The ABC’s of Inheritance Law in Illinois

The ABC’s of Inheritance Law in Illinois

When a person dies, his or her estate, assets, and property is passed along, or inherited by the deceased person’s heirs or named beneficiaries through either a last will and testament or, if no will exists, through Illinois Intestacy Laws. These estate, assets, and property are called the inheritance and an identified...

Continue reading…
Real Estate Closing Costs in Illinois

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...

Continue reading…
What You Need for an Islamic Will

What You Need for an Islamic Will

Much like the American common law, Islamic laws provide a code of practice for Muslims in estate planning. This specifically includes provisions regarding the transfer of a person’s assets after his or her death as well as the creation and maintenance of an Islamic will.

Specialized documents such as...

Continue reading…
Like-Kind Exchanges Under IRS Code Section 1031

Like-Kind Exchanges Under IRS Code Section 1031

 Like-kind exchanges are regulated by Internal Revenue Service Code Section 1031, and sometimes they are referred to as Section 1031 exchanges. For tax purposes, these transactions are not recognized as a sale of property, but rather as a trade of one investment in real property for another. Real estate investors often use...

Continue reading…
The Probate Process in Illinois

The Probate Process in Illinois

In Illinois, the probate process makes sure that a deceased person’s property and assets are distributed correctly and that any debts or taxes are paid in full. Probate is a court supervised legal procedure that may be required after a person’s death. Although many estates are unable to avoid probate...

Continue reading…
How Do You Know if You Need Title Insurance?

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...

Continue reading…
Things to Keep In Mind When Buying Commercial Property

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....

Continue reading…
Staying Safe with Your Power of Attorney

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...

Continue reading…