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Prorating tends to lead to confusion in the real estate closing process. Because property taxes are paid in arrears, when you buy a home in Illinois, you are basically inheriting the existing tax bill from the seller. The seller owes the taxes for the period of time they have owned the property, but it is...

All attorneys are not created equally. As we’ve previously written, the higher-caliber kinds have the experience and know-how to handle complicated real estate issues and deliver the service and results you deserve. As with any profession, experience matters, and it can make a significant difference regarding a transaction’s process and the protection of your clients....

In an earlier blog post, we wrote about how a nominal difference in cost for an experienced real estate attorney compared to a greener one would likely result in a stress-free sale. Among the reasons, an attorney with a proven track record can provide a broader scope of services and firmly understand contract terms and...

Superman is arguably the most renowned superhero in the comic book universe and pop culture for that matter. The caped crusader, but for Kryptonite, is impenetrable, hence his “Man of Steel” moniker. In the real world, there are legal professionals recognized as Super Lawyers because of their top-echelon expertise, not their ability to lift buildings,...

At the beginning of the year, President Biden’s Administration announced an extension of forbearance and foreclosure protections for homeowners impacted by COVID-19 through June, 2021. This was followed by a proposal by the US Consumer Financial Protection Bureau to delay a wave of foreclosure proceedings by mortgage lenders against defaulters until January of 2022. The...

When your client purchases a home, there are several costs and fees that impact what they end up paying above and beyond their mortgage. One of those fees is residential real estate taxes. These taxes are paid a year in arrears in Illinois and in Lake County, for example, where the tax bills come out...

As a real estate broker, you’re well aware of the legal complexities surrounding most residential real estate transactions. From preparing purchase contracts to negotiating terms and conditions, there are plenty of things that you may need help with to ensure a successful transaction. Moreover, you must also make sure that your clients don’t end up...

As a broker, you know all too well that the real estate buying and selling process can become quite intense. With so many steps and risks associated with a transaction, your clients should feel confident that their real estate attorney won’t miss anything. Unfortunately, it’s not uncommon that they’ve worked with an attorney that simply...

The following scenario isn’t uncommon: After a seller had mold removed from the home, the seller’s broker was given the opportunity to view the property to ensure it was gone. The broker failed to do so, but stated to the buyer and a witness that the mold situation was resolved. The only problem: a substantial...

There seem to be more questions than answers when it comes to managing the sale of estates. How is equity dispersed? What is the value of the estate? Where does the probate process come in? As a real estate broker, you know that selling an estate requires careful consideration, and this is where working with...