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Dupage County Real Estate Attorney | Real Estate Lawyer, DuPage County IL

Dupage County Real Estate Attorney | Real Estate Lawyer, DuPage County IL

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.

Your Community Law Firm

Why O'Flaherty Law for My

Real Estate

Matter?

In this video, Dupage County real estate attorney Kevin O'Flaherty describes the qualities you should look for in your real estate lawyer.

  • We Get the Job Done!  Our skilled DuPage real estate attorneys will communicate with you, your realtor, your lender, and the other party's attorney to make sure that your real estate purchase or sale closes smoothly and on time.  
  • We Go Above And Beyond For Our Clients!    Our DuPage real estate lawyers have built a reputation in the community for providing above-and-beyond client service.  Many of our clients have been so thrilled with our service that they have taken the time to leave us glowing reviews.   Due to the overwhelmingly positive response from our satisfied clients, we received the Avvo Client's Choice Award for 2016.   We have an A+ Rating with the Better Business Bureau and have never received a BBB complaint.  Because of his work in the community, Kevin O'Flaherty was a recipient of Suburban Life Magazine's Best Under 40 Award.  We look forward to "wowing" you and your family with our communication, accessibility and excellent service. 
  • Establish a Lifelong Relationship!  Once our DuPage real estate attorneys earn your trust our excellent service, you will never again have to look for another attorney.  We provide comprehensive service in nearly every area of law.  We are able to do this because we have a team of attorneys with different areas of experience that take a collaborative team approach to assisting our clients.   Whether you need estate planningbusiness representation, bankruptcy assistance, or dispute resolution and litigation, we are here to help.  

Some of Our Accomplishments

Schedule a Free Consultation With Our

DuPage Real Estate Attorneys

residential real estate attorney dupage county illinois

Please contact our friendly

DuPage Real Estate Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Downers Grove

5002 Main St, Ste. 201
Downers Grove
,
IL
60515
Get Directions

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

Our  Office Locations: 

Downers Grove Attorneys, Downers Grove Attorney, Downers Grove Lawyer, Downers Grove Lawyers

Downers Grove

5002 Main St, Ste. 201 Downers Grove, IL 60515

Naperville Attorney, Naperville Attorneys, Naperville Lawyers, Naperville Lawyer

Naperville

105 Jackson Avenue, Ste. 4b Naperville, IL 60540

Elmhurst Lawyer, Elmhurst Lawyers, Elmhurst Attorneys, Elmhurst Attorney

Elmhurst

​110 E. Schiller Street, Ste. 220B ​Elmhurst, IL 60126

Lake in the Hills Attorneys, Lake in the Hills Attorney, Lake in the Hills Lawyer, Lake in the Hills Lawyers

Lake in the Hills

8411 Pyott Road, Ste. 107, ​Lake in the Hills, IL 60156

Tinley Park Attorney, Tinley Park Attorneys, Tinley Park Lawyer, Tinley Park Lawyers

Tinley Park

​16557 Oak Park Avenue, Ste. B, Tinley Park, IL 60477

St. Charles Attorneys, St. Charles Lawyers, St. Charles Attorney, St. Lawyer

St. Charles

210 S Fifth St, Ste. 107B, St. Charles, IL 60174

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Meet Our Owner

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.

Here's What Our Clients Have to Say:

John Paul Clancy
Says...

"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 Sender
Says...

"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.

DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
John Paul Clancy
Says...
"Kevin and his firm, O'Flaherty Law, are friendly, efficient, knowledgeable and professional. Kevin is a master at bringing people together and sharing ideas."
DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
Kevin Sender
Says...
"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."
DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
Mike Stehlik
Says...
"Kevin and his team are my "Go To" resource for clients that need estate planning"
Kevin Koc
Says...
Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!
Stephen Petersen
Says...
An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.
Troy Golden
Says...
Kevin is an excellent attorney. He helped me incorporate by business and provides legal counsel as need. I highly recommend him.

Click here for Videos, Podcasts, and Articles by our DuPage County Real Estate Attorneys

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Or Continue Scrolling Below to Browse some of our Most Helpful Articles

Illinois Trust Administration: Selling Real Estate

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. 

Read More
home sale lawyer dupage county il

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. 

Read More

Top 5 Clauses in a Residential Real Estate Contract to Review with Your Attorney

dupage real estate lawyer

Dupage County real estate attorney Kevin O'Flaherty explains some of the most important clauses in residential real estate contracts.

dupage real estate lawyer

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:

  1. Purchase Price and Earnest Money:  It goes without saying that it is important for the purchase price to be listed correctly.  However, there may also be closing cost credits that factor into the ultimate purchase price.  There are many parties involved in a real estate transaction, including your title company, your lender, attorneys, and governmental entities to whom taxes and fees are paid.  At closing, the seller's attorney will present a ledger called a "settlement statement" showing all of the money that is changing hands between all of these parties
  2. Fixtures and Personal Property Included in the Transaction:  The form real estate contract used by most realtors includes a paragraph with a series of check-boxes for fixtures and other property, such as appliances or chandeliers, that will be included in the purchase price.
  3. Mortgage Contingency:  If your contract is contingent on the purchaser obtaining a mortgage, it is important that you understand the portion of the contract relating to the mortgage contingency and that its terms are correct.  The mortgage contingency paragraph will lay out the terms of mortgage that the purchaser must be able to obtain in order to be bound by the contract
  4. Tax Prorations: When you purchase real estate, you will be responsible for the entire property tax bill for the entire year in which the transaction occurred, even though you likely have only owned the property for a portion of that year. 
  5. Optional Clauses: The typical real estate contract used by realtors contains several clauses that will only be effective if initialed by both sides, which are used for special circumstances.

Read the entire article by our Dupage County real estate attorneys regarding important clauses in residential real estate contracts.

