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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...

During the pandemic, I have been thinking a great deal about death, especially when I learned that a colleague from whom I sat across the table from for 20 years succumbed to COVID-19. My husband and I have been trying to motivate ourselves to update our wills .Our current wills do not mention our children...

In purchasing a condominium unit, one of the most important tasks to complete is a thorough review of the condominium documents. Although it is imperative to read through the bylaws and regulations to ensure that you can live with the rules that the association has in place, something that every property owner should be familiar...