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In Illinois, property owners have access to what is called an Illinois Land Trust. It is specific to the state of Illinois and five other states in the country, and provides title to a trustee while the beneficiary of the land enjoys the rights of owning the land. It is both an asset protection tool...

When clients consider purchasing a mixed-use property to earn income and provide them with a home, they can run into challenges when seeking an FHA loan. FHA mortgages are preferable over a commercial property loan because they only require 10% down without mortgage insurance and have longer terms. Today, we take a look at the...

It’s an understatement to say that a real estate transaction has many spinning plates. A real estate attorney reviews contracts to look for issues not specifically stated in the negotiation, as well as details related to items, such as insurance, mortgage, or inspections. It takes a high level of experience and expertise to corral all...

Prorating tends to lead to confusion in the real estate closing process. Because property taxes are paid in arrears, when you buy a home in Illinois, you are basically inheriting the existing tax bill from the seller. The seller owes the taxes for the period of time they have owned the property, but it is...

All attorneys are not created equally. As we’ve previously written, the higher-caliber kinds have the experience and know-how to handle complicated real estate issues and deliver the service and results you deserve. As with any profession, experience matters, and it can make a significant difference regarding a transaction’s process and the protection of your clients....

In an earlier blog post, we wrote about how a nominal difference in cost for an experienced real estate attorney compared to a greener one would likely result in a stress-free sale. Among the reasons, an attorney with a proven track record can provide a broader scope of services and firmly understand contract terms and...

Superman is arguably the most renowned superhero in the comic book universe and pop culture for that matter. The caped crusader, but for Kryptonite, is impenetrable, hence his “Man of Steel” moniker. In the real world, there are legal professionals recognized as Super Lawyers because of their top-echelon expertise, not their ability to lift buildings,...

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...