Chicago Creative RE Attorney Needed
Does anyone have any recommendations for an attorney in chicago that is familiar with L/Os, Sub2, and contract for deed?
I need someone to help me draft contracts that meet Illinois standards, and keep me protected. I also need consultation on forming an LLC.
thanks.
email me at lmarxus at yahoodotcom
may have some ideas to help[ Edited by mrswittie on Date 07/15/2005 ]
Option consideration can be done very creatively in order to make a deal attractive to both parties. The fundamental idea is that the optionee is giving the optionor consideration for being granted the option to purchase. It is not refundable or credited to the optionee if the contract does not specify otherwise. Another interesting property of option consideration is that it is not taxable as income until the option is exercised or abandoned.
With a photocopy plus deposit slip plus monthly bank statement, you should be fine. But as I said, with the refi lenders, it is a moot issue.
[addsig]