There are many reasons you might decide to transfer property between family members. This involves the property title which has the names of all legal owners and the deed. In Illinois, a real property title applies to land, residential real estate, and commercial properties. You...
A property deed is a legal document used to transfer ownership from the home seller to the home buyer. The deed is the document that defines who owns a property. For every transaction involving property, the deed accompanies the purchase, transferring from the grantor selling...
Real estate terms can be very confusing. One of the terms that is important to familiarize yourself with is appraisal escalation addendums. An addendum is added to a contract to specify terms in Illinois real estate offers. In the case of an appraisal escalation addendum,...
If you’ve never heard of the term “quit claim deed,” you’re not alone although it is a rather common occurrence and one of the easiest ways to transfer ownership of an Illinois real estate property. However, it is only recommended in certain situations. Here we explain...
The term “as is” means the property is being sold in its current condition - exactly the way it exists. Right? Wrong - that is real estate fiction! The “as is” clause in a real estate contract isn’t quite as literal as it sounds. In today’s blog,...
It is not a very common occurrence, thankfully, although it happens. Is it allowed? Does it come with repercussions? It absolutely can! First, it’s important to note that if you’re a buyer, and you get cold feet, the best time to back out of a deal...
The time has arrived to give your home the makeover you’ve always fantasized about. As anyone will tell you, getting from point A to point Z requires time, patience, and of course money. Choosing a general contractor is the most important decision because you are...
In a perfect world, a real estate transaction goes off without a hitch, and both the seller and buyer conclude business feeling content. In the real real estate world, this doesn’t always happen. You can always expect a few bumps along the way, but when one...
Getting to the finish line of the sale of your home can feel quite exhausting - especially if something goes wrong, like the buyer violating terms of the contract. When a home buyer makes a decision to put their signature on a residential real estate contract,...
Although post-closing possession agreements are necessary at times, your real estate attorney (especially this one!) should advise you to avoid them! This scenario occurs when after closing, the seller stays in possession of the property and rents it back from the buyer. Both buyers and...
