Recent Blog Posts
Should I Agree to a Leaseback in Illinois?
A leaseback is when a homebuyer allows the seller to remain in the home for a certain period of time after closing. The seller generally pays rent to the buyer during this period. Agreeing to a leaseback creates a new landlord-tenant relationship between the buyer and the seller, with the seller becoming the buyer’s legal tenant. Sellers often request this arrangement when they are ready to sell but, for some reason, cannot completely vacate the residence before closing. There are some risks involved for both the buyer and the seller in a leaseback. If you are considering agreeing to a leaseback, it is important to consult an experienced Cook County real estate lawyer first.
What is the Risk to a Homebuyer in a Leaseback?
There are a few risks to a homebuyer in a leaseback, including:
- Seller does not vacate- If the date the leaseback period was supposed to end comes around and the seller is still living in the residence, you may be forced to formally and legally evict them. The eviction process can take several months. If you are currently renting or have a buyer lined up for the home you are in now, this can create problems if you are then unable to move into your new home on time.
Why Illinois Residents Need More Than One Power of Attorney
Powers of attorney are absolutely essential for protecting yourself should you become incapacitated. If you do not have powers of attorney in place and begin to suffer from an age-related disease like dementia, or you have a serious accident and suffer brain damage, the court will likely need to step in and choose someone to manage your affairs and make medical decisions for you. While incapacitated, you will have no say in who the court chooses. If you do have powers of attorney, there is no need for the court to get involved. The people you chose can simply step in and begin performing the roles you appointed them to. It is best to have the help of a Cook County, IL estate planning lawyer when you create your powers of attorney.
Types of Powers of Attorney You Need
There are several different types of powers of attorney. You may want separate powers of attorney for healthcare, for personal decision-making, and for financial management. The person you would want to manage your finances and access your bank account to pay your living expenses might not be the same person you would want to decide where you should live.
Signs of a Bad Home Deal in Illinois
Buying a house can be a challenging process filled with potential pitfalls. While the perfect home and the perfect real estate deal may not exist, there are some warning signs of a bad deal that you and your Chicago, IL, real estate attorney can look out for. From questionable sellers to outright scams and mortgage companies committing fraud, the residential real estate market can be a minefield. This is why it is so important to have legal representation. An experienced attorney will know what to look for to make sure that you are getting a fair deal when you set out to buy a home. If something about your real estate transaction feels wrong or “too good to be true,” it probably is. Always seek the advice of an attorney before committing to buying a house.
Warning Signs of a Real Estate Deal You Do Not Want to Take
Taking a bad deal can leave you at best, with costly repairs to cover, and at worst, out of money and with no home to show for it. Warning signs that usually mean you should walk away from a sale include:
What to Look for in a Home Inspection
The home inspection conducted by a licensed professional is a critical part of the home-buying process. Whether you are buying your first-ever family home or have been through the process several times already, it is important to know what types of issues to look out for in the inspection report. Unless you are purchasing a brand-new home and will be the first person living there, the house you are interested in likely has some level of damage from years of wear and tear. The question is, what types of damage or issues should you be concerned about, and which are entirely normal? Few lived-in homes are in perfect condition, so there is no reason to be alarmed just because the inspector has identified a problem or concern. However, some types of damage or issues could be unsafe for your family or lead to costly repairs soon. An Oak Brook, IL, real estate lawyer can help you decide whether a property is right for your family.
How Can a Lawyer Help You with Foreclosure Defense?
Facing foreclosure can be an incredibly stressful experience. You may feel intimidated by the process. Having an Illinois foreclosure defense attorney on your side can strengthen your side of your case.
Understanding Your Options
The foreclosure process can be confusing, with endless letters and notices from lenders. An attorney experienced in this area can help explain the meaning of each notice and your options at each stage. That includes tools like forbearance agreements, loan modifications, short sales, and deeds instead of foreclosure. An attorney can also advise if bankruptcy may help and what type - Chapter 7 or Chapter 13 - may be best suited to stop the foreclosure sale.
