Chicago Real Estate Attorney Michael V. Favia & Commercial and Residential Real Estate Contracts
Commercial and residential real estate contracts contain the terms of agreements and the rights and duties of the parties named in the contract. Commercial real estate deals are focused on making money and investing in future equity and property values. Residential real estate deals protect the homeowner buying or selling a home to individuals and families.
Chicago Real Estate Attorney Michael V. Favia Has the Experience and Connections to Advise and Represent Commercial and Residential Investors, Buyers, and Sellers in All Real Estate Contracts and Litigation. Call Michael V. Favia & Associates at (312) 609-6666.
Commercial real estate contracts to purchase or sell businesses and income-generating offices are structured around agreements about investments and the rate of return on those investments. The deals that fund investments in commercial real estate ventures often involve multiple people, and sources of money and loans. Like a chain is only as strong as its weakest link, a complex commercial property deal is only as strong as the ability of the parties to perform their duties and obligations. Insurance policies can protect business interests but there are potential legal liabilities there as well.
Residential real estate contracts for home purchase and sale also have conditions, rights, and duties. The buyers and sellers who are parties in a residential real estate contract, also have legal liability. A purchase contract to buy a home has contingent clauses to protect the buyer’s rights. For example, contingency causes can require property inspections, insurance, and a list of repairs to be made complete before the real estate closing.
See Our Article: Real Estate Checklist for Buying a House
The Favia Law Firm has a Focused Niche in Healthcare Practice, Including Commercial Office Space Deals for Doctors, Dentists, and Healthcare Professionals as Individuals and Organizations.
Commercial and Residential Real Estate Services at Michael V. Favia & Associates
A contract review is important in any real estate agreement. For example, a doctor or dentist investing in a commercial property opportunity, or leasing space for a new office serving patients, has a right to a fair deal in their best interests. All the terms of a deal are subject to negotiation. Especially when investing significant money, it is important to protect yourself and be shielded from legal liability whenever possible.
Contract negotiation for commercial and residential real estate deals should be conducted by experienced real estate attorneys who know what happens when contract terms are not measured and tested. If something goes wrong, you need to make sure your assets are protected, especially if you need to sue in court and litigate over a good deal gone bad.
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Business Agreements and Real Estate Contracts
In a real estate contract, such as a commercial property investment, there are often third-party business agreements among investors. Regarding outside contracts that could affect your real estate deal, all you can do sometimes is protect your investment and shield yourself from liability. Your commercial and residential real estate attorney can show you how to invest, buy, and rent properties in a way that reduces your risk of loss when something happens with a business agreement you cannot control.
Illinois Real Estate Law
Real estate contracts are enforceable based on statutory law. Illinois real estate law involves statutes and case law of decisions interpreting the law as applied to facts and circumstances. When the terms of a real estate contract are in dispute or one or more of the parties to the contract is not performing their legal duties, it might be necessary to litigate.
In many cases, a lawsuit does not need to be filed in court. Other times, the lawsuit must be filed to protect your interests. During settlement negotiations, the parties in a dispute make decisions based on how much they are willing to spend to get what they want, and when to settle and save more than they can afford to risk.
Legal Liabilities and Duties in Real Estate Contracts
When negotiating a commercial or residential real estate contract, it is important to protect yourself and your family from legal liability if something goes wrong in your purchase, sale, or investment in a commercial real estate venture. Insurance policies, indemnification clauses, liquidation of damages clauses, and more tools are used by experienced commercial and residential real estate attorneys to protect our rights and duties.
Buyer and seller purchase agreements, short sale transactions, and other real estate contracts impose legal liabilities and questions that a real estate attorney can address. Michael V. Favia and his Favia Law Firm associates, and contacts, are important when protecting yourself and your money.
Rental Agreements for Commercial and Residential Real Estate
Many real estate investors start with a residential apartment, such as a two-flat where they live in one apartment and rent out the other to help cover the mortgage and insurance on the property. The idea of having rental income is great, but sometimes the experience can be challenging. If for example, your tenants do not pay or cause damage to the property, you may have unexpected expenses from time to time. Talking to your real estate attorney about protecting yourself and your investments is important.
Land Development and Construction Agreements
People love new land developments. Families with children love buying land and choosing the home of their dreams. Whether you are the family or a business partner in the land development deal, there are all kinds of issues that can arise.
For residential homes in new developments, your realtor can work with your real estate attorney to make sure that all the terms in your land development and construction agreement are favorable to you and provide legal recourse if something goes wrong.
Chicago Commercial and Residential Real Estate Attorney Michael V. Favia and his Team at Michael V. Favia & Associates, P.C. in Chicago and Rolling Meadows Can Advise and Represent You and Your Interests in Real Estate Contracts (312) 609-6666.