Closing Real Estate in Chicago: Real Estate & Property Law

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Real Estate & Property Law

Closing Real Estate in Chicago

On getting real estate deals closed the right way.
By Peter Olson, Esq.

Post Frequency: 2.3/day

Last Entry: March 13, 2009 at 11:57:00

Making a House Look Like a Home

Posted on October 16, 2008
Make an empty home look more inviting:?Clean. Top to bottom. A fresh coast of paint will do wonders. Clean or replace the carpeting, redo the wood floors. Wash the windows, appliances and bathrooms. ? Spruce up the exterior. Trim the shrubs, throw down new mulch and paint the front door...

That's Tacky

Posted on October 16, 2008
I know they do nothing at the closing, but I find it really tacky when real estate agents don't show up at the closing and I just think it's bad business. It's like yeah I'll take my $10,000 commission but I'm much too busy to sit at a closing table for 90 minutes...

Special Assessment Escrow?

Posted on October 16, 2008
Just thought I'd mention this as another tool to use on the Buyer's side. I represented a buyer earlier this week at a closing and we used this to sock away $5k just in case there's a special assessment in the next six months. In my particular situation a review of condo board minutes over the last year suggested a couple big projects may be happening soon so I just wanted to protect my client...

Hope for Homeowners

Posted on October 11, 2008
Here's an overview of the program aimed at homeowners behind on their mortgages that was contained in the Housing and Economic Recovery Act of 2008 passed in July.You're eligible if?The home is your primary residence, and you have no ownership interest in any other residential property...

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You're NOT a Circuit Court Judge, Mr. Dart!

Posted on October 10, 2008
Here's a piece from the Sun-Times regarding suit filed against the Sheriff for his failure to follow court orders.

Time for a Little Self-Help??

Posted on October 08, 2008
So if a court has given you possession of a property but the Cook Sheriff won't evict, how do you regain possession of a property?? Sounds like a funny little riddle, no? Well, probably not as funny if you represent many plaintiffs in foreclosure cases and you've now been told by the Sheriff that we're NOT going to follow court orders and we're NOT going to evict foreclosure tenants! Here's the Sheriff's press release.

Forensic Loan Audits

Posted on October 08, 2008
I read it about these for the first time here. You Walk Away is the company sighted in the article that does these though I'd imagine this is something many lawyers or accountants could accomplish. Here's a snippet from the piece:The reviews aren't cheap...

Hot Off the Presses

Posted on October 06, 2008
Just heard this from a reliable source:I'm happy to report that the City Council Finance Committee today unanimously passed Ald. Burke's proposed Ordinance to bar transfer taxes on the transfer of interest in marital home real estate pursuant to Judgment for Divorce or Separation,, including an amendment which I suggested making the proposal retroactive (to 1992!)...

Can FHA Shoulder Loan Burden?

Posted on October 06, 2008
An interesting read...FHA's volume up 10 times from its low just a couple years ago back when the sub-prime money flowed freely.

IL Attorney General Settles with Countrywide

Posted on October 06, 2008
Sub-prime superstar Countrywide Financial settled lawsuits with several states including Illinois regarding alleged mortgage fraud. I have a couple loans with good old Countrywide, not sub-prime but maybe there's some $$ in this settlement for poor, old me...

Condo Boards "Right of First Refusal"

Posted on October 02, 2008
Saw this little nugget from Oak Park's Village Board encouraging condo boards of managers to amend their declarations to no long allow for a right of first refusal. Here's the piece.The Oak Park Village Board this week passed a resolution intended to promote easier financing for condominium purchases by doing away with the authority known as "the right of first refusal...

Closing Real Estate in Michigan

Posted on October 02, 2008
I'm not sure what the closing costs are but the sales price: $1.75 for a home in beautiful Saginaw, Michigan. Sold on eBay.

36 Days and Counting!

Posted on September 29, 2008
Until your second installment of property taxes is due in Cook County. Hey, they beat last years December due date.2nd Installment Due Date - The due date for the Tax Year 2007 Second Installment is Monday, November 3, 2008.

How Smart of a Home Seller are You??

Posted on September 12, 2008
10 question quiz from Kiplingers...I missed one.

Vacation Homes and 1031

Posted on September 11, 2008
Saw a little nugget in the ISBA Real Estate Section Councils newsletter regarding whether you can do a 1031 exchange using a typical vacation home. I.e. would that sort of property be "held for productive use in a trade or business or for investment."Well, the tax court said no and here's the decision.

