Short Sale Attorney
Are you facing foreclosure and searching for an alternative to being foreclosed upon? Contact the short sale attorneys at Minchella & Associates. Our firm has more than 37 years of legal experience. Managing partner Erica Crohn Minchella has spent her entire career representing real estate buyers and sellers in a wide variety of real estate transactions including short sales. She can provide you the experience and guidance you need to manage this minefield.
Do I need a lawyer for a short sale?
Without question it is in your best interest to work with a short sale attorney throughout this process. Your lender is attempting to foreclose on what is likely the most valuable asset you have in your possession. Our law office can negotiate on your behalf with your lender to obtain the best outcome for you.
Most people facing a short sale have no experience negotiating with banks. Minchella & Associates has extensive experience in this area. We have found that every single lender requires different documentation and plays by different rules. Some lenders are straight forward whereas some lenders will require the same documentation five times. It is critical to know how to present your documentation to the lender in a way that prevents them from taking advantage of you. In addition, once the short sale has been negotiated, you will need a lawyer to close the transaction for you.
How do short sales work?
The process of a short sale varies depending on which lender with whom you are dealing. Minchella & Associates has dealt with virtually every lender and as such, is uniquely positioned to maneuver the process, help you understand it, and help with strategies for the more recalcitrant lenders. However, generally speaking there are certain steps that your short sale will take, these include:
Is short sale better than foreclosure?
Skokie Commercial Real Estate Lawyer
Minchella & Associates are experienced commercial real estate attorneys. From representing owners of strip malls and other commercial property to advising buyers of investment property, to reviewing commercial leases, M&A has over thirty-five years of experience.
Commercial real estate refers to property used for business or property purchased for investment purposes. Regardless which type of property you are considering buying or selling, there are many reasons why you should hire a commercial real estate lawyer.
However, the most important reason is to ensure that you have a professional to assist you during the due diligence period.
The due diligence period for commercial real estate occurs after the buyer commits to buying a piece of property. The buyer then has a period of time, usually 45 to 60 days, during which she/he can inspect the property and determine whether the deal makes sense.
The due diligence period for commercial real estate transactions is much longer than residential transactions. This is because of the amount of money involved and the number of issues that could arise to derail the purchase.
Due diligence can include a wide variety of issues. In Cook and Lake Counties, a major issue involves the dramatic increases in property taxes. As such, it is critical to real estate buyers to look at not only what their current taxes are but what they may be in the future.Other issues during this period focus on the hidden costs that may arise with the property. These might include environmental issues, revenue from tenants or utility bills. Your commercial real estate lawyer may work with your accountant to help you determine if your budget, based on the expected income level, justifies the acquisition.
There are many other issues that make the use of a real estate attorney essential when purchasing commercial or investment property. These include but are not limited to:
Commercial property often involves a large investment of money
Deals can be legally complicated and require legal knowledge
Real estate attorneys have extensive negotiation experience
Your law firm can advise you about problems with title or that title is clear
Your Real Estate Attorney can help to negotiation Warranties for work done on any repairs to the property
The contract used in these transactions may be the Chicago Association of Realtors Contract but often are drafted by the attorneys.
Minchella & Associates recently represented the owner of an office complex in Evanston, Illinois. The first buyer could not obtain financing, but the second buyer was able to. The main obstacle involved a delicate balance between terminating the leases of the existing tenants during the due diligence period while protecting the seller’s stream of income during this time. M&A helped cost-effectively negotiate the deal so that both the seller was protected and the buyer got the space he needed when the closing occurred.
Types of Commercial Real Estate Purchases and Sales
Minchella & Associates have experience in negotiating the buying and selling of countless types of commercial property including multi-unit buildings, single and mixed use properties, strip malls, factories, warehouses and office buildings.
Assist in Due diligence for tenants, leases, code violations, encroachments
Assure compliance with city and village ordinances and requirements
Assist in lending issues
Attornment notices, transfer of leases
Help with 1031 Exchanges
Conduct UCC-1 Searches
Determine if Bulk Sales Act requirements are met
Understanding your environmental reports
Eviction Attorney for Investment Properties
We help property investors with the eviction process.
See our page on landlord evictions to learn more about the eviction process.
Commercial Lease Negotiation
The Minchella & Associates law firm has experience reviewing commercial leases, usually on behalf of tenants.
Traditionally, a real estate broker will negotiate the letter of intent on behalf of her or his client. This includes the amount of rent the tenant will be paying on a per square foot basis, how many years the lease is for, how many renewals there are and other details such as security.
A commercial lease lawyer’s role is to look at the lease and inform her or his client regarding potential issues so that the tenant’s needs are identified in the lease as well. This might include:
Making sure that all the terms of the letter of intent are included in the lease agreement
Ensuring that the lease will withstand a change in ownership
Identify who pays common area maintenance (CAM) expenses
Whose responsibility it is to maintain the property
Negotiating Force Majeure Clauses
If you are buying, selling or leasing commercial or investment real estate in Skokie, Chicago or the northern suburbs, reach out to Minchella & Associates. We have over 35 years-experience helping buyers and sellers of commercial real estate