In this article, our Champaign HOA attorneys explain the process that occurs after the initial purchase contract and price are agreed upon and signed by the buyers and sellers of a home. We’ll cover some of the complications that can arise during the attorney review period and discuss what’s commonly including in the attorney modification letter. When you sell or purchase a home, your realtor will usually present you with a widely used form contract.  The realtor will have the ability to customize that form to fit your needs. The contract will typically provide that each party's attorney will have 5 business days to (1) approve the contract, (2) reject the contract, or (3) negotiate modifications to the contract.  

‍During this 5 day period, the contract is contingent upon attorney approval.  If your attorney fails to reject or seek to modify the contract within the 5 day period, the contract will automatically be binding upon you after the 5 day period expires.

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Our Champaign HOA lawyers understand that the coronavirus pandemic and its economic effects could have a massive impact on local HOAs. In this article, we explore how the current economy is similar and different to the 2008 recession, and how to plan for a potential future economic downturn. You need a strategy tailored to your unique needs. Are you already involved in a home foreclosure? Are you behind on mortgage payments? How about your credit cards? It’s important that people take their financial temperatures now before issues crop up. Consult with one of our attorneys today. Going into uncertain times with a road map is invaluable.

In this video, our Champaign homeowners association attorneys sit down to explain the details of eviction and foreclosure during the Coronavirus outbreak for renters and homeowners alike. Both Illinois and Iowa have implemented short-term emergency plans in order to provide some degree protection for renters and homeowners alive. In Illinois Governor Pritzker issues and executive order freezing residential evictions until April 8th. The 10th Judicial Court is halting eviction cases until April 17th in a handful of counties. Illinois has also been approved for disaster assistance loans for small businesses.