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 […]
A Brief Guide to Your Mortgage Options
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 […]
The Pros and Cons of Buying an “As-Is” Home
When, for whatever reason, sellers are unable to make repairs or renovations on a property before putting it up for sale, they often designate it “as-is.” Perhaps they are in a rush to sell the home as quickly as possible. Perhaps they are ill or elderly and do not have the energy to organize repairs […]
Five Required Disclosures When Selling Property
When you are selling real estate in Illinois, you are required to disclose certain information to the buyer. This allows them to make a fully informed decision about whether or not they want to proceed with purchasing the property. Wrongfully withholding information can result in being sued by the buyer and you could be responsible […]
6 Things to Consider Before Signing a Residential Lease
Finding the perfect home or apartment to rent is always exciting. Once your application is approved and you’re given the lease to review, your head is probably spinning: Should the sofa face this way or that way? Should I hire movers or get a group of friends to help me? Will all my clothes fit […]
4 Things You Can Do to Avoid Foreclosure
Falling behind on your mortgage payments is obviously something that should be avoided if at all possible. If you are already past-due and are either in the foreclosure process or at risk of it happening, don’t give up hope. Millions of people have been able to fix their financial situation and keep their home by […]
5 Legal Documents You Can Expect to Sign at Closing
Whether you’re buying or selling property, you’re going to be doing a lot of signing at the closing. It can be overwhelming to be presented with so many papers to sign, especially if you aren’t completely clear on what all of them mean. It’s a good idea to request copies of the documents you’ll be […]
Understanding Easements
In 2018, a Michigan man shot his neighbor to death while she used a snowplow to clear snow from the driveway the two neighbors shared as an easement. There had reportedly been problems between the two families over the driveway easement prior to the murder, and police had been called to the homes several times […]
6 Reasons the Due Diligence Period Is Important in a Real Estate Sale
If you’re buying property, due diligence is one of the most important parts of the purchase process. That’s true whether you’re purchasing a home or some type of commercial property, such as a unit of rental apartments or a business downtown that you plan to turn into a cozy Italian restaurant. You need to know […]
Ready to Sell? Take These 10 Steps to Get Started
If you’re looking to sell your home, whether it is a place you’ve outgrown or it has become too big, there are some things you should do before that first open house to make sure it sells. Don’t store the clutter in your closets. Closets are one of your home’s biggest selling points, and buyers […]
