Tips for a Successful Closing

Tips for a Successful Closing

With the Winter season coming quickly here in Chicagoland, you may be feeling the pressure to close that real estate deal. As you prepare to finalize your final purchase, take a moment to make sure you are setting yourself up for a successful (and low-stress) closing process.

Don’t Prepare Alone
First and quite possibly most importantly, don’t go into the closing process without an experienced real estate attorney by your side. No matter if you are buying or selling, the closing process is full of documents that require review. Avoid any misunderstandings by assuring you are working with an attorney who will keep your interests at the forefront of the transaction.

Know the Costs
Closings often come with fees for the buyer and the seller, due at the time of the closing meeting. Prepare in advance so that you can save for any costs, and come prepared to the meeting with the money ready. Most closings require money to be in a cashier’s check or as a wire transfer.

Consider a Walk-through
Prior to your closing date, if you are the buyer, consider requesting a final walk-through of the home or property. This walk-through can serve as a way to assure any repairs were made after the inspection.

Know if You Have to Be There
You are busy, and finding time to squeeze in another meeting to your schedule can be difficult. You may not need to be present for the closing procedures, especially if you are the seller. Your attorney can represent you and take care of the process on your behalf. If you are finding it difficult to be present at the closing, talk to your attorney in advance to know your options. Then, plan accordingly.

Closing a real estate deal is cause for celebration, no matter if you are the buyer or the seller! The process of purchasing or selling a home or property is exhausting. Your closing represents the end of the process and warrants a huge sigh of relief. Take time to mark the occasion and celebrate.

Are you attempting to navigate a closing without an attorney and feeling overwhelmed? We can help you with that! Give the experienced team at Bell & Shah a call to talk more about your situation. We are ready to give you a seamless closing experience.

Working with an Attorney to Sell Your Home

Working with an Attorney to Sell Your Home

If you are putting your home on the market, or if you are considering selling other real estate property, you are likely already working with a realtor. However, working with the right experienced attorney from Bell & Shah can make your selling process easier and fail-proof.

Benefits of Working with a Real Estate Attorney

Selling your home, land, or commercial property is a legal transaction. It is unwise to enter into the selling process without first consulting with an experienced real estate attorney. Your attorney will not only advocate for your best interests but will also assure your transaction happens without incident.

When working with a real estate attorney, you can rest assured that your interests are protected throughout the selling process. Your attorney will draft and review your real estate contract or listing agreement, as well as work as a liaison between you and the buyer in regard to any issues that arise during your property’s inspection. Your attorney will also draw up closing documents, including title transfer papers, and be there for your closing, even if you cannot attend.

Selling a home or property is generally uneventful. However, working with an attorney can be even more crucial if there are circumstances that can make a transaction more confusing. For example, your attorney can help you navigate situations of property division or if there are usage issues for a land sale.

Next Steps

You already know the importance of selecting a realtor, but now you can begin the process of seeking an experienced real estate attorney to protect you while selling your home. The team at Bell & Shah has years of experience working with homeowners and buyers throughout the Chicagoland area. We advocate for you and assure you have the best experience possible while selling your home or property.

Give us a call to get started today. We look forward to working with you all the way until your successful closing.

How to Choose Your Durable Power of Attorney Agent

How to Choose Your Durable Power of Attorney Agent

Completing advance directives is a responsible part of building your estate plan. Not only do you have the opportunity to dictate what matters to you at the end of life, completing certain tasks can give you control over who advocates or speaks for you in cases when you cannot. You are never too young to choose a Power of Attorney for your health or for your financial needs. These designations are crucial to assuring that your wishes are carried out even if you are unable to make them happen.

What is a Power of Attorney?

A Power of Attorney form gives you the change to designate an Agent, or person who will make decisions on your behalf when you can no longer do so. You can choose an Agent for financial matters and an Agent for health care matters, and that Agent does not need to be the same for both duties.

There are different types of Power of Attorney documents that determine when the duties begin. Work with your lawyer at Bell & Shah to determine which may be best for your situation.

