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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...

When one of your clients decides to purchase a property with another person–whether it is a spouse, friend, or family member–they are opening themselves to potential challenges in the future. As with any relationship, property ownership between two or more people is challenging because there is no way of knowing how life situations might change....

As the listing agent, you know that when it comes to short sales in Illinois, lenders don’t want to bite at the lowest price. Upon conducting a Broker Price Opinion (BPO), lenders will always ask for a counter offer if they don’t agree with the value of the listing. A lender will agree to release...

In Illinois division of property during a divorce must be equitable. This does not mean equal parts, but instead that the property is divided fairly between the two parties. As a result, an Illinois court doesn’t automatically order a 50/50 split but looks at all factors to find a division that is fair. The big...

When your clients are involved in an Illinois real estate transaction where ownership is unclear due to title issues, it can lead to potential lawsuits with people claiming to have rights to that property. It’s important that real estate brokers understand that these issues can be resolved using a quiet title action. Here we explain...