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This post first appeared in the Chicago Daily Law Bulletin in September, 2022. Earnest money, as we all know, is the consideration given by the Buyer to bind the purchase contract. It is often the subject of liquidated damages in the Attorney Review letter where parties seek to have the earnest money be the sole...

This post first appeared in the Chicago Daily Law Bulletin in December, 2022 In the right circumstances, I am usually in favor of Home Equity Conversion Mortgages (“HECMs”), also known as Reverse Mortgages. With an HECM, the mortgagee takes the existing equity on a mortgagor’s property and converts that equity into monthly payments made to...

This post first appeared in the Chicago Daily Law Bulletin in March, 2023 For a variety of reasons, affordable housing has been a prominent theme lately. For the City of Chicago, it seems to be part of every major housing development. Many of the Chicago suburbs have discussions as part of any new development. The...

Two years ago, my life took an unexpected turn when my daughter found a lost dog while hiking in Arkansas. This seemingly simple event has become a metaphor for my law practice, as it represents the power of persistence and empathy in both caring for our rescue dog, Chip, and the manner in which I...

One crucial aspect of the home-buying process that often goes overlooked is sewer inspection. This vital step provides valuable insight into the condition of a property’s sewer system, which can reveal issues such as blockages, root intrusion, cracks, and other damages that may lead to costly repairs and potential health and environmental hazards. It’s important...

Nobody plans a divorce when they marry. Divorces can be messy, but selling properties before the divorce finalizes minimizes some of these complications. To get the most from your property now, at a value you can rely on, selling before the divorce finalizes is ideal. In today’s blog post, we discuss why it’s beneficial to...

One of the biggest concerns for buyers is getting full disclosure from sellers. Obtaining full disclosure as a buyer helps them understand the current condition of a property, previous work done on a property, and anything else that may impact the home and the buyer’s finances involving the home in the future. It’s the seller’s...

It is rare for a foreclosure to be dismissed “with prejudice,” meaning that it cannot be refiled by the lender as the case has fully concluded. The case may be dismissed for different reasons, including a payment arrangement by the homeowner under a loan modification or a reinstatement of the delinquent payments. Sometimes a case...

Real estate brokers and homeowners often shy away from the short sale option. While a short sale isn’t ideal, we recommend it over foreclosure. Through the years, we’ve helped clients successfully navigate short sales and bounce back. Here’s one situation where a client found themselves on the lucky side of a short sale. Situation We...

Mortgage payments are simply part of owning a home, which we all know. Paying them down sooner than later, however, may have some advantages if you opt for a 30-year mortgage and pay it down early. Today, we discuss why paying a mortgage early pays off in the end and why equity is a homeowner’s...