Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Real Estate Law

This question is real estate lawyer, that understands

Customer Question
This question is for a...
This question is for a real estate lawyer, that understands mortgages. I have a friend who buys and rehabs tri-plexes in Chicago. He is quite seasoned, does about 50 of them each year. On average, he buys a triplex for 60-70K, and spends 120K gut rehabbing
them, and sells them for 245K. He wants to borrow 150K from me at lucrative terms. I know that his selling price of 245K is reasonable, so am lending him 70% of the after-repair-value. I also know that he does good work on the rehab, so the property will sell.
I just need help from a lawyer to read the mortgage/note to ensure that I am fully protected as a lender on the deal (first lien). What is an inexpensive way for me to get advise on a 9-page mortgage contract that his attorney came up with?
Submitted: 2 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 10 minutes by:
7/28/2015
Real Estate Lawyer: Attyadvisor, Attorney replied 2 years ago
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7,734
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
Verified
If you can attach the document(s) it would be my pleasure to review them for you.
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
I cannot attach the document, JustAnswer does not have that feature. Here is a link - https://drive.google.com/open?id=0B5eoxKAFWxj8bTJUbzFSaTVoeVk
Real Estate Lawyer: Attyadvisor, Attorney replied 2 years ago
We do have a feature. I am not able to open that link. Please contact customer service for assistance at 1.***-***-****
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
found the link. See file attached.
Real Estate Lawyer: Attyadvisor, Attorney replied 2 years ago
The governing law should be Illinois and federal law. "I just need help from a lawyer to read the mortgage/note to ensure that I am fully protected as a lender on the deal (first lien). " I see no note, only a mortgage and certificate of exemption.Sample Illinois Promissory Note https://s3.amazonaws.com/uslf-previews/IL/IL-17074-MH.pdf See Illinois Mortgage form 3014 http://www.freddiemac.com/uniform/unifsecurity.html Have you already provided the loan?"I just need help from a lawyer to read the mortgage/note to ensure that I am fully protected as a lender on the deal (first lien)"To make sure that you are in first lien position you would want to make sure that no other mortgages have been recorded against the property. I would want to have a title search performed to make sure the property is free and clear from any liens or encumbrances. Most lender's require a lender's title insurance policy. Would you like a link for Cook County Real Estate attorneys that provide free consultations? We need to make sure that you are protected. http://realestate.findlaw.com/mortgages-equity-loans/home-loans-from-family-and-friends.html
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
no, have not provided the loan yet. Here is the note. Please guide me.
Real Estate Lawyer: Attyadvisor, Attorney replied 2 years ago
It is not the quality I would provide.
Ask Your Own Real Estate Law Question
Real Estate Lawyer: Attyadvisor, Attorney replied 2 years ago
Real Estate Attorneys free consultations https://www.justia.com/lawyers/real-estate-law/illinois/cook-county
Ask Your Own Real Estate Law Question
Real Estate Lawyer: Attyadvisor, Attorney replied 2 years ago
Please feel free to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.If you would be kind enough to rate my service possibly so I may receive credit for my work I would appreciate it.Thank you for using JA! We appreciate your business.Read more: http://www.justanswer.com/real-estate-law/980nc-regards-town-s-master-plan-commercial.html#ixzz3hFKTStwa
Ask Your Own Real Estate Law Question
Ask Attyadvisor Your Own Question
Attyadvisor
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7,734
7,734 Satisfied Customers
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.

Attyadvisor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,126 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
This relates to a real estate transaction in Texas. I am the
This relates to a real estate transaction in Texas. I am the seller with a house under contract for purchase. The contract says the closing will occur on or before January 18, 2018. It did not occur. … read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
It's not a real estate I'm question it's a I had a roommate
It's not a real estate I'm question it's a I had a roommate that passed away and he left a lot of junk and stuff in the in my house and I need to get rid of it and his brother isn't even you know doin… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I currently hold a Real Estate License and Mortgage License
I currently hold a Real Estate License and Mortgage License in the state of Colorado. I am being told that I am a risk to hire from a local Real Estate Office because hold both. I do not double side a… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
Got disconnected... In re: to my real estate questions, is
Got disconnected... In re: to my real estate questions, is this attorney a Texas attorney? … read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,289 satisfied customers
Is cold calling still legal for real estate agents?
is cold calling still legal for real estate agents? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My question is in regard to real estate in south Florida.
Hi! My question is in regard to real estate in south Florida … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Real Estate Question. In received notice to collect a debt
Real Estate Question. In received notice to collect a debt on a house in Monroe County, PA. I haven't lived in that house for at least three years (i co-signed to help my sister and her son) I was for… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I was wondering if real estate property was held in a sole
I was wondering if real estate property was held in a sole prop and more real estate was aquired to fix up and then held as rentals would it be wise to split the sole prop into real estate and constru… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,714 satisfied customers
I need a real estate lawyer who knows real estate in Oregon
I need a real estate lawyer who knows real estate in Oregon I need a lawyer who specializes in real estate law in the state of Oregon. I am quitting my current property manager and I will be managing … read more
Irwin Law
Irwin Law
Juris Doctor JD
7,089 satisfied customers
This matter is regarding real estate but I don't see that
This matter is regarding real estate but I don't see that option or tab listed. … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I need to ask a question about real estate/mortgage contract
Hi I need to ask a question about real estate/mortgage contract law in Philadelphia … read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
I am looking for a cancellation of contract for real estate
I am looking for a cancellation of contract for real estate form … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,366 satisfied customers
Real estate question. NC. Mortgage. Need to know if fha pr
need to know if fha pr va loans will allow for spring water instead of well… read more
N.Brown ESQ
N.Brown ESQ
Juris Doctorate
17 satisfied customers
In commercial Ohio real estate is their such an agreement as
In commercial Ohio real estate is their such an agreement as a NNN lease that is also a land contract installment which offers some type of equity ownership during or after the lease terms ?… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
If I'm a mortgage banker, can I own a real estate brokerage
If I'm a mortgage banker, can I own a real estate brokerage and have my agents use me as their preferred lender? … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,366 satisfied customers
I have a real estate question related to Florida Real Estate
I have a real estate question related to Florida Real Estate law. … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,157 satisfied customers
Real estate law I'm the seller i signed real estate contract
Real estate law I'm the seller i signed real estate contract now i dont want to sell I initialed the contract instead of signing the sale price was illegible so the seller sent an amendment for me to … read more
Damien Bosco
Damien Bosco
3,390 satisfied customers
I have a Reverse Mortgage and became behind on real estate
I have a Reverse Mortgage and became behind on real estate taxes. I entered into an installment agreement with Riverside County, which my lender ignored and paid in full with the County. Now the Lende… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x