There is no shortage of people with a residential property who think leasing it is a guaranteed money maker. While residential properties can be excellent investments that can pay off immediately, there are a number of things to think about before committing to being a landlord. There are lots of things that a landlord will have to take care of. One resource that can make the job of a landlord much easier are the services of a real estate firm in Chicago.
These sorts of law firms can be especially helpful for landlords when collecting fees. Whether it’s past rental fees that are due upon an eviction, HOA fees or any other type of financial litigation, this law firm can act on a landlord’s behalf to take care of these situations.
Another benefit to real estate lawyers is that they can help a property owner know what they can or can’t do with the property. Because of zoning laws – and Chicago is full of various different zoning ordinances – it may be hard for the average person to keep up on what they’re allowed to do with a piece of property. A real estate attorney can advise the owner on how a property can be used, and this information can be helpful when the landlord is using it and earning money in the process.
In fact, something as simple as creating leases that meet with all local, state and federal requirements is also something that a real estate law firm in Chicago can do. This way, making sure that the lease is in compliance with all these regulations can cover a landlord’s liability if there is any landlord/tenant litigation that arises because of the lease.
If you own a piece of property and you’re thinking about leasing it to tenants, whether they are residential or commercial, it’s best to have a legal team on your side. This way, much of the liabilities that you are exposed to will be covered thanks to the efforts of a real estate law firm working on your behalf. To learn more about what these types of lawyers can do for you, you may want to check out the law firm of Starr Bejgiert Zink & Rowells.
