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Planning Your Estate: How to Make Sure Your Kids Can Keep the House

Search Results for: sell a home

Planning Your Estate: How to Make Sure Your Kids Can Keep the House

Parents who wish to leave their house to their kids can employ a variety of tactics to ensure their wishes are honored. Working with an estate planning attorney to create a will and a living trust, and making sure all the right wording is included in the deed is often necessary to ensure all bases are covered. Wills A will is a legal document that is set-up and signed by the testator to transfer property and money upon death. A will can be used to transfer anything the testator owns to … [Read more...]

What to Expect at Closing

Closing costs include fees paid to third parties that facilitate the sale of the property and can include inspections, attorneys’ fees, and brokerage fees. Closing costs are typically paid once the sale is closed but some are paid before (i.e. home inspection fees). Closing costs range from two to seven percent of the purchase price. The method used to calculate closing costs dramatically changes the closing costs imposed because buyers and sellers respectively do not share in the costs … [Read more...]

Check With HOA For Defects Before Buying A Condo

Homeowners’ associations (HOAs) are valuable resources when checking for possible defects before purchasing a condo. Because the HOA is not incentivized by the possibility of a large payout or to lie, deceive or mislead a prospective buyer, consumers may be able to access more detailed and honest information than they might otherwise. Sellers are incentivized to paper over defects in the building or other issues that are currently being contested because their goal is to sell the unit and move. … [Read more...]

Importance of Due Diligence Before Completing a Real Estate Transaction

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...]

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 Businesses Should Know About the Three Day Right to Cancel Law

Business owners in Illinois should understand which transactions consumers have the right to cancel within three days. What Business Owners Need to Know Starting a business in Illinois requires owners to navigate their way through a series of complex paperwork. Many people are aware of the three-day right to cancel laws, but not everyone understands that it does not apply to all transactions. In fact, it only applies to the following: Door-to-Door Transactions In Illinois, … [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...]

Commercial Renters Fight For Greater Protection

In a commercial lease there is a lot more at stake than just rent money; the success or failure of the business can hinge on the lease. Renters who do not take the time to consider carefully the terms of their agreement may face hefty maintenance costs, discover themselves responsible for unexpected taxes, or even find their business without a home. Illinois protects commercial lessees in three areas of particular importance. Habitability To protect residential tenants from exploitation by … [Read more...]

Will New Real Estate Lien Law Prevent Messy Title Issues?

An amendment to the Illinois Mechanics Lien Act should decrease the real estate transaction problems caused by contractor’s liens. Public Act 99–0178 changes the Lien Act as of January 1, 2016. The new provision allows a property owner or “…other person having an interest…” to substitute a surety bond for lien rights. A bond can free the property from a contractor’s attachment while allowing him to retain his right to recover payment. The property can be sold while payment disputes are resolved … [Read more...]

Spike in Deed Fraud An Epidemic in Major Cities

As advances in technology continue to develop and an increasing number of Realtors place properties and sales records online to enhance the transparency of real estate transactions, a spike in deed fraud has become an epidemic in some major cities. The rising threat has begun to target unsuspecting homeowners in cities like New York, Chicago and Detroit. A recent report about Sybil Patrick, whose beautiful brownstone home was sold for $750,000 without her knowing, clearly portrays the … [Read more...]

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