Examining Your Title

Michna Law Group has received numerous questions from clients over the years pertaining to real estate law. Today, we'd like to answer another question related to the residential real estate industry: What are title examinations and abstracts?

When you are considering purchasing a property, you may want to learn a little more about its history. Title examinations are used to shed light on the subject.

A title examination is a study of the property's historical ownership. Sometimes, this examination can provide information on others outside of immediate ownership facts, such as whether there was a dispute in ownership.

Meanwhile, a title abstract is a collection of public records containing information on the ownership of a piece of real estate. Throughout the examination process, a title examiner will determine who currently owns the land along with potential defects or claims against the ownership.

If there are any issues, the title examiner will be able to answer what the home buyer(s) must do to receive good title record at closing.

For more information on real estate law, please contact Michna Law Group by phone at 847.446.4600 or by email at BJM@MichnaLaw.com.

Paying the Realtor

Michna Law Group receives tons of common questions pertaining to real estate law. Today, we'd like to take a look at another party in the home closing transaction: the realtor.

With closing costs and other associated fees mounting on both sides, who typically pays the realtor?

Usually, in a home closing, it is the seller's responsibility to pay both the listing agent and the selling agent. Sometimes, both agents can, in fact, be the same individual.

The reason for this stems from common agency law. This means that both the listing and selling agent are working on behalf of the home seller. On occasion, the prospective home buyer may hire a realtor to work exclusively for them. In this case, it would be the home buyer's responsibility.

Generally, realtor commissions reflect 6% of the property's sales price. But with virtually everything in real estate, this, too, may be negotiable.

In either case, when finalizing a real estate sale, both the buyer(s) and the seller(s) must carefully review the contract to determine whether the realtor is charging either party an additional administrative or processing fee (typically between $150.00 to $400.00).

For more questions pertaining to real estate law, contact Michna Law Group by phone at 847.446.4600 or by email at BJM@MichnaLaw.com.

Find Our Chicago Office on Yelp!

Michna Law Group now has a Yelp page for its Chicago office.

Previously, our Northbrook-based real estate law firm only had a page for the Northbrook office. However, with numerous home closings taking place at our Chicago location, it seemed about time to introduce a separate page.

For those unfamiliar with our Chicago location, it can be found at this address:

221 N LaSalle St
Suite 814
Chicago, IL 60601

For those who have worked with us in the past, we would appreciate if you can please leave a review describing your experience. Every review helps!

For questions pertaining to real estate law, contact Michna Law Group by phone at 847.446.4600 or by email at BJM@MichnaLaw.com.