HAZARDS OF PRE AND POST CLOSING POSSESSION Imagine this situation: You are selling your home. After a few months of listing the property and countless open houses, you land a buyer. The buyer negotiates hard and you finally come to an agreement. Once beyond the inspection and attorney review periods, things move swiftly. The buyer gets his mortgage financing and […]
Pre and Post Closing possession
How is title to Illinois real property held?
OPTIONS FOR HOLDING TITLE TO REAL ESTATE If one person holds title to land, there are few, if any decisions to be made about holding title. In co-ownership situations, the property owners will have to decide how to “take” title to their land. When more than one person, such as a husband and wife or business partners, owns title to […]
Changes to the Illinois Residential Real Property Disclosure
UPDATE TO THE RESIDENTIAL REAL PROPERTY DISCLOSURE ACT When most home sellers list their property with a real estate agent or listing broker, those sellers routinely fill out what is known as a “Residential Real Property Disclosure Report”. The “report”, required of many home sellers by law, is made up of a series of questions intended to elicit the disclosure […]
NEW TAX LAW GIVES MORE GAIN ON SALE OF PRINCIPAL RESIDENCE
After years of wrangling with the Democrats, the GOP initiative to give a tax break to homeowners was approved as part of the sweeping new Taxpayer Relief Act of 1997. The old way of determining gains on the sale of real estate were thrown out and replaced with an entirely new system. Now, most home sellers will be able to […]
Cook County property tax reassessment
Callers to the Cook County Assessor’s Office during July or August may have noticed that their requests were politely rebuffed with the phrase “I’m sorry, our computer is down, I can’t get that information.” The reason: Cook County computers are working furiously to get out the second installment of 1997 property tax bills. Property taxes are paid in “arrears”. That […]
Cumulative Voting in Illinois Corporate Law
In a democratic society, the majority vote wins. Democratic societies sometimes devise alternate structures to provide for the protection of the minority. In the United States, a bicameral legislature and a separation of powers, especially the power of the judiciary, are generally thought to be sufficient to protect the rights and interests of the minority. In a corporation, the majority […]
Low cost incorporation services: are they worth it?
THE LOW COST INCORPORATION If you are exploring the possibility of starting a corporation, you have, no doubt, seen advertisements and web sites from companies promoting “low cost incorporation services” without an attorney costing anywhere from $99 to $295.
What if an Illinois Landlord Refuses to Make Repairs
Residential Tenant’s Right to Repair Act On January 1, 2005, a new law, the Illinois Residential Tenant’s Right to Repair Act goes into effect throughout Illinois. The law allows residential tenants, in certain instances, to withhold a portion of their monthly rent and instead use that money to make repairs to a rental unit.
Don’t make a federal case of it – Federal laws and landlords
Often, clients are surprised to learn that the Chicago Residential Landlord Tenant Ordinance applies only within the City of Chicago! They then ask: “what law does apply to my tenants?” There are a number of laws that can govern a landlord-tenant relationship, they are: Federal Law, State Law, Common (Case) Law, Local Law and Contract Law. This article points out […]
The Law of Lead Based Paint
Recent regulations by the U.S. Environmental Protection Agency and the Department of Housing and Urban Development, in conjunction with HUD’s campaign to prevent lead based paint poisoning, regarding the disclosure of lead based paint hazards has gone into effect. The laws can be found at 24 CFR Part 35 and 40 CFR Part 745. As a result, home sellers, real […]