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Situation Mixed-use properties can sometimes pose unexpected issues. The reason: when mixed-used properties are assessed, it is done from the exterior of the building. When assessors make assumptions, they can lead to incorrect coding based on what the mixed-use property includes. In this case, our client was buying a mixed-use property with two retail spaces...

The adage goes: the only constant is change. That’s certainly the case when it comes to real estate lending. In a previous blog post, we discussed how mixed-use properties can qualify for FHA loans. Today, we’re going to discuss how recent changes in policy could impact your clients’ ability to qualify for an FHA loan...

Situation The city of Chicago has a Tax Increment Finance Purchase Rehab program (TIFPR) to assist people who otherwise might not be able to qualify for homeownership. It offers forgivable loans for those looking to purchase and rehab vacant 1–4-unit residential properties within active TIF districts. The terms of the mortgage stipulate that it can’t...

Situation During a divorce, many unresolved issues can arise regarding the marital home. When one spouse is very manipulative, they can force the other’s hand. As a result, people often make uninformed decisions that infringe on their rights as property owners. In this case, the agreement between the parties in the divorce was that her...

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...