Posted on November 26, 2024 in Residential Real Estate

When signing a purchase agreement for the sale of a property, both buyers and sellers face certain legal risks. Buyers in particular are exposed to legal pitfalls when they spend significant money on a home that they are not deeply familiar with. Therefore, both parties usually hire attorneys to review the real estate contract before signing it.

Involving an Illinois real estate attorney is not required by law, but it is highly recommended. A trained legal eye can scrutinize the purchase agreement for nuances that threaten your interests. Zoning laws, title issues, and easements are just some of the legal problems a buyer can face when purchasing a property. In fact, a common clause in Illinois real estate contracts allows for an attorney review period where the lawyers have up to five days to modify or cancel the agreement. There are significant risks to entering into a real estate transaction without legal guidance, and major benefits to involving an attorney early on.

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 Posted on October 10, 2024 in Estate Planning

Many people experience a point in life when they can no longer make decisions for themselves. They may be incapacitated after a catastrophic car accident or impaired by dementia. In such cases, these individuals may benefit from a durable power of attorney for healthcare.

A power of attorney is a legal tool that allows a person to grant someone else the authority to make decisions on his or her behalf. The individual who grants that authority is called the principal, and the person who receives it is called the agent. There are different types of powers of attorney that can be used for specific situations and needs. In this article, we will discuss a durable power of attorney for healthcare and how it works for medical emergencies. To determine which power of attorney is right for you, consult an experienced Illinois estate planning lawyer.

What Is a Durable Power of Attorney for Healthcare?

A durable power of attorney is so called because it remains in force even if you lose the capacity to make decisions for yourself. Depending on how you structure it, a durable power of attorney can allow an agent to make decisions on your behalf in the event you become incapacitated, such as managing your financial assets. It can also grant an agent the authority to make medical decisions for you when you no longer can. This is referred to as a durable power of attorney for healthcare.

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 Posted on September 10, 2024 in Estate Planning

There are many factors to consider during the estate planning process. For real estate owners, these may include estate tax exemptions, naming beneficiaries, and multi-generational planning. One of the most common questions estate owners have is how to avoid probate, a grueling legal process for transferring assets after they pass away.

That is why many estate planners who own property choose to place it in a land trust. A land trust, which this article will discuss, has several benefits that make it an attractive legal instrument. We will also explore how it can avoid probate. To understand if a land trust is right for you or for help setting up a land trust, contact an experienced Illinois estate planning attorney.

What Is a Land Trust?

As its name suggests, a land trust is specifically designed for real estate. It is a legal entity that assumes ownership of the property that previously belonged to the grantor.

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 Posted on August 14, 2024 in Estate Planning

Creating a will is important in protecting your legacy and ensuring your final wishes are respected. While each will should be tailored to individual circumstances, each will should include four major areas. These non-negotiables form the foundation of a solid estate plan, and an Illinois lawyer can make sure they are strategically included in your plan.

The Importance of a Well-Crafted Will

A well-crafted will serves as a roadmap for your loved ones during a difficult time. It provides clear instructions on how to:

• Distribute your assets
• Care for your dependents
• Handle your final affairs

If you do not have a proper will, the state of Illinois will decide how to split up your belongings. This may not match what you would have wanted.

Four Non-Negotiable Elements for Your Will

1. Executor Appointment

The executor manages your estate after your passing. When choosing an executor:

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 Posted on July 15, 2024 in Residential Real Estate

Short sales involving multi-unit buildings present unique challenges and opportunities for both buyers and sellers. These intricate transactions require careful consideration and guidance. An Illinois lawyer can help you explore three crucial factors to consider when dealing with short sales of multi-unit properties.

Make Sure You Understand the Short Sale Process in Illinois

A short sale occurs when a property is sold for less than the outstanding mortgage balance, with the lender’s approval. In Illinois, this process involves several key steps and considerations:

The short sale journey begins when a seller submits a hardship package to the lender. This package typically includes financial statements, proof of income, tax returns, and a hardship letter explaining the seller’s inability to continue mortgage payments. The lender then reviews the package, often requesting additional documentation to fully assess the situation.

