Owning a home free and clear of a mortgage is a financial milestone. However, properties without mortgages sometimes attract a particular type of real estate fraud involving someone recording a fraudulent deed that appears to transfer ownership without the legitimate owner’s permission. An Illinois land trust offers an additional layer of protection against this activity....
A homeowner may have every intention of selling a property, only to have health or other circumstances change before the transaction is completed. That possibility becomes especially important for older homeowners. If the owner dies before the sale and the property is still titled in that person’s name, determining who has authority to complete the...
Real estate transactions can become more complicated when a property owner dies or is no longer able to handle the transaction personally. One way to prepare for those circumstances is to hold real estate in a personal trust. For homeowners who already have a trust or are considering one, how the property is titled can...
Most residential transactions involve a vacant property or a seller preparing to move out before closing. Properties with tenants in place introduce a different set of considerations that can affect timing, financing, possession, and the buyer’s plans for the property. Whether the buyer intends to occupy the home or continue using it as an investment...
Open permits have a way of appearing at the worst possible time. A transaction may be moving smoothly through attorney review and inspection negotiations when a municipal search, title review, or lender inquiry uncovers an open permit tied to work completed years ago. Suddenly, what seemed like a routine closing becomes a conversation about documentation,...
Buyers may assume that once the attorney review period ends, the deal is locked in and the seller can no longer walk away. In reality, the situation is more complicated, and the answer depends heavily on the contract language, the reason for the cancellation, and whether the seller is actually willing to face the legal...
Buying a home already comes with enough moving parts to make people double-check every email, document, and deadline. Then life throws something unimaginable into the equation: the buyer passes away before the transaction closes. It’s an uncomfortable topic, but it also creates immediate legal and financial questions for surviving family members, sellers, lenders, and real...
For many homebuyers, an REO transaction feels completely unfamiliar the moment the contract arrives. Entire paragraphs appear deleted, seller obligations seem dramatically reduced, and costs that buyers expect a seller to pay suddenly become the buyer’s responsibility instead. To someone accustomed to a conventional residential transaction, the contract can look aggressive or even alarming at...
In most real estate transactions, clients spend more time talking with their brokers than they do with their attorneys. That makes sense. Brokers are often the first call, the ongoing sounding board, and the person guiding the day-to-day flow of the deal. But that dynamic can create a gap, and that gap can lead to...
Buying from a corporate entity is a different experience entirely than purchasing from an individual seller. Whether the seller is an LLC, a relocation company, a bank, or an investment group, the transaction tends to move faster, feel less flexible, and carry a different set of risks that buyers don’t always anticipate. Here’s where to...
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