All About the Illinois Power of Attorney Act
A power of attorney allows a person (known as a “principal”) to appoint a representative (or agent) to manage their property and affairs in the event they are no longer able to do so for themselves. At some point, nearly everyone will need a power of attorney to represent them....
Real Estate Closing Costs in Illinois
Closing costs is an umbrella term used for a realtor commissions, taxes, title related fees, filing fees, and other costs due at closing. A closing occurs at the point in a real estate transaction when the title of the property is transferred from the seller to the buyer. If you’re buying or...
How Do You Know if You Need Title Insurance?
Performing a title search and obtaining title insurance are two common requirements homebuyers encounter, particularly during the mortgage closing process. Simply put, the title is the official document reflecting legal ownership of the property, an in is conveyed as the property is sold over time. Although the completion of the...
Things to Keep In Mind When Buying Commercial Property
Regardless of whether it’s commercial or residential, any real-estate transaction can be overwhelming. They are typically full of long negotiations and complex contracts, and the process of closing can be a real bear. The fact of the matter remains, acquiring real estate is a major milestone in anyone's personal or professional life....
Staying Safe with Your Power of Attorney
Power of attorney documents are legal forms that most people encounter at some point in time in their lives. These documents may be common, but unfortunately many people who execute power of attorney documents do not really know what the agreement actually does. As a matter of fact, power of attorney documents...
Five Tips for Negotiating Your Next Commercial Lease
Despite what people may tell you, just about everything in life is negotiable. This is particularly true in the world of commercial real estate. Commercial lease agreements obligating your business to pay a hefty sum in rent each month, but they also include many other critical terms regarding the use of the...
What Happens if You Inherit a Property in Foreclosure?
Knowing what will happen to your home or real estate properties after you pass is an important part of proper estate planning. However, it is an unfortunate fact that many elderly people face challenges paying their mortgages. This can add to the already daunting legal challenges that come with planning an estate,...
What Happens If Your Landlord Defaults on the Mortgage?
What happens if your landlord ends up in foreclosure after defaulting on the mortgage? In most U.S. jurisdictions a tenant cannot be immediately evicted or forced to leave a unit when a landlord is in foreclosure. And no matter how dire his financial straits may be, landlords are not permitted to turn...
Mortgages 101: What Every Homebuyer Needs to Know
For most people, buying a home is a dream come true. From pondering floorplans to picking paint colors, shopping for your first home can be a fun and fulfilling experience. Unfortunately, however, buying a home is much more complicated than many people expect. This is particularly true in light of recent changes...
What is a Short Sale, and How Can It Help You?
Generally, people do not pay cash upfront for their first real estate purchase. Instead, most homes are purchased using a mortgage. Mortgages charge fees and interest, which means they can drive up the price of the home purchase. Most people expect their home to appreciate in value over time to cover this...
