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

Chicago "CTA Portion" Transfer Tax Refund?

Posted on April 09, 2008
Alright I'm confused already and it's only been effective 9 days...so we don't just have a real estate transfer tax in Chicago any longer now we have the "City's portion of the tax" and the "CTA's portion." Okay, the old tax (City portion) is the same old $7...

Lawyers: Single-Handedly Keeping the Chicago Real Estate Market Afloat

Posted on April 07, 2008
And we're leaping tall buildings in a single bound...Hey I'm just re-reporting from another source here: A study by Jones Lang LaSalle Inc.'s Law Firm Group has found that lawyers take up a healthy chunk of downtown Class A office space. It found that 14...

We Buy Ugly Homes

Posted on April 04, 2008
HomeVestors' top 10 cities for real estate investment:DALLAS - (April 3, 2008) - HomeVestors® of America, Inc., the company famous for its "We Buy Ugly Houses"® billboards and America?s #1 Home Buyer, has named the top 10 markets for real estate investing in the first quarter of 2008...

Tax Day is Coming...

Posted on April 01, 2008
So we all know the rule that if you've used a home as your primary residence for at least 2 of the last 5 years then you know $250k/$500k (single/married) in profit is exempt from capital gains tax upon sale. But even if you don't meet the two year rule, you might be able to shield some of those profits from taxes...

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House Swap

Posted on April 01, 2008
or you might try HomeExchange.com.

Buyer's Incentive Idea

Posted on April 01, 2008
Saw this one advertised at a local Metra station...Seller offering to pay 6 months of Buyer's condo assessments. Only likely $1,200 to $1,800...but it's something.

Hillary and this Blog

Posted on April 01, 2008
Finally Senator Clinton's legitimate tie to this blog. Here's today's story about Clinton owing more than $3,000 to her alma mater, Maine South in Park Ridge as she starts to feel the financial strings tightening.And the tie to this blog...Well, I'm a resident of Maine Township and if Ms...

Words to Describe the Subprime Crisis...

Posted on March 29, 2008
I think it's the best description I've seen about the current mortgage malaise from my favorite former member of the Bush cabinet, Paul O'Neil:NYT: It?s so hard to understand how the subprime mortgage crisis has triggered a financial crisis of global proportions...

We're Top 10!

Posted on March 27, 2008
I guess it's not so bad here (maybe I'll stop trying to relocate). U.S. Census Bureau released the top ten growth metro areas from 7/06 to 7/07. We're seventh and the only Midwest location on the list. As for other large, Midwestern cities...get the net.

Congress, Competence and Combat Veterans

Posted on March 24, 2008
Did ya read how Congress included increased maximum mortgage limits in high-cost areas for Fannie Mae, Freddie Mac and FHA loans in the recently enacted stimulus package but did NOT include increased maximums for VA loans?While the limits of the other three programs now extend to $729,750 in the highest-cost areas, including Washington -- at least through Dec...

Home-Sharing for Cost-Cutting

Posted on March 24, 2008
Saw this overview regarding increased use of home-sharing programs for seniors in particular. It's akin to renting out a room in your home but it seems many senior-oriented social service organizations help with screening and matching. Look there's even a national association.

Closing Real Estate in Kendall County??

Posted on March 24, 2008
Yeah...now get out to Yorkville and build a development. Here's the piece reporting Kendall as the nation's fastest growing county. I think I'm more surprised about the 2.8% growth rate in DuPage...its really become a mature, slow growth county quickly.

Paying a Broker MORE To Sell Your Home

Posted on March 24, 2008
We've written about this previously here but I saw another take on the issue here from BusinessWeek. From the piece...Jim McCarty decided a year ago to give real estate agents an added incentive to guide buyers past the clutter of for-sale signs to his vacant four-bedroom house about 20 miles outside of Minneapolis...

A Phone Call From the Chicago Dept. of Revenue...

Posted on March 24, 2008
I thought I'd just mention with all this ragging on Chicago for the recent tax increases, I did get a personalized call from a Chicago Department of Revenue representative late last week informing me of the new tax and mentioning that they'd have a new transfer tax form up on there Website this week...

Re-Opened Cook Board of Review Appeals

Posted on March 19, 2008
Yikes, I almost missed this one, but from March 17 - March 31st, the Cook County Board of Review announced that it will reopen both city and suburban townships for property tax appeals where the filing deadlines had passed. Here's the Board's press release.

