As one of Chicago’s leading real estate and property law firms, Shawn Bolger Limited receives many questions about our profession from our fellow Chicagoans. One of the popular questions we receive is along the lines of “why would I need the services of a property lawyer?”. This is a great question that the Shawn Bolger Law Firm is please to answer. But first we need to briefly explain differences in property law.
Personal Property vs. Real Property
Real property is land. example of these could include things that are associated to the land like a buildings, house, garage, etc. In essence, real property is land and the things that relate with the land.
A property lawyer should always be aware of the law that applies to the respective state and case when providing advice to a client.
Now when it comes to personal property, it is also important to note the difference between a real estate transaction and a personal property one. While a real estate transaction involves the sale or purchase of “immovable” property such as a tract of land, a personal property transaction typically covers any moveable object that can be owned by an individual. In the real estate world, the designation “personal property” can cover literally anything that can be legally bought and sold including, but not limited to, vehicles, equipment, furniture, financial assets such as bonds or stocks, and even mobile buildings.
The Risk of Being a Layperson in Property Laws
An unfortunate reality of personal property transactions is how easy it is for someone to be taken advantage of. Anyone who has been on the wrong end of a bad personal property transaction can testify of just how easy it is to find yourself on the losing column. While there are plenty of property laws on the books designed to protect buyers and sellers from becoming the victim of someone’s manipulative practices, it’s unrealistic to assume everyone entering a property transaction will have a working knowledge of those laws.
Considering the property lawyer. Having a skilled, knowledgeable, and experienced property attorney on your team isn’t just smart business, it is a necessary step to ensure that you and your interests are carefully protected against unscrupulous personal or real property buyers and sellers. We are sure we do not need to elaborate on the value of the peace of mind that accompanies the presence of someone on your team fully trained to legally prevent you from losing assets, money, and more during a personal property transaction.
Knowing When to Hire a Property Lawyer
There are plenty of property transaction types that would greatly benefit from the services provided by a property attorney. Just a few examples are:
- Purchase of property from someone who did not have ownership rights
- Sale of property you have partial or limited ownership of
- Title validation
- Creation of a lease or a contract
- Damaged personal property
These are just a few examples of the types of property transactions that can get quite messy without the expert assistance of a property attorney. Navigating the property marketplace unassisted can be complicated and even dangerous to you and your family’s financial future. That is why savvy investors know the importance and added value of adding a highly knowledgeable and experienced property lawyer to their team.
Shawn Bolger Limited proudly offers our 30-plus years of real estate and property laws knowledge and experience to anyone currently involved in or planning to engage in any type of property purchase or sale transaction. For more information on the benefits of adding a property lawyer to your team of representatives, contact Shawn Bolger LTD at 847-584-1800 and schedule your free consultation with one of our experienced property attorneys today!
Chicago Property Lawyer | Shawn M Bolger Law