Zillow’s property value estimates, commonly referred to as “Zestimates,” may be misleading Illinois home buyers. With a median error rate of approximately 8 percent nationwide, and even higher in some areas, these inaccuracies can equal disparities of tens of thousands of dollars. In some situations, the difference between a Zestimate and a true property appraisal is more than $100,000. Zestimates Are Not Actual Appraisals A Zestimate is a very popular consumer tool used to estimate a … [Read more...]
Importance of Due Diligence Before Completing a Real Estate Transaction
Posted on May 17, 2017 //
Due diligence can help prevent homebuyers in Illinois from losing thousands of dollars. This is a vital part of the home buying process and one that is the responsibility of the buyers. While Illinois does require sellers to disclose material defects in the homes, there are additional factors that the buyer should consider when deciding whether or not to go through with the transaction. Buying residential real estate may be one of the largest financial transactions that home buyers ever complete … [Read more...]
Five Mistakes To Avoid When Buying A Home In Chicago
Posted on April 26, 2017 //
Potential home buyers can make informed home buying decisions they will feel good about for many years ahead by avoiding some basic mistakes. Home buyers sometimes purchase based on emotion and want instead of logical reasoning and practical need. That can lead to years of stress due to being strapped with monthly mortgage payments for a home they are unable to sell for what they owe. Buying more than is easily affordable According to the National Association of Realtor’s … [Read more...]
Is a Reverse Mortgage Right for You?
Posted on January 6, 2017 //
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
Posted on November 11, 2016 //
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
Posted on August 12, 2016 //
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
Posted on July 27, 2016 //
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
Posted on July 20, 2016 //
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 rules … [Read more...]
Who Can Be Held Liable for Toxic Mold
Posted on June 2, 2016 //
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. There are a number of factors that should … [Read more...]
Why you need to update your estate plan
Posted on February 29, 2016 //
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. (Article continues below Infographic) In reality, there is still work to do. An estate plan is a living document that requires care and attention to stay current. Consider these reasons to change your estate plan and how they apply … [Read more...]
