Real Estate

Is a Reverse Mortgage Right for You?

Reverse mortgages offer options to senior homeowners who are struggling to maintain a certain lifestyle. Although they have advantages, they're not right for every homeowner. An attorney real estate can explain the legalities of a reverse mortgage and the impact on finances and home equity. The Facts About Reverse Mortgages A reverse mortgage is a federally backed FHA loan that enables senior homeowners who are 62 years old or older to convert part of their home's equity into cash. Reverse … [Read more...]

What You Must Disclose When Selling an Illinois Home

Under Illinois law, there are certain disclosures that must be provided to potential buyers when selling a home. These disclosures reveal to prospective buyers the information that owners know about the physical condition of the property. Failure to deliver the required disclosures or submitting false or incomplete disclosures can result in the termination of a purchase contract. Sellers can sometimes be held liable for damages, attorney's fees and court costs as well. Who Does the Illinois … [Read more...]

Shoddy Workmanship Puts Buildings on Shaky Ground

Construction defects can include everything from cosmetic damage to serious structural defects that place property and lives in danger. In Illinois, individuals and their business law attorney can seek compensation for these defects. Common causes of construction defects include improper soil preparation and analysis of soil conditions, inadequate site selection and planning, as well as insufficient civil and structural engineering. Other causes can include the use of defective or deficient … [Read more...]

Lease Option vs Lease Purchase: Finding The Right Fit For Homebuyers

Almost a decade after the housing crisis of 2007-2008, banks are still using strict credit requirements to approve potential home buyers for a mortgage. Many home buyers explored other purchasing options with a Chicago real estate lawyer, including lease-option and lease-purchase agreements. Lease-Option A lease-option is the most flexible of the two alternative purchase arrangements. The potential buyer agrees to make monthly lease payments that are slightly higher than the going market … [Read more...]

The Commercial Lease: What You Should Know

Commercial leases differ from residential leases in ways that may impact business operations. A commercial attorney who is familiar with complex language and commercial lease terms can explain important differences. Commercial leases and residential leases are written differently, and those differences can impact business operations and success. Here are some important distinctions: Commercial leases have fewer consumer protection laws. Laws don't require caps on security deposits or … [Read more...]

Who Can Be Held Liable for Toxic Mold

Toxic mold infestation has been an area of concern for property owners and tenants for a number of years. While mold can pose a significant threat to the health of individuals who are exposed to its harmful spores, and property damage can be considerable, many individuals feel forced to remain living in their infested homes, simply because they don't know where to turn, who can be held liable, or how to get out of a legal lease or purchase contract. … [Read more...]

Why you need to update your estate plan

You've taken the time to plan for the future and create your estate plan. After working with a Chicago estate planning attorney to make sure all assets are accounted for and all contingencies are covered, you're feeling the satisfaction of a job well done. … [Read more...]

How you can defend an eminent domain action

The activist group Castle Coalition gives Illinois a D+ rating when it comes to protecting property owners against eminent domain. That doesn’t mean there aren’t defenses available, as it is often possible to beat eminent domain with the help of an Illinois real estate attorney who specializes in eminent domain defense. … [Read more...]

Digital Property Creates New Questions In Estate Planning

Estate attorneys are facing a new and difficult challenge: the division and distribution of digital assets after death. Illinois is one of many states struggling to draft legislation to protect digital property for intestate estates, but 2015's Senate Bill 1376 faced significant opposition from online companies. These companies argue opening digital assets to an estate violates the original property holder's right to privacy, and is therefore impermissible. … [Read more...]

Same Sex Marriage, Divorce and Division of Property

Same-sex marriage has been one of the most polarizing issues in recent years, and its legality on a national level was not resolved until only last year. Before that, its legality was decided one state at a time. This means that many couples had to leave their own state to legally wed. While the first same-sex marriage licenses in the United States were issued in 1975, gay marriage did not become officially legal in any state until 1999. Policy on same-sex marriage varied widely between then and … [Read more...]

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