What is RESPA? RESPA refers to the Real Estate Settlement Procedures Act. It is a federal law passed by Congress in 1974 and intended to protect those who are purchasing real estate. It essentially aims to prevent unfair practice by brokers, real estate agents, closing service providers, and others involved in the transaction.  What are […]

Good estate planning isn’t a one-and-done deal. We’ve heard far too many stories of parents, grandparents, husbands, and wives who sit down with an attorney to make an estate plan on one occasion and then never touch it again. When they pass away or become incapacitated, their loved ones are often left with more questions […]

There are many types of deeds and they are not all used for the same purposes. Different situations call for different deeds. Deeds of trust, special warranty deeds, general warranty deeds — the list could go on. In today’s blog post, we are exploring one particular type of deed: the quitclaim deed. Quitclaim deeds are […]

If you are new to estate planning, you’re probably familiar with the terms “will” and “trust,” but you might not be sure what exactly these estate planning tools really do or which one is right for you. Wills and trusts are the most basic elements of an estate plan. They have one major shared goal: […]

A 1031 exchange allows investors to defer capital gains taxes on sales of their investment properties.  There are strict rules that the IRS has put into place that need to be followed in order for an exchange to be successful/allowed.  I work with seasoned investors as well as new investors, here are the most common […]

For many who were in the middle of a real estate transaction when the coronavirus pandemic changed everything, it can seem unclear whether or not closing should or can continue under these new circumstances. Perhaps they no longer want to proceed with the sale because the agreed-upon price does not make sense given our new […]

The COVID-19 pandemic has brought a great amount of uncertainty as every corner of the country deals with this nearly unprecedented health crisis and social distancing measures. One thing on the mind of tens of millions of Americans is rent or mortgage payments. Others worry about the effects on the housing market as a whole. […]

These are unprecedented times for all sectors of the economy and no less so for real estate.  Some will ask how can you conduct an “Open House” when the government has ordered for all to remain at home?  Well, even under the current Stay-At-Home circumstances, sellers and their real estate agents are hard at work […]

Most real estate contracts have provisions called “contingencies,” which are intended to make the entire contract null and void if certain events occur. Contingencies are also sometimes called conditions. It’s like saying, “I will only go through with this contract if so-and-so events do or don’t happen.” Buyers or sellers can propose contingencies in order […]

According to some reports, in early 2020 the average home price in Chicago is $210,000 (approximately 5% below the national average). What could that mean for buyers?  One answer is that it is an exciting time to invest in real estate! Fortunately for Illinois homebuyers, there are many mortgage options available that make purchasing real […]