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September, 2021 Archives

Do You Need a Professional Fiduciary?

Lack of a trusted person and pronounced sibling rivalry are some of the reasons a person may require a Professional Fiduciary to oversee his or her trust. The person may also need a Professional Fiduciary who understands the laws governing eligibility for government disability benefits. Especially if a Special Needs Trust is needed to cover the disabled child's expenses upon the person’s death. Finding a reliable Professional Fiduciary who can efficiently manage a trust is key, and due diligence … [Read more...]

Your Guide to Raw Land Purchase Agreements in Illinois

Raw land purchase agreements feature a few basic provisions, including purchase price, due diligence period, final closing conditions, and default and remedy. These provisions are specifically created to safeguard the interests of both the seller and the buyer. They are an important part of the purchase agreement. Purchase Price Provision A raw land purchase agreement has an important provision that deals with the purchase price and payment arrangements available to the potential buyer. … [Read more...]

How Is Upside-Down Property Handled in Probate?

When dealing with upside-down real property in probate, an Executor has a fiduciary responsibility to pay off debts of the United States (tax debts) first. This is an arduous task, considering that the debts are more than the estate value. Once tax debts are paid off, the rest of the debts are divided into the following categories: Administration Expenses: This category consists of reasonable compensation of Executors, attorney fees, and out-of-pocket expenses like bank fees and recorder … [Read more...]

How to Use an FHA 203K Loan to Rehab Your Investment Property

A borrower can rehab an investment property with the FHA 203k loan by purchasing and renovating a multifamily (2-4 unit) property. The borrower must then reside in one of the units as his or her primary residence for at least a year to satisfy FHA’s permanent residence requirement before renting out the property. What if a Borrower Already Owns a Home? If a person has already purchased a home, he or she can refinance his or her current mortgage using the FHA 203k loan. This presents smart … [Read more...]

What Constitutes Incapacity for Conservatorship?

When an adult becomes incapacitated and incapable of managing his or her affairs, conservatorship transfers the power to manage that adult’s financial affairs or personal care to another person or entity. This legal process of appointing a conservator is known as probate conservatorship. The law requires conservators to act in their ward’s best interests at all times. When Can a Court Grant Conservatorship? A court usually grants conservatorship when an adult is incapacitated and unable to … [Read more...]

Just How Hot Is the Arlington Heights Real Estate Market?

Arlington Heights had 503 homes on the market in June 2021, but only 24.3 percent of them sold. Approximately 59.6% remained for sale and 16.1 percent were removed from the market for different reasons. The small percentage of the sale is, however, not unusual. In any given month, only a small number of homes sell compared to the overall number of homes listed for sale. Working with an aggressive real estate attorney who knows how to properly value homes relying on their location and … [Read more...]

Understanding the Life Cycle of Your Will

A Will goes through three major stages: initial planning, drafting, and execution. Understanding what the three stages entail can help a testator leave a well-drafted and executed Will to his or her family members. It will also ensure the testator’s wishes are honored after his or her death. Initial Planning Initial planning is the first and most crucial stage of creating a Will. It involves determining who will inherit the assets once the testator dies. Depending on the testator, the … [Read more...]

Did You Receive a Notice of Lis Pendens?

Lis pendens, a Latin term that means “pending litigation,” is a notice pronouncing that a suit has been lodged against a property. This notice can hurt the sale price or likelihood of a sale because any pending lawsuits are usually disadvantageous to the owner. A notice of Lis Pendens warns potential homebuyers that there is litigation concerning the property such as a foreclosure or dispute in the ownership of a property and a lawsuit has already been filed. Common Reasons for Filing a Lis … [Read more...]

Preventing Will Challenges in Illinois

Properly drafting and executing a Will, explaining it to family members, incorporating a no-contest clause, proving competence, establishing trusts, and regularly reviewing the Will are some of the effective strategies for preventing Will challenges in Illinois. By implementing these strategies, the testator (property owner) will prevent disputes among his or her beneficiaries that are likely to result in Will challenges. Properly Drafting and Executing a Will Working with an estate … [Read more...]

Chicago Sees Record Number of Real Estate Closings

The Chicago Real estate market managed a powerful start in 2021, with January recording the highest number of closings in 14 years. January 2021 reported a 17.1 percent higher closing than January last year, as the market strives to compensate for lost home sales during the early months of the pandemic. A huge chunk of the increase in sales came from condos that have been falling behind until January 2021. Condo sales increased by 21.4 percent while sales of single-family homes rose by 6.0 … [Read more...]

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