2016 2nd installment Cook County Property Tax Bills
We hear real estate tax bills will be available online either tomorrow (Thursday June 29, 2017) or Friday (June 30, 2017). … Continue reading →
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Musings on mortgage approvals in Chicago real estate transactions
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 →
Check those Cook County assessments!
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 →
Is an “REO” closing right for you?
In the wake of the American housing crisis earlier this decade, we have seen a rise in “REO” transactions. REO is short for “real estate owner”, as in real estate owned by a bank who foreclosed on the property. As … Continue reading →
What is the right tax proration amount in Chicago closings?
Whenever a real estate purchaser and seller go to the closing table for a Cook County property, they have an interesting dilemma. Property taxes. How do they deal with the real estate taxes? Property taxes are paid in arrears. As … Continue reading →
2015 Second Installment Tax Bill Info Expected Today!
The much-anticipated second installment of 2015 Cook County real property taxes is expected to be available online today at the Cook County Treasurer’s Website around 10am. What does this mean? First, it will be very interesting to see the results … Continue reading →
Quick Tip: Cook County buyers should close after June!
As readers of this page probably are well aware, there is a great deal of uncertainty about the amount of the second installment 2015 tax bill that should be out just near the end of June. The results of the … Continue reading →
DuPage and Lake County tax bills starting to arrive
Homeowners in DuPage and Lake County are now finding real property tax bills showing up in their mailboxes. Throughout most of the State of Illinois, with the exception of Cook County, real estate owners usually receive a single tax bill … Continue reading →
The story of why real estate taxes are paid in arrears and how property tax prorations work
Real estate taxes for Illinois purchase and sale transactions can be confusing. When buyers and sellers meet at the closing table, they have to deal with one large conundrum. Because property taxes are paid in arrears (meaning that we pay … Continue reading →
Chicago real estate sellers and the myth of mortgage pre-approval
As a real estate attorney, I hear it all the time! “The buyer of my downtown Chicago condominium is pre-approved”. That statement usually leads a real estate seller to a bunch of questions like “why does the condo buyer want … Continue reading →