Property transactions can be confusing, especially when it comes to how much you owe once all expenses are considered. Some of the more confusing costs incurred during real estate transactions are property transfer taxes and recording fees. Both may be imposed when the title of...
A closing date requires a home seller to be moved out by the closing. Home sellers are required to have left the home no later than the completion of the closing. While this is written into most real estate agreements, it doesn't always work out...
As you may have already guessed, considering this blog post is written by a real estate attorney, the answer is yes! A real estate transaction is complex and can be difficult for buyers to navigate on their own. The consequences of not using a real estate...
Selling your home is a huge undertaking, and it comes with plenty of responsibility. It might be shocking to discover you could be responsible for paying capital gains tax! Capital gains tax is a fee paid to the government when an investment is sold at a...
Today, I’m turning things over to my colleague and guest blogger, Leah Jackson, Loan Originator and Residential Mortgage Lender for Amerifinancial Home Mortgage, Inc. She discusses why it’s best to work with a local lender. Realtor Relationships One of the biggest perks is that a local Realtor will...
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,...