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 Posted on June 13, 2024 in Residential Real Estate

It might surprise you to know that in 2023, Baby Boomers (those born between 1946 and 1964) made up the largest percentage of home buyers at 39 percent. This older generation edged out millennials to take the top home-buying spot. With today’s high interest rates and overpriced housing market, homeownership is getting tougher for all generations. While some can make homeownership a reality despite these issues, many younger Americans are being pushed out of the market entirely, with the typical age to buy a first home now sitting at 36 years old.

This means if you are in the market to buy a new home and you are a senior citizen, you are in good company. That being said, there are issues you need to consider now that might not have been on your radar when you were younger. Before you sign on the dotted line, you must speak to a knowledgeable real estate attorney. This is not a time in your life when you can afford to make any financial missteps; your Illinois real estate attorney will look over your proposed real estate transaction to ensure you are making a sound financial purchase.

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 Posted on May 08, 2024 in Residential Real Estate

Chicagoland is filled with historic homes. Many of these historic homes are beautifully built and crafted with quality materials. However, the interiors of these homes often need work to bring them up to modern standards before they are move-in ready. Investing in and restoring a historic home can be deeply rewarding but can also be frustrating and expensive. Before you commit to purchasing a home that requires significant work, ensure that you have an accurate understanding of what actually needs to be done, how long it will take, and what the cost will be. A Cook County, IL real estate attorney can help you plan your purchase.

5 Factors to Account for When Buying a Home That Needs Work 

A few of the many factors to consider before purchasing a fixer-upper include:

• Is the chain of title clear? The older the home, the more likely it is that there is an unresolved claim to ownership somewhere in its history. You will need an attorney to perform a thorough title search to ensure that the house comes with clear title. 

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 Posted on April 05, 2024 in Residential Real Estate

When you are buying residential real estate, it is best to be represented by a knowledgeable Chicago, IL real estate lawyer. An attorney can help you avoid the many pitfalls that may come with buying a home or multi-unit building. Residential real estate is particularly expensive in the current market, so buying a property is likely a major investment. Whether you plan to live in your new property or rent it out for a profit, failing to notice a major problem that an attorney could have caught can leave you with immense buyer’s remorse. An attorney can carefully investigate the property itself, its chain of title, and the proposed deed to ensure that you are making a sound and advisable purchase.

Identifying Problems in Residential Real Estate Transactions 

There are some types of issues with a property and some types of deeds that may suggest that you should reconsider a purchase. Problems that may indicate you should walk away from a purchase include:

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 Posted on March 14, 2024 in Estate Planning

A land trust can be a valuable estate planning tool for those who own real property - land and the houses or buildings on it. If you are a landowner, using a land trust to pass your real estate property on to your loved ones after you are no longer here to enjoy it can protect your legacy and ensure that your intended beneficiaries receive what you want them to without struggling through probate. A land trust can be used similarly to how a revocable living trust is used. To create a land trust, you will transfer ownership of your real property to the trust. While you are alive, you can remain the trustee with full control over the property. When you pass, your beneficiaries already have an ownership interest in the trust and can simply have the title transferred. An Englewood, IL estate planning attorney can help you determine how a land trust can fit into your complete estate plan.

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 Posted on February 13, 2024 in Residential Real Estate

Buying a home for the first time can be an intimidating process. There are a lot of steps you must take on your path to home ownership and a lot of moving parts in a real estate sale. If you are planning on purchasing your first home soon, it is strongly advised that you work with an experienced Country Club Hills, IL, real estate attorney. Those who are not familiar with some of the legal details related to the different types of deeds and how they are transferred, how the home inspection process works, and what to look for during a title search can usually benefit from a lawyer’s help. A lawyer can do much more to protect you than a real estate agent can. Your lawyer can review all of the documents you need to sign at closing and ensure that the transfer of property will go as smoothly as possible

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