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Our DuPage County real estate attorneys promise to provide the above-and-beyond client service necessary to take your real estate purchase smoothly from contract to closing.
Our DuPage County real estate attorneys promise to provide the above-and-beyond client service necessary to take your real estate purchase smoothly from contract to closing.
In this video, Dupage County real estate attorney Kevin O'Flaherty describes the qualities you should look for in your real estate lawyer.
Please contact our friendly
DuPage Real Estate Attorneys
at our nearest location to schedule a free consultation:
See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.
Hours: 9 am - 5 pm Mon - Fri
5002 Main St, Ste. 201 Downers Grove, IL 60515
105 Jackson Avenue, Ste. 4b Naperville, IL 60540
110 E. Schiller Street, Ste. 220B Elmhurst, IL 60126
8411 Pyott Road, Ste. 107, Lake in the Hills, IL 60156
16557 Oak Park Avenue, Ste. B, Tinley Park, IL 60477
210 S Fifth St, Ste. 107B, St. Charles, IL 60174
Kevin O'Flaherty oversees all legal matters and is actively involved in making sure every client's case, big or small, is handled with excellence and attention to detail. He is available to contact through phone and email and his rates are available upon request.
"Kevin and his firm, O'Flaherty Law, are friendly, efficient, knowledgeable and professional. Kevin is a master at bringing people together and sharing ideas."
"Kevin O'Flaherty and his team at O'Flaherty Law are among the friendliest and easiest to work with attorneys I've dealt with. I would suggest them to any friends or business associates."
Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!
An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.
In this episode of Learn About Law, we explain the responsibilities of a trustee when selling real estate after a loved one passes away. Have any questions that weren't answered here? Let us know in the comment section! Subscribe: https://www.youtube.com/channel/UCY4Q...
If you are a trustee responsible for the administration of a trust after the passing of a loved one, you have a fiduciary duty to act in the best interest of the beneficiaries of the trust, within the limitations and instructions laid out by the trust document.
If a trust is in place and estate planning has been done properly prior to the death of the grantor of the trust, it should not be necessary to open a probate estate. However, if the beneficiaries disagree with the actions of the trustee, the beneficiaries may open a probate case and seek to make the trustee personally liable for mismanaged assets of the estate.
Trustee responsibility is fairly cut and dry when dealing with liquid assets like a checking account. However, the trustee's responsibility becomes more complicated when dealing with non-liquid assets like real estate.
When real estate is present in an estate, the trustee must first decide whether to transfer the real estate to one of the beneficiaries. This will usually result in a reduction of the share that the beneficiary is due from the remainder of the estate's assets or a payment from the beneficiary to the estate for the value of the home. An alternative to an insider transfer is to sell the real estate on the open market and distribute the proceeds among the beneficiaries.
Regardless of what is to become of the real estate, I recommend that the trustee seek written approval from all of the beneficiaries of the trust prior to the transaction. In the absence of this written approval, one or more of the beneficiaries may later claim that the real estate was sold to a third party or transferred to one of the beneficiaries for less than market value. The beneficiary could then open a probate case and seek to hold the trustee personally liable for breach of fiduciary duty.
For example, if the market value of a home is $400,000.00 and the Trustee sells it for $300,000.00, whether to a third party or to an insider, the trustee may be personally liable for the $100,000.00 difference between market value and sale price. However, if the trustee has received written agreement from the beneficiaries prior to the sale, the trustee will be able to rest easy knowing that she is protected from any future liability.
If you are a trustee responsible for the administration of a trust after the passing of a loved one, you have a fiduciary duty to act in the best interest of the beneficiaries of the trust, within the limitations and instructions laid out by the trust document.
If a trust is in place and estate planning has been done properly prior to the death of the grantor of the trust, it should not be necessary to open a probate estate. However, if the beneficiaries disagree with the actions of the trustee, the beneficiaries may open a probate case and seek to make the trustee personally liable for mismanaged assets of the estate.
Trustee responsibility is fairly cut and dry when dealing with liquid assets like a checking account. However, the trustee's responsibility becomes more complicated when dealing with non-liquid assets like real estate.
When real estate is present in an estate, the trustee must first decide whether to transfer the real estate to one of the beneficiaries. This will usually result in a reduction of the share that the beneficiary is due from the remainder of the estate's assets or a payment from the beneficiary to the estate for the value of the home. An alternative to an insider transfer is to sell the real estate on the open market and distribute the proceeds among the beneficiaries.
Regardless of what is to become of the real estate, I recommend that the trustee seek written approval from all of the beneficiaries of the trust prior to the transaction. In the absence of this written approval, one or more of the beneficiaries may later claim that the real estate was sold to a third party or transferred to one of the beneficiaries for less than market value. The beneficiary could then open a probate case and seek to hold the trustee personally liable for breach of fiduciary duty.
For example, if the market value of a home is $400,000.00 and the Trustee sells it for $300,000.00, whether to a third party or to an insider, the trustee may be personally liable for the $100,000.00 difference between market value and sale price. However, if the trustee has received written agreement from the beneficiaries prior to the sale, the trustee will be able to rest easy knowing that she is protected from any future liability.
Dupage County real estate attorney Kevin O'Flaherty explains some of the most important clauses in residential real estate contracts.
In this article, our Dupage County real estate attorneys discuss several key clauses to watch out for in your residential real estate contract. After signing a residential real estate contract, you will typically have five business days to review it with your attorney and make any changes that your attorney recommends. Our DuPage real estate attorneys will work through your contract with you paragraph by paragraph to ensure that it is fair and advantageous to you as possible. However, five clauses in the contract stand out as particularly important for you to understand:
Our DuPage real estate attorneys prioritize taking your case from contract to closing in a smooth and timely manner. The seller's attorney in a real estate closing has handles many tasks to prepare the deal to close. Here are some of the most important items on our DuPage real estate lawyers' checklist when representing the seller:
Our DuPage attorneys have the skill, experience, and client-focus necessary to ensure that any obstacles to your transaction closing smoothly are either prevented or resolved efficiently and effectively.
IDupage County real estate attorney Kevin O'Flaherty discusses reasons why attorneys are very important to getting a fair real estate transaction.
Our DuPage real estate attorneys prioritize taking your case from contract to closing in a smooth and timely manner. The seller's attorney in a real estate closing has handles many tasks to prepare the deal to close. Here are some of the most important items on our DuPage real estate lawyers' checklist when representing the seller:
Our DuPage attorneys have the skill, experience, and client-focus necessary to ensure that any obstacles to your transaction closing smoothly are either prevented or resolved efficiently and effectively.
In this Learn About Law podcast & videoblog, Dupage County Residential & Commercial Real Estate attorney Kevin O'Flaherty of O'Flaherty Law discusses how Property values in the past few years have plummeted, yet homeowners find themselves paying higher property taxes than ever before. Your property taxes are linked to the fair market value of your home; however, when the fair market value of your home is uncertain, the tax assessment may be inaccurate. Due to the slow-paced real estate market, fewer homes are being purchased, making it difficult to get a fair estimate of what someone might pay for a home in your area, let alone a home similar to yours. Assessors do not have the raw data to work with as they did in the past, so they must refer to outdated information and do the best they can. Therefore, because many homeowners feel they have more accurate information than the assessor, they decide to appeal the assessment of their property.
In this article, our DuPage real estate attorneys discuss the steps that go into taking a residential real estate deal from contract to close including. We go over:
