The Northwest Housing Preservation Ordinance (NSPO) is reshaping the real estate landscape in several Chicago neighborhoods. Passed by the City Council with the goal of protecting affordable housing, the ordinance introduces new regulations that grant tenants the right to match offers on rental properties before a sale can proceed. While advocates see this as a...
The new year brings important updates to the standard real estate contract, which will go into effect on February 1st. These revisions introduce significant changes designed to improve clarity and efficiency in real estate transactions. Familiarizing yourself with these updates will position you to best guide your clients. Clarifying the “As Is” Condition One of...
Let’s clear up a common misconception that often causes unnecessary stress for heirs of property owners: If you haven’t signed a mortgage note, you don’t owe the debt—even if the lender forecloses on the property. This issue frequently arises when heirs inherit a property with a mortgage, particularly reverse mortgages. Recently, I had a client...
Buying new construction can feel like a dream come true. The allure of sparkling appliances, fresh materials, and the promise of being the first to call a house home is hard to resist. But beneath the shiny surface lie significant pitfalls that buyers need to navigate carefully. New construction deals often come with challenges that...
The Corporate Transparency Act (CTA) has introduced a new set of requirements for many entities, including homeowners associations (HOAs). This legislation, designed to combat financial crimes like money laundering, mandates increased reporting and transparency. For clients who are part of an HOA, understanding these obligations can help them stay compliant with federal law. What is...
Reverse mortgages can be a helpful tool for accessing home equity without selling the property. They can also be used for the purchase of property to preserve equity. However, they come with responsibilities that homeowners must manage to avoid defaulting on the loan. Whether your clients are using a reverse mortgage to address financial needs...
Being a guarantor can seem like a generous way to support a loved one or business associate. However, this role comes with significant risks. Whether it’s co-signing a mortgage loan or guaranteeing a commercial lease, acting as a guarantor ties your financial future to someone else’s obligations. If the deal falls apart, you could find...
What Happens If Insurance Fails to Protect? “Insurance: an arrangement by which one has a guarantee of compensation for a specified loss or damage in exchange for the payment of a premium.” We think of insurance as the way we are protected in the event our houses suffer damage from weather, fire, vandalism, or unexpected...
When purchasing real estate, most people focus on the immediate aspects of the transaction: securing financing, finding the right property, and negotiating the sale price. However, one often overlooked but crucial consideration is estate planning. Integrating real estate into an estate plan helps manage and distribute property according to your clients’ wishes, safeguarding both their...
A buyer and their real estate team need to conduct a lot of due diligence when shopping for a condo, including helping them understand the financial and legal implications of condo ownership. Attorneys play a crucial role in this process by reviewing condo documents, assessing financial risks, and negotiating terms that safeguard buyers. Here are...
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