Frequently Asked Questions

What is the best way to obtain a Lender?

Word of mouth and reputation. We work with reputable lenders. Please inquire with our firm if you need a good lender or broker.

In addition, a little homework of your own will go a long way towards finding the right lender and financing.

How should I take title to real estate?

It depends on your circumstances.

In Illinois, a husband and wife can hold property in tenancy by the entirety, which provides additional protection and benefits similar to but greater than joint tenancy. Tenancy by the entirety gives you the right of survivorship plus it protects your home from attachment if you or your spouse is sued individually.

You also can hold title to real estate in joint tenancy with right of survivorship, tenancy in common, in a land trust or in other kinds of trusts.

Bill Drew also specializes in estate planning - so we can advise you on the best way to hold title!

When should I hire an attorney to represent me?

William P. Drew III will represent you and your family at any time during the real estate transaction process. Feel free, however, to contact us at the start of the transaction before signing legal documents - so we can provide complete representation.

What do I need to know if I am a first time buyer?

A first time buyer should take the time to carefully consider the best financing options to maximize the investment of purchasing your new home.

Also, a first time buyer should contact William P. Drew III from the beginning so we can advise you on certain Buyer-Beware issues like performing a home inspection and a full pest inspection, carefully considering the issue of property taxes and hazard insurance, flood zone issues, home repair issues, and much more.

What do I need to know if am buying a new construction home?

Reputation of the Builder is extremely important. Take the time to see several Model Homes of the Builder. Speak with recent purchasers of Homes built by the Builder. Contact the municipality where you plan to build your home in regards to bonding requirements and general information on the Builder.

Also, ask the municipality if the streets in your subdivision are dedicated to the municipality. It is also important to discuss with the Builder and Municipality drainage and possible flooding issues in your subdivision. And, ask if the municipality requires builders to follow a building code for new construction.

Before you purchase new construction, take some time to educate yourself on the state of the art engineering components of new homes. Consider issues like plumbing, hot water heating capacity, heating, air conditioning, ventilation and electrical. Consider home exterior issues like brick, vinyl siding, cedar and modern thermal windows, etc… Be aware of drainage issues related to the foundation and grading of your home.

When you do your homework, the entire new construction process goes smoothly. Of course, there may be changes or some delays, but try to make the best of the situation.

Your attorney is available to assist when needed. The whole, new construction experience should be an occasion to celebrate for you and your family!

What role does a realtor play in the real estate transaction?

A realtor that knows your market can make a huge difference for you. A realtor can advise you on the Listing Price for your home. Ask the realtor for a written market analysis, which supports the Listing Price.

Realtors can also help with the contract process by facilitating the necessary legal documents. In the end, a good realtor is an asset to the real estate transaction process providing financial and other rewards.