Buying a house or new business in Illinois is typically an exciting experience. From start to finish, bringing real estate transactions to fruition can take months. When problems arise, buyers and sellers may suffer substantial delays. One thing everyone typically hopes for, but don't always get, is a smooth closing.
Vacant buildings dot Illinois urban landscapes as many others do in cities throughout the nation. Such structures can become eyesores if left unattended for extended periods of times. A developer in another state had plans to renovate a particular building and bought it from a city in another state. The same developer has since filed a lawsuit, however, claiming that city officials committed a breach of contract.
It is not uncommon for many Illinois residents to be involved in the buying or selling of commercial real estate at some point in their lives. Often, such real estate transactions can be quite complex, and the processes therein can become intimidating for those involved. When a dispute or legal argument arises under such circumstances, it is often necessary to contact a business and commercial law attorney for help.
Many people in Illinois enter into agreements and contracts for the buying and/or selling of privately or commercially owned property. Some real estate transactions don't involve the purchase of property per se. Rather, they contemplate the exchange of property between property owners. A recent intergovernmental agreement includes the University of Illinois and the town of Normal.
In Illinois and all other states, business deals occur on a daily basis involving the buying and/or selling of real estate properties. Illinois residents will want to know that there is legal counsel available to those who need it regarding real estate transactions in the state. Transactions involving business properties often pertain to areas of both state and federal law. Accordingly, it is typically beneficial to consult with an experienced attorney before proceeding into litigation or entering into a contract of any kind.
The tenant of a commercial space has possession of the office, workspace or storefront, but the landlord still owns the place. Most landlord-tenant relationships go smoothly in Illinois, but sometimes landlords feel they must evict a commercial tenant.
In a recent blog post, we discussed the obligations commercial and residential property owners have to disclose certain conditions of the property before selling it. You can read that blog post here.
When an individual or business buys a piece of real estate, they generally look around the property first to see if it will meet their needs. However, a walk-through inspection of a building will not reveal defects and problems that lie inside the walls, roof, floor or other key elements.