Real Estate Law
Nearly every individual and business will encounter a real estate transaction – whether the purchase, sale, lease, development or financing of real property. The attorneys at McCormick Law Group are experienced in essentially every facet of real estate law and routinely represent developers, landlords, tenants, buyers, sellers, lenders, syndicators and investors in local and national transactions. It is crucial, particularly in this day and age, to hire a real estate attorney who not only understands the nuances of the deal, your particular goals and the risks involved, but also can evaluate a transaction from experience gained at both sides of the table. From a routine house closing to the development of a $200 million mixed use high rise and everything in between, MLG is here to guide you through the process.
Our real estate services include:
- Development of acquisition strategies and negotiation of business deal points, including brokerage and marketing agreements.
- Acquisition or sale of improved and unimproved land, buildings, portfolio and distressed properties, including office, retail, industrial, medical, hotel and residential projects
- Structure and negotiation of agreements for complex mixed-use property development
- Counseling with respect to construction law, including general and sub-contracts, architecture, licensing, permitting, and building code and zoning compliance
- Structure of tax deferred exchanges, including reverse and build-to-suit exchanges
- Structure and negotiation of owner/developer agreements and land use planning
- Resolution of complex title problems
- Drafting and negotiation of condominium declarations, restrictive covenants and reciprocal easement agreements
- Preparation of Federal Interstate Land Sales Act and local governmental compliance and documentation
- Evaluation of condominium association management and FHA eligibility
- Representation of homeowners in residential purchases and sales
- Drafting and negotiation of complex office, medical, retail and industrial leases for tenants and landlords
- Construction of tenant improvements
- Counseling regarding Stark Law compliance for medical providers
- Lease counseling and property management advice, including review and negotiation of listing agreements
- Structure and negotiation of workout agreements
- Dispute resolution, lease enforcement and judicial remedies, including eviction
- Analysis of financing alternatives
- Structure and negotiation of private equity for real estate ventures
- Structure and negotiation of loan work-outs in lieu of foreclosure
- Selection of ownership entity to achieve financial and tax objectives
- Negotiation of terms and conditions of construction, mezzanine and permanent financing
- Structure of conventional and creative financing mechanisms
- Counseling lenders with respect to loan documentation and enforcement
- Tax Increment Financing and Municipal Bond deals
The purchase of real property is often the single largest transaction someone may make in their life. It is important to have an attorney who understands the significance of this transaction, is accessible to answer your questions, and is competent to handle the myriad of legal matters that arise during the course of this very important exchange. The attorneys at McCormick Law Group are extremely experienced in all aspects of real estate transactions and will respond to your concerns whenever they may arise. We will be your zealous advocate from the early stages of the deal through the closing and beyond, at all times protecting your legal rights and interests. We will make certain that you know exactly what is transpiring, thoroughly guiding you through each document before you sign it. The real estate attorneys at MLG have closed thousands of commercial and residential deals and welcome the opportunity to discuss any questions you may have. The following are some important real estate and loan questions (but by no means an exhaustive list) that we invite you to consider before or during your real estate transaction, all of which the attorneys at MLG can help you answer:
Questions to ask if you are the seller:
- Is the deed prepared in accordance with your state laws?
- Do you have a clean chain of title?
- Are you aware of any encroachments on your property?
- Has the contract been drafted to protect your unique interests, or is it simply a boilerplate, fill in the blanks contract?
- What are the tax implications of your sale (should you consider a tax-deferred exchange?)
Questions if you are the buyer:
- How are you taking title?
- Do you need financing to acquire the property?
- Is this property for personal, investment or rental?
- Is your particular use allowed under the current zoning ordinances?
- Is there new construction involved? If so, how can you be sure you will be satisfied with the end product and that there are no liens on your property upon completion?
- Has the contract been drafted to protect your unique interests or is it simply a boilerplate fill the blanks contract?
- Do you know the difference between the Note and the Mortgage?
- Will you have to pay a fee to pay your loan off early?
- Are the fees that you are paying to obtain the loan reasonable?
- Are the loan documents standardized forms? (For commercial deals, standardized forms often contain draconian and harsh provisions that may be negotiable)
- Does your income generated on the property cover the carrying costs?
- Do you have funds to cover the equity requirement, or will you need to raise money?
We understand that purchasing or selling real estate, whether commercial or residential, is a significant transaction for our clients. The attorneys at McCormick Law Group are accessible to answer your questions and guide you through the process, offering our expertise at every step of the exchange.
Commercial Lease Transactions
Comprehensive Client Service in Commercial Lease Transactions
In office, medical, retail, or industrial leasing, the real estate lawyers of McCormick Law Group, LLC work primarily with owners and landlords, but we also count myriad commercial tenants among our clients, especially in the context of broader general counsel relationships with small or mid-sized businesses.
Whether you need advice about the ever-shifting range of commercial lease problems that can arise in the real estate investment or property management business, or if you would like counsel about the best ways to negotiate or renew a business lease agreement with a current or prospective landlord, MLG can help you.
McCormick Law Group, LLC is a small but full-service law firm that integrates personalized and accessible client service with the range and depth of experience you would expect at a much larger practice.
The commercial leasing practice at our law firm combines a thorough understanding of Chicago’s regional real estate markets, economic conditions and business needs with the practical ability to help clients define and achieve their objectives in a particular transaction. Some of our attorneys are also active real estate brokers, giving them an insight into the business aspects of real estate transactions often missing from the typical legal review.
Protecting Long-Term Interests While Focusing on the Deal at Hand
Whether you are a tenant, landlord, or investor, we work with clients to identify and take advantage of the market conditions that support your business goals, even under tough economic conditions. At the same time, we look beyond the details of the immediate lease agreement to help clients plan for risk, expansion, assignment, renewal, adjustment, or any other considerations that can make a given set of lease terms right for your situation.
McCormick Law Group is familiar with both the standard terms and the special needs of landlords and tenants in a wide range of commercial situations: Stark Law and related issues that arise in medical office leases with hospitals and physicians, downtown office leases, anchor leases in shopping centers, family business retail leases in local urban or suburban malls, industrial or warehouse leases, or sale and lease-back transactions associated with broader business deals.
Avoiding litigation in Chicago Commercial Lease Transactions
Our lawyers’ practical approach to commercial lease negotiations means that we anticipate the possibility of default and litigation at each stage of the process. Our foresight can help a client on either side of the transaction manage litigation risk, avoid protracted lease disputes, and expand flexibility for responding to contract performance problems. When necessary, however, our litigation experience can provide substantial leverage toward protecting the value of your interest.