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Lisle Real Estate Attorney | Real Estate Lawyer, Lisle IL

Lisle Real Estate Attorney | Real Estate Lawyer, Lisle IL

Our Lisle Real Estate attorneys promise to provide the excellent service necessary to take your real estate purchase from contract to closing smoothly. Let us be your advocates in providing you above and beyond client service.

Our Lisle Real Estate attorneys promise to provide the excellent service necessary to take your real estate purchase from contract to closing smoothly. Let us be your advocates in providing you above and beyond client service.

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Your Community Law Firm

Why O'Flaherty Law for My

Real Estate

Matter?

In this video, our Lisle Residential & Commercial Real Estate attorney describes why O'Flaherty Law is the best choice for your real estate matter.

  • We Get the Job Done!  Our skilled Lisle 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 Lisle 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 Lisle 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

Lisle Residential & Commercial Real Estate Attorneys

What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

Please contact our friendly

Lisle Residential & Commercial Real Estate Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Downers Grove

5002 Main Street, 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

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 Lisle Residential & Commercial Real Estate Attorneys

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

Commercial Tenants' Rights to an Audit of Common Area Maintenance Charges

In many commercial leases, tenants are required to pay a share of taxes, utilities, and common area maintenance charges ("CAM").  The tenant's share will typically be proportional to the amount of space leased by the tenant relative to the total rentable space of the building.  This "additional rent" will fluctuate from year to year.  It is not uncommon for landlords to overcharge their tenants for CAM.   This is referred to as Common Area Maintenance Fraud.

‍If the tenant believes this is occurring, their best option is to audit the Landlord's expenses to ensure that all of the CAM paid by tenants is going toward actual expenses and that those expenses are for vendors and market value, rather than inflated prices.  

However, unless the lease provides a right to an audit, the landlord is not required to allow one.  In this case, the best option for the tenant is to rely on the implied covenant of good faith and fair dealing in the lease, or the fiduciary duty of the landlord (in the case where the Tenant prepays CAM before expenses are calculated) to obtain an accounting for expenses.  However, in the absence of a right to audit in the lease, the landlord may provide evidence of its expenses by any reasonable manner that it selects.  This means that the landlord can provide a simple list of its expenses, and the tenant will not be permitted to investigate further.  

Therefore, in order to protect yourself against common area maintenance fraud, it is important that your commercial lease include a right to audit the landlord's records.  ​

Read More

In many commercial leases, tenants are required to pay a share of taxes, utilities, and common area maintenance charges ("CAM").  The tenant's share will typically be proportional to the amount of space leased by the tenant relative to the total rentable space of the building.  This "additional rent" will fluctuate from year to year.  It is not uncommon for landlords to overcharge their tenants for CAM.   This is referred to as Common Area Maintenance Fraud.

‍If the tenant believes this is occurring, their best option is to audit the Landlord's expenses to ensure that all of the CAM paid by tenants is going toward actual expenses and that those expenses are for vendors and market value, rather than inflated prices.  

However, unless the lease provides a right to an audit, the landlord is not required to allow one.  In this case, the best option for the tenant is to rely on the implied covenant of good faith and fair dealing in the lease, or the fiduciary duty of the landlord (in the case where the Tenant prepays CAM before expenses are calculated) to obtain an accounting for expenses.  However, in the absence of a right to audit in the lease, the landlord may provide evidence of its expenses by any reasonable manner that it selects.  This means that the landlord can provide a simple list of its expenses, and the tenant will not be permitted to investigate further.  

Therefore, in order to protect yourself against common area maintenance fraud, it is important that your commercial lease include a right to audit the landlord's records.  ​

Read More

What to Look Out For in Residential Real Estate Contracts

Lisle Real Estate Attorneys, Lisle Real Estate Lawyers, Lisle Real Estate contract Attorneys, Lisle Commercial Real Estate Attorney, Lisle Residential Real Estate Lawyer

Lisle County real estate attorney Kevin O'Flaherty discusses the 5 things you need to look out for in real estate contracts.

Lisle Real Estate Attorneys, Lisle Real Estate Lawyers, Lisle Real Estate contract Attorneys, Lisle Commercial Real Estate Attorney, Lisle Residential Real Estate Lawyer

In this article by our Lisle real estate attorneys, they discuss, after signing a residential real estate contract, you will typically have 5 business days to review it with your attorney and make any changes that your attorney recommends.  Our Lisle real estate attorneys will work through your contract with you paragraph by paragraph to ensure that it places you in the best possible position.  However, 5 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. ‍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 Lisle real estate attorneys

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

Our Lisle 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 Lisle real estate lawyers' checklist when representing the seller:  

  • Disclosures: Our Lisle 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 Lisle 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 Lisle 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 Lisle 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 Lisle 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 Lisle 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 Lisle 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 Lisle 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. 

Our Lisle 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 Lisle real estate lawyers' checklist when representing the seller:  

  • Disclosures: Our Lisle 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 Lisle 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 Lisle 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 Lisle 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 Lisle 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 Lisle 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 Lisle 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 Lisle 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. 

Lisle Real Estate Attorneys, Lisle Real Estate Lawyers, Lisle Real Estate contract Attorneys, Lisle Commercial Real Estate Attorney, Lisle Residential Real Estate Lawyer

Further Reading from our

Lisle Residential & Commercial Real Estate Attorneys