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Botto Gilbert Lancaster, PC

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McHenry County Real Estate Attorneys

Woodstock real estate attorney

Experienced Lawyers Serving Woodstock, Crystal Lake, and Chicagoland

Real estate transactions of all kinds involve numerous details and can be extremely complex. To ensure your interests are protected, it is important to seek the counsel of a knowledgeable real estate lawyer. At the law office of Botto Gilbert Lancaster, PC, we understand how important real estate matters are to our clients' bottom lines. Our attorneys provide experienced representation in a wide range of real estate matters including helping clients with residential and commercial purchase and sales transactions and providing assistance to those facing foreclosure. We have a deep understanding of real estate law and decades of experience working with homeowners, investors, lenders, and realtors.

Our office represents clients in all types of real estate matters, including:

  • Residential Sales & Purchases
    • Single Family Residences
    • Multi-Family Residences
    • Condominiums
    • Townhomes
  • Commercial Sales & Purchases
  • Corporate Relocation Sales & Purchases
  • New Construction Purchases
  • For Sale By Owner (FSBO) Transactions
  • Short Sales
  • § 1031 ("Starker") Exchanges
  • Residential & Commercial Leases

If you are a first-time homebuyer or relocating to Illinois from out-of-state, please read our short primer on Purchasing a Home In Illinois.

Residential Real Estate Transactions In Illinois

A home is the single largest asset many people own and is often the centerpiece of a person's net worth. Whether you are buying or selling your home, having proper legal representation is essential. We will protect your interests at every step of your real estate transaction including:

  • Drafting & reviewing purchase/sales agreements
  • Negotiating sales terms
  • Managing home inspection provisions
  • Obtaining plats of surveys
  • Reviewing loan documents
  • Ensuring a smooth closing process
  • Reviewing & clearing title issues
  • Monitoring critical contingency dates
  • Ensuring compliance with municipal transfer ordinances
  • Resolving walk through issues
  • Having an experienced real estate attorney attend the closing ceremony

Options To Consider In Lieu Of Foreclosure

Sometimes honest, hard-working people find themselves in difficult financial situations. Often this is due to a loss of employment, staggering medical bills, or other unanticipated economic hardships. Chances are that you may know someone experiencing such unfortunate circumstances, many times a close friend or family member. At BGL, we understand the unique challenges, uncertainty, and even fear that come along with collection calls and looming threats of foreclosure. Our experienced real estate attorneys evaluate each matter on a case-by-case basis in order to gain a complete understanding of each client's particular circumstances. This comprehensive, results-oriented approach enables us to present our clients with viable options to better their financial misfortune.

  • Short Sale: A short sale occurs when the existing lender agrees to accept less than what is owed to pay off the balance due on the mortgage. lf you or someone you know may be having difficulty continuing to make your mortgage payments due to a financial hardship resulting from a job displacement, medical bills, or other legitimate hardship, then a short sale may be an option for you. To be clear, absent an actual hardship, the mere fact that the property is worth less than what is owed to the lender is not sufficient justification to induce a lender to agree to a short sale. However, if you do qualify for a short sale, in some cases the lender may also have a relocation incentive to assist with your move. In addition, it is important to understand that the amount of the forgiven debt will be treated as income by the IRS; however, depending on the circumstances, it may be possible to avoid that outcome as well. Finally, this must be an "arms-length" sale, which means that you cannot be related to the buyer or have any type of arrangement to remain in the property after closing.
  • Deed-In-Lieu of Foreclosure: This is another alternative to foreclosure by which the property is deeded back to the lender in exchange for a full release of all future obligations under the mortgage. A lender may be willing to accept this option in order to avoid the time and expense involved with going through the foreclosure process. Generally, a deed-in-lieu of foreclosure is available only when there is a single mortgage and no other liens have been filed against the property. In addition, lenders commonly require other options, such as a short sale, to be exhausted prior to considering this type of arrangement. Finally, as with a short sale, income tax consequences may result as a consequence of the outstanding debt the lender has forgiven.
  • Foreclosure Defense: Foreclosure is a serious matter. Once a notice of foreclosure has been served, it is absolutely critical to promptly consult with an experienced attorney who can file an appearance and answer to the complaint in order to avoid a default judgment from being entered Combined with other alternatives, this can effectively extend the period of time available to effectuate a short sale or explore other options that may be available. Under certain circumstances, we can also enable the owner to remain longer in their home.

We handle real estate transactions involving single-family homes, multi-family homes, condominiums, townhouses, and co-ops. We have experience with high-value residential property and property at all price points. No matter what the deal, we bring the full weight of our experience to the table to make sure our clients are treated fairly.

Commercial Real Estate Transactions In Illinois

Buying, selling or leasing a commercial property is often a complicated process. Beyond basic price negotiations, these transactions can involve zoning and development issues, title and survey review, property tax matters, liens, code issues, and other matters requiring legal guidance. We have experience handling a wide range of commercial transactions including assisting property owners with distressed properties. We will help you protect your investment and avoid foreclosure when necessary.

If you are planning a residential or commercial real estate transaction, contact us to schedule a free consultation to discuss your matter. Our office is located in Crystal Lake, Illinois, and we work with clients throughout McHenry County. We have flexible appointment hours including Saturday 9 a.m. to 1 p.m. Spanish translation is available as, we have bilingual support staff, and some of our attorneys are also bilingual.

Illinois State Bar Association State Bar of Wisconsin Crystal Lake Chamber of Commerce Illinois Trial Lawyers Association McHenry County Bar Association
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