Whenever a buyer or seller engage in a transaction for a residential property containing 5 or fewer residential dwelling units (condos, co-ops, vacant & commercial property with no residential units are exempt) in the City of Chicago, a “Certificate of … Continue reading →
I know we are all adjusting to our “Shelter in Place” order. However, it is clear that lenders, closing attorneys, mortgage and title companies have been deemed “essential services” and we (and they) will be open for the foreseeable future. … Continue reading →
One of the most common documents submitted along with a contract offer to purchase real estate in Chicagoland is the pre-approval letter. How important is this letter? It is not important at all. You read that right. It is not … Continue reading →
There are many rumblings on the street that the City Council is about to propose a new referendum providing that the transfer tax paid by Buyers upon the sale of real estate with a value over one million dollars (some … Continue reading →
One of the common requirements of selling a residential one to five unit properties (excluding condos and co-ops) is to obtain from the City of Chicago and provide to a buyer a Certificate of Zoning Compliance. The “Zoning Cert” certifies the … Continue reading →
Much has been made in Illinois about the Illinois Good Funds Act that affects real estate buyers and the proliferation of email scams to defraud buyers by misrouting their wired-in purchase funds. However, not much though goes into how a … Continue reading →
It’s property tax time again. In February, every year, the Cook County Treasurer releases new tax bills to the public. The first installment in Cook County is generally considered a “deposit” against the full year tax bill. The County always … Continue reading →
This fall, the City of Chicago passed an ordinance to repeal the Multiple Dwelling Registration provisions pursuant to Chapter 13-10 of the City Code. The City Department of Buildings sent out a notice indicating that the old requirement for owners … Continue reading →
It has been a long time since we had a “proper” real estate season. After the recent housing market crisis, there has not really been a true season. Instead, during that time and in the time since, most buyers and … Continue reading →
We hear real estate tax bills will be available online either tomorrow (Thursday June 29, 2017) or Friday (June 30, 2017). … Continue reading →
