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What Is Attorney Review in Real Estate?

In Illinois, attorney review is a 5-business day period that allows a property buyer’s or seller’s attorney to review and approve or disapprove a real estate contract. Sometimes, provisions will also allow the attorney to amend a real estate contract as well. When a person is buying a commercial or a residential property in Illinois, the real estate contract that he or she signs often contains an attorney review clause.  Working with a real estate attorney when buying or selling a commercial … [Read more...]

Get Prepared for the Unexpected with Powers of Attorney

A power of attorney is a great option for ensuring proper management of a person’s finances when unexpected issues like incapacitation, severely disabling conditions, accidents, or other circumstances arise. While it’s difficult for anyone to imagine that a time may come when he or she will be unable to make crucial financial decisions independently, there is a possibility that such a time will come. Having a financial power of attorney in place will ensure a person is prepared for the … [Read more...]

Including Gift Authority in a Power of Attorney

Gift provisions in powers of attorney limit agents from making gifts if such ability is not desired. All powers of attorney should include specific gift authority clauses to provide the necessary authority to the agents. Failure to include these provisions could subject the agent to action for making an inappropriate gift or deprive the estate of property that was intended for another person or purpose. Issues with Failing to Include Gift Authority A recent court case examined these … [Read more...]

Is Your Non Compete Clause Enforceable?

Non compete clauses can be difficult to enforce in Illinois courts. They must meet certain requirements to be considered enforceable. The courts try to balance the interests of the employee and the interests of the employer. Employee Benefit For Signing To be valid, the non compete agreement must hold value for the employee. If it is signed in order to gain employment, this is sufficient. If it is signed after the employee is already hired, they must gain something from the agreement. … [Read more...]

Commercial Real Estate Trends You Should Be Aware Of

Throughout the past 3 decades, the commercial real estate industry has gradually evolved into an impressive enterprise filled with complex and global portfolios that make up a whopping 10 percent of institutional investments, equaling an estimated $6.7 trillion. (Article continues below Infographic) In Illinois, commercial real estate investments are breaking records. According to Real Capital Analytics (RCA), a New York based research company, investors dropped record breaking amounts … [Read more...]

New Regulations Affect Illinois Realtors in 2016

Of the more than 600 bills crossing the governor’s desk in 2015, several dealt with real estate issues. New programs regarding property foreclosures, fraud alert systems, and other changes went into effect as of January 1st. Both realtors and those looking to buy property should take a moment to understand the changes, some of which are listed below. Property Foreclosure Pilot Program Cook County now has a pilot program that permits documents recorded against properties in foreclosure to … [Read more...]

Will Governor’s Move Bring More Business to Illinois?

Governor Rauner made good on his State of the State pledge to empower his newly formed Illinois Business and Economic Development Corporation (ILBECD) with an executive order recently. With it he ordered the Illinois Department of Commerce to work with this new private non-profit corporation to attract more businesses to the state. ILBECD is similar to other private economic development corporations that exist in many other states, including nearby Ohio and Indiana. These organizations aid … [Read more...]

Capital Markets Improvement Act (HR 1675) Aims to Help Small Business

Small businesses are important to building a healthy economy. They provide access to goods and services that consumers want, which helps to stimulate the economy. But most importantly, they help fuel job growth. Times have changed, and being a small business owner has become increasingly difficult. Having to deal with all the federal and state red tape that comes with owning a small business can be costly and time-consuming, which can be overwhelming for small business owners. A business … [Read more...]

Reducing Large Truck Liability Exposures

Business operations that rely on large trucks need a continuous action plan to reduce liability exposures. The 10,000 pound and over gross vehicle rating weight (GVWR) that defines these big trucks is also a key factor in instability and safety issues. The problems increase during severe weather and can cause serious accidents. When a heavy truck collides with a smaller vehicle, injuries, fatalities, and severe property damage are a … [Read more...]

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