Our DuPage Real Estate Attorneys Will Prepare For A Smooth And Timely Closing

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:  

  • Disclosures: Our DuPage real estate attorneys will prepare and provide the buyer with disclosures from the seller regarding radon hazards, lead-based paint, hazardous mold, and other structural defects, which must be noted in the Illinois Residential Real Property Disclosure Report.  
  • Title Commitment: Our DuPage real estate lawyers will work as an agent of a title insurance company to review the title record for the property to ensure that there are no defects in the seller's ability to transfer title to the buyer.  We will arrange for the issuance of a title insurance policy, which will insure against any issues that are not found at this time in the title record.  
  • Survey: Our DuPage real estate attorneys will order a survey and provide it to the buyer, so that the buyer can review the metes and bounds of the property being purchased as well as any easements on the property. 
  • Pay-off Letter: Our real estate attorneys will work with your lender in order to obtain a pay-off letter, which shows exactly how much must be paid by the title company to the lender at closing in order to remove the existing mortgage from the property. 
  • Letters from Homeowners or Condominium Associations (If Applicable):  Our DuPage real estate attorneys will work with your homeowners association or condominium association to provide the buyer with letters showing that there are no unpaid assessments,  that any right of first refusal to purchase the property held by the association is waived, and that the association's common areas are properly insured.  
  • Municipal Letters: If your village or township requires a municipal inspection prior to the sale of your property, our DuPage real estate lawyers will arrange for the inspection and obtain a letter from the municipality stating that the inspection has been completed and that all utility bills have been previously paid by you. 
  • Tax Proration:  Our DuPage real estate attorneys will review the previous year's tax bill in order to calculate the amount of the tax proration that must be credited to the buyer at closing in order to account for your share of the current year's tax bill.  You can learn more about tax prorations in this article by our DuPage real estate lawyers: The Top 5 Things to Look Out For in Your Residential Real Estate Contract.  
  • Closing Documents:  Prior to closing, our real estate attorneys will prepare the following documents to be executed at the closing table:
  1. The Deed, which transfers title to the buyer. 
  2. Affidavit of Title, in which the seller testifies regarding any known defects in her title to the property. 
  3. Bill of Sale, which is a receipt showing that the seller has received payment for the property.
  4. ALTA Statement, which is a sworn statement regarding any known encumbrances to the property, such as mechanic's liens and judgment liens. 
  5. Transfer Tax Forms, which are filed with the assessor's office to show the amount paid by the buyer for the property, for the purpose of calculating transfer tax. 
  6. Settlement Statement, which shows all of the money and credits changing hands between the buyer, seller, attorneys, realtors, lenders, and municipalities in the transaction.

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.

real estate attorney dupage county illinois

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:  

  • Disclosures: Our DuPage real estate attorneys will prepare and provide the buyer with disclosures from the seller regarding radon hazards, lead-based paint, hazardous mold, and other structural defects, which must be noted in the Illinois Residential Real Property Disclosure Report.  
  • Title Commitment: Our DuPage real estate lawyers will work as an agent of a title insurance company to review the title record for the property to ensure that there are no defects in the seller's ability to transfer title to the buyer.  We will arrange for the issuance of a title insurance policy, which will insure against any issues that are not found at this time in the title record.  
  • Survey: Our DuPage real estate attorneys will order a survey and provide it to the buyer, so that the buyer can review the metes and bounds of the property being purchased as well as any easements on the property. 
  • Pay-off Letter: Our real estate attorneys will work with your lender in order to obtain a pay-off letter, which shows exactly how much must be paid by the title company to the lender at closing in order to remove the existing mortgage from the property. 
  • Letters from Homeowners or Condominium Associations (If Applicable):  Our DuPage real estate attorneys will work with your homeowners association or condominium association to provide the buyer with letters showing that there are no unpaid assessments,  that any right of first refusal to purchase the property held by the association is waived, and that the association's common areas are properly insured.  
  • Municipal Letters: If your village or township requires a municipal inspection prior to the sale of your property, our DuPage real estate lawyers will arrange for the inspection and obtain a letter from the municipality stating that the inspection has been completed and that all utility bills have been previously paid by you. 
  • Tax Proration:  Our DuPage real estate attorneys will review the previous year's tax bill in order to calculate the amount of the tax proration that must be credited to the buyer at closing in order to account for your share of the current year's tax bill.  You can learn more about tax prorations in this article by our DuPage real estate lawyers: The Top 5 Things to Look Out For in Your Residential Real Estate Contract.  
  • Closing Documents:  Prior to closing, our real estate attorneys will prepare the following documents to be executed at the closing table:
  1. The Deed, which transfers title to the buyer. 
  2. Affidavit of Title, in which the seller testifies regarding any known defects in her title to the property. 
  3. Bill of Sale, which is a receipt showing that the seller has received payment for the property.
  4. ALTA Statement, which is a sworn statement regarding any known encumbrances to the property, such as mechanic's liens and judgment liens. 
  5. Transfer Tax Forms, which are filed with the assessor's office to show the amount paid by the buyer for the property, for the purpose of calculating transfer tax. 
  6. Settlement Statement, which shows all of the money and credits changing hands between the buyer, seller, attorneys, realtors, lenders, and municipalities in the transaction.

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. 

How to Prepare for an Illinois Real Estate Closing

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.

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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:

  • Required disclosures;
  • Obtaining a title commitment;
  • Reviewing a survey of the property;
  • Obtaining a pay-off letter from existing lenders;
  • Dealing with Homeowner or Condominium Associations;
  • Calculating tax prorations; and
  • Preparation of closing documents.

Read the full article by our DuPage real estate lawyers regarding how to prepare for a residential real estate closing.

Further Reading from our

DuPage Real Estate Attorneys