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When working with joint property owners in real estate, it’s important to know if a partnership agreement has been drafted. This agreement is a contract outlining information about the relationship between property partners, including distribution of profits or losses, financial contributions, and property management. For any joint ownership situation, partnership agreements are recommended. Without one...

In any contract, money paid to confirm the contract is recognized as earnest money. We know that a contract has three elements: Offer; Acceptance; and Consideration. The Consideration given by the Seller is the agreement to remove the property from the market while the parties work out the terms of the contract. The Consideration given...

Situation Minchella & Associates worked with a client whose spouse had passed away. The living spouse was not involved in the family’s finances and was responsible for their home. Upon further investigation, we discovered that the deceased spouse had many outstanding personal expenses, including credit card debt and medical expenses. The living spouse felt overwhelmed...

Power of Attorney (POA) is a legal power given to a person (or more than one person) to become an agent on your behalf. POA may be permanent or temporary, depending on the circumstances. It may also be used on specific decision-making or all big decision-making when a person is unable to do so alone....

Erica Minchella was recently interviewed on the BE THAT LAWYER Podcast by Steve Fretzin. In this episode, Steve Fretzin and Erica Minchella discuss: Finding your way to do business development, regardless of personality type. Business development that makes sense for your practice and values. Insecurity isn’t a defect – make it your greatest asset. Being...

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...