Real Estate

Whether you are in the market to sell or purchase a new home, the real estate process can be overwhelming and complex if you attempt to do it on your own.  At the Law Office of Maria Pavone Macek, I will work hard to make sure the process moves along seamlessly for you.  Here, I answer some commonly asked questions, but if you have a more specific questions, please contact us today at 708-417-8511 or email me at pavonemaceklaw@yahoo.com

What is a real estate transaction?

A real estate transaction is described as the legal process of transferring ownership of property from one party to another. Real estate transactions may involve commercial or residential property and may range in value depending on the worth of the property.  Many actors are involved in a real estate transaction and could include:

• Real estate attorney

• Real estate broker

• Real estate agent

• Seller

• Buyer

• Mortgage Lender

• Home Inspector

• Title Company

 Who is involved and how the process flows are often dependent on state law and regulations.

How can an attorney help with a real estate purchase or sale?

Purchasing or selling a home or commercial property is a complex transaction.  It is also most likely one of the largest financial transactions you may deal with in your lifetime, making it all the more important to ensure that your interests are properly protected.  A real estate attorney can help by guiding you through every step of the transaction, conducting a deed and title review, reviewing and explaining all documents before you sign and otherwise protecting your legal rights.  This can facilitate a faster and more beneficial transaction while avoiding costly, unnecessary delays or expenses.

What is attorney review of the real estate contract?

Attorney review period refers to the time frame within five business days after date of acceptance that buyers and sellers can hire an attorney to have them review the contract, and either party can cancel the contract for any reason other than purchase price or suggest modifications to it.  

Is litigation the only option to settle real estate disputes in Illinois?

Litigation is rarely the only option for real estate disputes.  Mediation is typically available and highly recommended.  Mediation is usually less time consuming and less expensive.  It allows the parties a say in how the matter is settled.  If mediation fails, litigation is always available.  

Estate Planning

Law Office of Maria Pavone Macek is an excellent source for your Estate Planning needs.  I pride myself on creating a comfortable environment where my clients feel cared for during the emotional aspects of planning their family and estate.  No matter your age or circumstances virtually all people can benefit from the peace and mind and security that comes with a carefully crafted tailored estate plan.  To schedule a time to speak with me about your estate planning needs, please call The Law Office of Maria Pavone Macek at 708-417-8511 or request an appointment online.

Why should I prepare an estate plan?

Who do you want to inherit your property?  When do you want them to receive it?  In what proportions and under what conditions?  If you choose not to plan and make these decisions, the State of Illinois will decide for you (this is called intestacy).  Your default beneficiaries will be based on whether you were married and who among your descendants or other relatives are still living.  Generally, your assets will go to your closest living relatives.  No assets will be distributed to charities that you regularly supported in life, and no consideration will be given to how close you were to a particular relative.  For example, you may not have spoken to your brother in decades but you do have a close relationship with your brother’s son.  Despite your estrangement from your brother, if he is your closest living relative, he will get an inheritance and your favorite nephew won’t. Property is generally distributed outright in intestacy.  This may not be the best option for your heirs, who may not be able to manage the inheritance, may be in the middle of a divorce or bankruptcy, or may be underage.  Planning now gives you the opportunity to choose your beneficiaries and how they receive their inheritance. Finally, if you have minor children, you can designate who you would like to raise your children after your death.

What is probate?

Probate is the formal, court supervised procedure to identify all assets owned by a deceased person (a “decedent”), identify the decedent’s creditors and beneficiaries, and the distribution of assets accordingly.  Probate is required whether you have a Last Will or not.  Because probate is a formal court proceeding, with built-in waiting periods, a simple, uncontested probate can last 9-12 months or more and cost several thousands of dollars.

What is the difference between Wills and Trusts?

While Wills and Trusts do have a lot of overlap, there are also several differences between the two. Ultimately, both are ways to say who will receive your assets. They just do it in different ways. One big difference between the two is in how and when they take effect. Wills don’t go into effect until you pass away, whereas a Trust is effective immediately upon signing and funding it. It may be easier to think of a Will as a “simple” document. 

Wills allow you to do the following:  name guardians for kids and pets; designate where your assets go; and specify final arrangements. While it is an easier process, the simplicity of wills does come with some drawbacks. For example, Wills offer somewhat limited control over the distribution of assets. They also most likely have to go through some sort of probate process which is costly for your loved ones after you pass away.

A Trust can provide some great benefits. Trusts allow you to do the following: offer greater control over when and how your assets are distributed; apply to any assets you hold inside the Trust; they come in many different forms and types; and will avoid probate if funded properly and eliminate court costs for your loves ones. Keep in mind that after you create a trust you also need to fund it by transferring assets to it, making the Trust the owner. This does make Trusts a little more complex to set up but note that Trusts have one major benefit over Wills. They’re often used to minimize or avoid probate entirely and avoid court costs for your loved ones, which is a huge plus for some people. This alone could more than justify the additional complexity of setting up a Trust.