowners negotiate with lenders to complete short sales while minimizing their financial losses and the impact on their credit.

For prospective home buyers, a short sale may present an opportunity to purchase a house at less than the market value. Because of this, short sales may lead to competition from other buyers. Other concerns may also need to be considered, such as the condition of the home. With skilled legal representation, buyers will be in a favorable position to complete these transactions successfully. Our real estate lawyer will move swiftly to work out the terms of a short sale while keeping clients informed every step of the way.

Tinley Park Real Estate Lawyers for Asset Protection

For people who are looking to transfer property to their heirs after their death or who want to make sure their investments will be secure, asset protection can be crucial. An irrevocable trust created with the assistance of a real estate attorney may be a beneficial option. Once established, the terms of an irrevocable trust cannot be modified without the permission of the beneficiaries. This can be an invaluable method of protecting property against creditors and any other claims.

Land trusts can also be effective methods of asset protection. With a land trust, multiple parties may share ownership of a property, which can provide benefits for real estate investors while protecting against risks.

Another benefit of establishing a trust for real estate property is that it will allow assets to be transferred to beneficiaries outside of the probate process, which can be time-consuming and expensive. Establishing an irrevocable trust can preemptively settle any disputes about how ownership of property will be handled in the future.

Transfer on Death Instruments and Non-Probate Transfers

Property owners will often take steps to ensure that their loved ones can inherit their property as part of their estate plan. One effective way of transferring ownership is through a transfer on death instrument. These arrangements allow for the quick and simple transfer of real estate property while avoiding probate. People who are looking to establish transfer on death instruments will need to make sure to follow the correct legal procedures so that their assets can be distributed correctly.

A bond in lieu of probate is another solution that can allow inherited property to be sold without going through the probate process. This type of bond can be created through a title company, and people who are involved in these types of transactions can work with an attorney to make sure all legal concerns related to the sale or transfer of property are handled correctly.

Contact a Tinley Park, Illinois Real Estate Lawyer Today

Whether you are considering selling your property or you want to safeguard your assets for future generations, the attorney at The Sherrod Law Firm, Ltd. will meet you where you are and provide guidance grounded in real experience. Clients of our firm have often returned for help with other legal matters, and they have praised our "responsive, fast, and knowledgeable" legal services. Attorney Constance R. Sherrod has been serving clients throughout the greater Chicago area since 2007, and she is ready to help you address any legal concerns related to real estate that you may encounter. For a free consultation, contact our office online or call 312-321-6910.