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 →
I have been thinking a lot lately about mortgages, the mortgage contingency, and the lenders’ role in a real estate transaction. My recent experience is that lenders are busy – darn busy! This might be the result of the industry … Continue reading →
Property taxes, and more specifically, the property tax proration paid at closing by a Buyer to a Seller, should always a major topic of conversation between a home buyer or seller and their attorney. Because property taxes in Illinois are … Continue reading →
