There are a number of ways that investment properties can be profitable. However, to make that property as profitable as humanly possible, many property owners work closely with real estate lawyers in Chicago. The simple fact is that real estate attorneys can do a number of things for investment property owners to make the process of cash generation on these properties go as smoothly as possible.
For example, residential spaces, not only in Chicago but virtually in every other part of the world, are popular investment properties. Whether they are individual homes, condominiums, or apartment structures, these types of properties can be extremely lucrative. Nevertheless, the property owner will need to have tenant leases that meet all local, state, and federal laws.
In these cases, a commercial property owner can work with real estate lawyers in Chicago to ensure leases drawn up meet all of the specifications and requirements of the Chicago Residential Landlord and Tenant Ordinances. Leases that don’t rise to these standards can lead to legal liabilities, which could open up the property owner to the possibility of lawsuits as well as fees and penalties imposed by the city of Chicago.
Whether a property owner has a residential space or leases out commercial space to businesses, there are times when unpleasant duties have to be handled properly, with the most notable example being evictions. It’s a messy business having to kick somebody out of the place where they live or work, but it is a reality of owning investment property. In these cases, real estate attorneys can draw up the proper notices of intent to legally evict a tenant. In addition, these attorneys can also file the paperwork with the proper authorities to ensure the eviction process is carried out completely and as conveniently as possible.
There are many other things that real estate lawyers in Chicago offer to residential and commercial property owners. That’s why, if you own one of these properties and you want to make sure that everything you do is in compliance with established ordinances, you’ll want a real estate attorney to help you. An attorney like Starr, Bejgiert, Zink, & Rowells will ensure that everything you do is legally on the up-and-up as it relates to your real estate investments.
