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When you sign a contract for the purchase or sale of residential real estate, you will typically have 5 days to review the contract with your attorney in order for your attorney to modify its terms. Check out our previous article, Attorney Modification of Residential Real Estate Contracts, for more on this topic. In this article, we will discuss the top 5 things you should be on the look out for when reviewing the contract with your real estate attorney.
In a previous article, we discussed the first stage of a real estate sale, Attorney Review and Modification of the Contract. In this article, we will provide a checklist of tasks that the seller (or the seller's attorney) must handle between the execution of the contract and the closing date.
Disclosures:
Immediately upon execution of the real estate contract, the seller must execute and provide to the buyer certain disclosures regarding the seller's knowledge of potential hazardous conditions in the home. These include:
The article will also explain whether or not there are any significant changes to Illinois Real Estate Laws for 2024. The most substantial change in Illinois Real Estate Law is the Illinois Real Property Transfer on Death Instrument Act, which took effect in 2022.
When you sign a contract for the purchase or sale of residential real estate, you will typically have 5 days to review the contract with your attorney in order for your attorney to modify its terms. Check out our previous article, Attorney Modification of Residential Real Estate Contracts, for more on this topic. In this article, we will discuss the top 5 things you should be on the look out for when reviewing the contract with your real estate attorney.
Title insurance is meant to protect the insured (the homeowner and bank that owns your mortgage) from a financial loss associated with the property. There are two types of title insurance policies associated with the purchase of a home. Title insurance covers any underlying discrepancies with a home that the title company missed during the home buying process.
In this article, we discuss what happens if you inherit a house in foreclosure in Illinois and answer the following questions: How is a property in foreclosure transferred upon an individual’s death?, Do I automatically assume the debt of an inherited home in foreclosure?, What options are available to me if I want to keep an inherited home in foreclosure?, and What should I do if I don’t want to keep an inherited home in foreclosure?
When you sign a contract for the purchase or sale of residential real estate, you will typically have 5 days to review the contract with your attorney in order for your attorney to modify its terms. Check out our previous article, Attorney Modification of Residential Real Estate Contracts, for more on this topic. In this article, we will discuss the top 5 things you should be on the look out for when reviewing the contract with your real estate attorney.
Wondering if you can sue a real estate agent for negligence? Negligence, such as failing to disclose crucial property details, can be costly. This article outlines when you can hold your agent legally responsible and the steps to take action, helping you understand your rights and the path to potential compensation when you decide to sue your real estate agent for negligence.
Title insurance is meant to protect the insured (the homeowner and bank that owns your mortgage) from a financial loss associated with the property. There are two types of title insurance policies associated with the purchase of a home. Title insurance covers any underlying discrepancies with a home that the title company missed during the home buying process.
If you’re selling your house ‘as-is’ in Illinois, you might wonder what disclosures are required by law. Illinois doesn’t let you off the hook just because you’re selling as-is. You must still inform potential buyers of known problems like structural or environmental issues. This article will guide you through the critical disclosure obligations when selling a house as-is in Illinois, giving you the confidence to proceed with your sale backed by legal know-how.
In this article, we will discuss the Illinois Residential Real Estate Property Disclosure Act and how to avoid a claim for failing to properly disclose information about your property when selling. We will answer the following questions: what is the Illinois Residential Real Estate Property Disclosure Act?, what must be listed in the Disclosure Statement when selling a property in Illinois?, what happens if the seller is not aware of an existing defect?, and what happens if the seller makes an error when filling out the Disclosure Statement?
This article answers the question "What happens to my lease if my building goes into foreclosure in Illinois?" We'll explore what rights and options tenants have if their landlord defaults on the mortgage and the building goes into foreclosure. In addition, we'll answer the following related questions: Are there laws in place to provide protection for tenants?, What federal laws exist to protect tenants?, What factors determine a tenant’s protection against foreclosures in Illinois?, Does Illinois have any special protections for tenants in the city of Chicago?
A commercial real estate attorney should be involved if you are planning on renting or buying commercial real estate. Since commercial real estate properties are generally more expensive and come with different rules and regulations, you want someone with a real estate background in your corner.
Each town and city has its own ordinance and regulation, regulating whether you can live in your place of business. Most local ordinances permit living in your place of business if the business is operated from your home, so long as your business is not prohibited business activity.
This article answers the question "What happens to my lease if my building goes into foreclosure in Illinois?" We'll explore what rights and options tenants have if their landlord defaults on the mortgage and the building goes into foreclosure. In addition, we'll answer the following related questions: Are there laws in place to provide protection for tenants?, What federal laws exist to protect tenants?, What factors determine a tenant’s protection against foreclosures in Illinois?, Does Illinois have any special protections for tenants in the city of Chicago?
A commercial real estate attorney should be involved if you are planning on renting or buying commercial real estate. Since commercial real estate properties are generally more expensive and come with different rules and regulations, you want someone with a real estate background in your corner.
Each town and city has its own ordinance and regulation, regulating whether you can live in your place of business. Most local ordinances permit living in your place of business if the business is operated from your home, so long as your business is not prohibited business activity.
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