In this episode, Dave and Shameen discuss:
- States that use attorneys vs. non-attorney states in the real estate process.
- The importance of understanding the contract-to-close process, regardless of how many times you may have bought or sold a home.
- The tricky property taxes that come into play during the real estate transaction.
- Negotiating power, contractual language, and important steps throughout the legal aspects of the transaction.
Key Takeaways:
- Attorneys may be brought in before the contract is executed if there are complex matters that need attention, but generally are not.
- In IL, taxes for all residential properties are reassessed in full every three years. This can affect the transaction and property taxes that will be credited at closing.
- The language of the contract is extremely important. If you make a modification under certain provisions it can be deemed as a counteroffer and be canceled, whereas that is not possible under other provisions.
- You want to make sure you have a strong team around you that knows what they are doing, regardless of which side of the transaction you are on.
"I think negotiating power is the cornerstone of how you approach the attorney review and inspection letter. And that's something, really, the realtor is the only one who can give you that insight, because they've been part of the negotiations since day one. It's really important to involve everyone in the process." — Shameen Thakrar
Connect with Shameen Thakrar:
Shameen Thakrar, Managing Attorney
Thakrar & Associates, PCReal Estate Law Offices
Phone (847) 757-3143
shameen@thakrarassociates.com
Offices in Winnetka, IL and Chicago, IL
Connect with Dave Nimick:
Website: https://thenimickteam.com/
Email: dave@thenimickteam.com
YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos
LinkedIn: https://www.linkedin.com/in/davenimick/
Facebook: https://www.facebook.com/thenimickteam
Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty
Show notes by Podcastologist: Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