Be Careful when drafting Orders of Possession

Posted on September 11, 2008
Since one of my personal pet peeves is people who don't take responsibility for mistakes and blame others instead, let me say up front that I made a mistake! On Cook County's Orders for Possession there are 4 places where you write the Defendant's name and in a recent case I accidentally wrote the Plaintiff's name in one of those 4 places...

Chicago Transfer Tax and Divorce

Posted on September 11, 2008
Okay so we all know that it costs $7.50 per $1,000 of purchase price for the privilege of purchasing property in the City of Chicago. However, there are several types of transactions that are exempt from the transfer tax. Some of the obvious ones being transactions where consideration is under $500 and to correct former deed errors...

A Property's Walkability Score

Posted on September 03, 2008
I'm not sure walkability's a word but you get the gist. Here's the Website: www.walkscore.com. Some more data for you when considering a home purchase.

New Cook County Circuit Court Judges: Cook County Sheriffs Deputies

Posted on September 02, 2008
I saw this mildly concerning piece in today's Sun-Times regarding new procedures in the Sheriff's office regarding renter evictions where the eviction is resulting from a property owner's foreclosure. For those of you not familiar with eviction procedure in Cook County, a court gives you what's called an Order for Possession for a property...

The Home Equity Door Slams Shut

Posted on August 21, 2008
I suppose no surprise that lenders are tightening up on HELOC funding as reported here by Kiplinger's. I still advice Buyer's post-closing to open up a line of credit if possible...you don't have to use it but it's nice to have it available in an emergency.

Does this Really Happen?

Posted on August 21, 2008
Saw this piece in the Times regarding letters that low ball Buyer/Offerers send to Sellers accompanying their low ball offer. Here's one example from the piece:Dear Seller:I?m writing to let you know that I would like to make a bid on your property. I love the area and am committed to buying a house nearby...

Should U File a Tax Assessment Appeal?

Posted on August 21, 2008
Oh that's a question I'd answer on a case-by-case basis but here's a decent Tribune overview.

Condo Trouble w/ FHA Loans

Posted on August 21, 2008
Just catching up on my real estate reading and saw this piece from a couple weeks back in the Trib.'s real estate section regarding FHA restrictions related to buying condominiums. Here's the money 'graph:FHA rules wreaking the most havoc locally are a requirement that a building must have four or more units...

New Housing Bills

Posted on July 25, 2008
Take a look at the Housing Bill passed in the House yesterday and expected to pass Senate today or tomorrow and the President has suggested he'll support...here's a nice overview.Couple tidbits...new tax deduction for first-time home buyers of $7.500 or 10% of the purchase price, whichever is smaller...

Interesting Market Analysis from Zip Realty CEO

Posted on July 25, 2008

My Recent Experience Representing a Foreclosure Buyer

Posted on July 24, 2008
I think this was my first experience representing a purchaser of property buying from a bank who now owned the property following a foreclosure. It was a good learning experience and surely different that a "typical" residential real estate purchase....

Employer Assisted Housing

Posted on July 12, 2008
For some reason I didn't see this item get through the General Assembly...the state approved a law giving employers a tax credit of 50 cents for every dollar they invest in Employer Assisted Housing (EAH). Here's the piece from the Christian Science Monitor...

Fannie, Freddie, and You

Posted on July 12, 2008
Now that's a fun group, right?An interesting article in the Times explaining how the recent troubles of Fannie Mae and Freddie Mac might impact the average home buyer or person with some average mutual fund investments. Has anyone ever really understood what the Fannie and Freddie do? And what's the difference between the two? Read he article...

Joliet "Blossoming"

Posted on July 12, 2008
Interesting overview piece in today's Tribune entitled Joliet blossoming into the place to be. It seems Joliet just passed Naperville to move into the 4th position in city rankings in the Land of Lincoln. Take a look at the piece. Joliet's one of those older communities with a gritty reputation but it definitely has some upside...

Tales from the Closing Table

Posted on July 12, 2008
We've all had our slow closings before for many reasons....slow wiring of funds, Seller/Lender slow in submitting figures to the title company or submitting wrong figures which then take time to be corrected, lender's loan processor goes to lunch during the closing and isn't available to give approval to cut checks, Buyer did a walk-thru the morning of the closing and there was water coming through the ceiling from the unit above, ect...

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