The Final Shoe Drops in Chicago

Posted on March 13, 2008
The Chicago City Council took its final step regarding the increased Chicago City Transfer Tax with the new $3 per $1,000 increase being shifted to Sellers. So in final analysis Buyer's are still at the $7.50 per $1,000 transfer tax (no change) and Sellers have a brand stinkin' new $3 per $1,000 tax...

Borrowers Hitting Refinance Snag

Posted on March 06, 2008
The Journal had an overview piece today regarding "new" difficulty that borrowers are facing when trying to refinance a primary mortgage if there's a second or home equity line also on the property.In the latest sign of how the credit crunch is hurting even borrowers with good credit, some home-equity lenders are starting to slam the door on homeowners who want to refinance their primary mortgages...

Perhaps "Appraise Out" Will Again Have Meaning

Posted on March 05, 2008
Fannie and Freddie appear ready to modify their real estate appraisal practices...FANNIE, FREDDIE OVERHAULING APPRAISAL PROCEDURESNEW YORK (Bloomberg) ? Fannie Mae and Freddie Mac, the biggest sources of financing for U.S. home loans, have reached an agreement with New York Attorney General Andrew Cuomo to buy mortgages only from lenders that adopt new standards intended to ensure independent home appraisals...

Playing Lowball

Posted on March 05, 2008
An interesting piece entitled, "How to play lowball and keep everyone happy."

The Sloppiest of 500...Follow-Up

Posted on March 04, 2008
I guess I don't really have it that bad. I was reading a little blurb from the great Gary R. Gehlbach in the February ISBA Real Property Section Council Newsletter (password protected) about "The absent buyers."The absent buyersHopefully this isn?t a growing trend, but twice in the last month I have appeared at a closing representing the seller, but neither the buyer nor anyone with power of attorney for the buyer was present or intended to be...

Dick Cheney and this Blog

Posted on March 04, 2008
Or real estate in general (i.e. the subject of this blog). Saw this nugget on my favorite political satire blog, Wonkette, regarding Cheney's pending retirement home in McLean, VA...right next to the CIA in Langley, VA. How fitting...

The Sloppiest of 500

Posted on March 04, 2008
Yeah, the SLOPPIEST closing in the approximately 500 transactions that I've been involved with as a practicing attorney...I guess as the market slows the depth of talent diminishes.So this is what happened last week...I was expecting a ho-hum closing, I had gotten involved in the deal late...

ANOTHER County Fee/Tax Increase

Posted on March 04, 2008
Saw this over at the wasserblawg regarding Cook County Recorder fee increases effective this past Monday. Essentially a $12 increase per recording...that's like a 30% jump on the typical deed.

Should I Buy or Should I Rent...

Posted on March 04, 2008
Should I stay or should I go now...Or as a recent piece asked, Should you buy or should you hold off? This piece had a great 10+ point checklist regarding whether or not to take the dive back into the "water" of the residential real estate market. My "feel," wait a year...

Miami Courthouse Closed..."Smells" Like the Cook County Recorder of Deeds

Posted on February 28, 2008
The Miami courthouse situation reported yesterday...A federal judge has closed portions of Miami's historic downtown courthouse after a report identified widespread mold infestation and ongoing water leaks, with one part of the basement termed "disgusting" by inspectors...

Proving There's a Special Interest Group for Everyone...

Posted on February 21, 2008
Enjoy the offerings of the Historic Chicago Bungalow Association. The Sun-Times wrote about them here.

I Need My Mokki

Posted on February 21, 2008
Nothing particularly relevant to "closing real estate in Chicago" but I like this article about a retired professor who needed his space so he built a mokki (cabin in Finnish) in his backyard w/o his wife finding out about it until it was completed. As a fellow introvert and wanna-be writer, I sympathize w/ the sentiment...

Good Deals and Good Values

Posted on February 20, 2008
Habitat for Humanity is opening a "Restore" store in Chicago Heights.The store, at 180 W. Joe Orr Road, will sell new or gently-used building supplies, furniture and appliances to professional builders and "do-it-yourselfers."

Environmentalism is NOT New

Posted on February 20, 2008
But this Green Home Chicago Website does have some useful info. Its goals:To help building professionals understand the market need for energy efficient buildings of the highest possible quality, andTo help home buyers understand what truly constitutes a "green building...

Sears Tower "Sprinting" for a New Tenant

Posted on February 20, 2008
Wow, first Chi-Town became the U.S. choice for the 2016 Olympics and now the U.S. Olympic Committee may be coming to town. Come, come, we're a midwestern, backwater town...not international nor cosmopolitan.Plus the Olympic Training Center remains out in Colorado Springs...

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