Negotiating on Your Behalf
Lenders and servicers often reject initial requests to adjust mortgage terms. A lawyer knows what loss mitigation programs the lender offers, what you likely qualify for, and how to negotiate effectively on your behalf. This can include highlighting extenuating circumstances, pointing out errors in their process, and exhausting every option before the foreclosure moves forward.
What Should You Know About the Foreclosure Process?
If you have fallen behind on your mortgage payments, you may be at risk of foreclosure. This legal process allows lenders to seize and sell your property to recoup their losses from your defaulted loan. Foreclosures can be complicated, stressful experiences, so it is essential to understand the critical steps in the process. An Illinois real estate lawyer can help protect you and guide you through the following steps.
When Does the Foreclosure Process Start?
If you miss a payment, the foreclosure process cannot just begin. There has to be a process that your lender follows, such as the following:
- Delinquency Letter- The first sign of foreclosure trouble usually comes in the form of a delinquency letter from your mortgage lender. If you miss a mortgage payment, expect to receive written notice within 30 days informing you that you are behind. At this early stage, keeping your mortgage current can stop foreclosure.
What Happens During the Probate Process?
When a loved one passes away, you are grieving and likely overwhelmed. Knowing what to expect can ease some stress if they leave behind property requiring probate. An Illinois estate planning lawyer can provide insight into what happens at each step so you feel informed and empowered.
Filing the Initial Petition
Formal probate begins when an appointed executor or estate representative files paperwork with the county probate court. This includes a certified copy of the will (if one exists), the death certificate, and a petition to open probate and appoint the representative. Filing fees must also be paid.
The court reviews the petition and supporting documents. As long as everything looks valid, they officially open the estate and issue a document called “Letters of Office” naming the estate representative and authorizing them to conduct transactions on behalf of the estate.
When Do You Need Deed Drafting?
Transferring real estate requires properly documenting the exchange through quality deed drafting. However, with multiple deed types and complex transfer issues, confusion abounds around necessary occasions for professional legal help. An Illinois real estate lawyer can help you make the deed drafting process less complex.
Purchasing Property
Perhaps the most obvious need for legal deed drafting arises when purchasing a property. Sales contracts contain promises to convey land title from seller to buyer. Trained lawyers utilize precise legal terminology and required elements to transform sales contracts into enforceable warranty deeds. This legally conveys ownership rights to obtain clean title insurance policies. Any ambiguities or missing details during deed drafting could nullify the transfer or spark future claims against ownership. Simply using template deeds or listing services forms fails to adequately protect buyers’ interests in the land purchase.
Estate Planning for Owners of Illinois Vacation Homes
When families have many treasured vacation homes full of memories, ensuring these unique properties remain in the family for generations should be an estate planning priority. You must know how to do this properly. An Illinois lawyer can help you make sure you fill out the correct documents and make sure you use the proper terms so there are no hurdles later.
Choose Beneficiaries Wisely
Carefully select who should inherit your vacation home upon your passing. Jointly owned homes often transfer automatically to a co-owner. For sole owners, name beneficiaries in your will or living trust to receive the home. Weigh family dynamics and relationships when deciding on the best recipients.
How to Avoid Probate for Illinois Real Estate Holdings
If you own residential or commercial real estate in Illinois, ensuring your properties transfer smoothly to chosen beneficiaries without getting tied up in probate should be an estate planning priority. You should be aware of your options that can help you avoid the time-consuming and public probate process for your real estate holdings. An Illinois lawyer can help you figure out the best option for you.
Understand Probate's Drawbacks
In Illinois, probating a will can take six months to two years. During this period, your properties may sit idle while beneficiaries wait to take ownership. Probate records are also public, making details about your estate accessible.
Name Payable-on-Death Beneficiaries
Illinois allows payable-on-death (POD) designations on real estate deeds. By naming POD beneficiaries, your property can be transferred to them outright upon your passing without probate. Update deeds to list desired beneficiaries. Make sure you monitor regularly, as your circumstances can change, and this is one area people often overlook.