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Following the 2021 Surfside condominium collapse in Florida, newly implemented condo laws have been causing trouble for buyers and sellers. The 12-story structure fell due to several factors, including degrading structural integrity. The condo association knew of the issues with the building, but the owners weren’t willing to pay for the upgrades and repairs. This...

Buying a condo is an exciting time for a buyer, but with new changes in the market, it’s important for buyers to have all the facts. As a broker, your clients look to you to ensure they’re dotting I’s and crossing T’s before applications are processed. Working with a real estate attorney keeps you in...

In Illinois, sellers are obligated to disclose known defects and problems with a property. This law is in place to protect buyers from purchasing homes with serious defects unbeknownst to them, as well as the seller from becoming liable for known defects after the home is sold. It is also necessary to assure that the...

The Illinois housing market has seen mortgage rates rise from nearly 4 percent in April of 2022 to over 6 percent today. Rising interest rates impact the Illinois real estate market by forcing price changes. As interest rises, affordability lowers. This leaves many prospective homebuyers with limited options. No buyers means no market. In today’s...

Situation During a real estate transaction for investment property which had been purchased by a husband and wife, I learned that the property was held in tenancy in common, not joint tenancy. The husband had passed away without a Will, and now, instead of a simple transfer by the wife, half of the property was...

Situation A client in a divorce case contacted Minchella & Associates regarding a real estate asset division. This was the non-retaining spouse, hoping a quitclaim deed would be enough to remove liens in their name and receive half of the accrued equity on the family home. In short, they wanted to capture their equity and...

Illinois HB4322–the Residential Real Property Disclosure Act–was signed into law by Governor Pritzker and is effective immediately. The new disclosure form includes amended language but the form itself is not available yet. As we’ve previously written, brokers can be liable for disclosure statement inaccuracies. False or misleading statements, per the Illinois Consumer Fraud and Deceptive...

We’re excited to announce that Redfin reached out to Minchella & Associates to leverage our expertise on the subject of quitclaim deeds. Below is an excerpt, and you can click here to read the full blog post. “Three lawyers talk: quitclaim deeds can be an easy option, but be wary You can use a quitclaim...

As most people know, when homeowners fall behind on their mortgage, the bank can choose to foreclose. However, the law requires the bank to provide notice to the borrower informing them they are in default. In legal terms, this means the home is in pre-foreclosure. During this period, the homeowner still has time to salvage...

Situation In Illinois, property owners can use an Illinois Land Trust, which provides title to a trustee while the beneficiary of the land enjoys the rights of owning the property. It can be used in two ways: An asset protection tool An estate planning tool Here we look at client success stories regarding how the...