Choosing Your Agent

Choosing a Power of Attorney Agent is an important decision and one that you should take time in deciding. While many people choose a child or children for the roles, others choose a partner, family member, or trusted friend to complete the duties. In any case, you should be sure that the Agent knows you well, and that you can count on them to make decisions based on your wishes, even when those wishes may differ from their own.

While you can choose to have an Agent that does both financial and health care duties, you may consider splitting the responsibility between two people. If that option works for you, it can give the Agents relief in making every decision along every facet of your life.

Talking to Your Agent

Before you come into the office to declare your Power of Attorney Agent choices, be sure you talk to the potential Agent first. This is a big responsibility and while most people see the role of Agent as an honor, some people can see being named an Agent as overwhelming or stressful. Assure your potential Agent understands the role and then set specific times to talk about your wishes together. While these conversations aren’t always comfortable ones, it is imperative that you get your wishes out there for your Agent to hear and acknowledge.

Are you ready to complete your Power of Attorney forms, or do you have questions about the process? We would love to help; our attorneys have years of experience drawing up estate plans for clients of all ages and situations. Give us a call to get started today.

Avoiding mistakes when setting up partnerships

Avoiding mistakes when setting up partnerships

As established contractual relationships, Illinois partnerships can be difficult to untangle when things go wrong. When people are preparing to go into business with one another, it is important to take steps to avoid potentially costly errors if the partnership breaks down.

One of the biggest mistakes people make when establishing partnerships is not discussing their individual perspectives on compensation. Disagreements can then arise if one partner is expecting to be compensated in a different way than the other partner believes to be best for the business.

Prospective business partners may be able to prevent financial infidelity by conducting comprehensive financial background checks. For example, a person may want to avoid going into business with a partner who has tax liens, judgments, poor credit scores or bankruptcies on their record. Establishing a system of checks and balances, such as by regularly using the services of an auditor and requiring two signatures on any business check that is written, is a good idea as well. Limits may also be placed on the amount of withdrawals that can be made from the venture’s accounts.

When people are considering forming a partnership, conducting careful planning during formation can be helpful. People may find it beneficial to seek the advice of a business law attorney, as that attorney might help clients draft partnership agreements and business plans as well as conduct background checks. A business attorney may further help by registering the legal structure of the venture with the state. People may also use the business law attorney’s services on an ongoing basis, as an attorney may consult and provide guidance as needed to help ensure the venture’s success.

Licenses vs Certificates: What’s the Difference?

Licenses vs Certificates: What’s the Difference?

Have you ever wondered what the difference is between a license and a certificate? Some people use both words to describe the same thing, which only makes the distinction more confusing. The reality is that these two documents are completely different and it’s important to understand what makes each of them unique.

What Is a License?

Licenses are granted by the state and act as a legal authority to practice a specific profession within the noted scopes of practice. A license is mandatory for anyone who wants to call themselves a licensed professional or practice a profession.

Depending on the state, there may be a single license or there could be a tiered system. One way to think of a license is as a certification that is required.

When a licensing system is in place, the state notes the scope of practice or function and tasks of a specific profession. Only those who have a license are legally permitted to do these tasks.

What Is a Certification?

In contrast to a license, most certifications are voluntary. However, some certifications are required or mandatory to practice within a specific state.

Certification is done by private organizations. It is a way of protecting the public by ensuring the person providing tasks has met the needed requirements.

Certification shows the achievement of professional competency agreed upon by an international community to practice effectively. Depending on the state, certifications may be useful to help someone get a license in the future. It may also make it easier to relocate to a new place.

The Combination of Licenses and Certifications

Certification and licensing processes often work together in a location and act as complements to each other. For instance, a state might recognize a specific credentialing organization that offers valid, reliable, and legally defensible credentialing. The licensing board may work with the board to provide examinations and credentials.

After someone completes this process, the board sends that information to a licensing organization that provides a license. Licensing requirements match the standards of certifications and the license is provided based on getting a certification, passing an exam, and being issued a license.

If you have questions about licensing and certification, an experienced lawyer from Bell & Shah can provide you with answers. It’s important to know you have the appropriate license or certificate to handle professional tasks. Speak with an attorney to stay up-to-date and ensure you are following the law.

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