Inverse condemnation refers to a legal process in which the government seizes private property and fails to provide just compensation for the taken property. When the government takes property, it is called “condemning” it through eminent domain.
The COVID-19 pandemic has created unprecedented legal questions, and many are wondering if their real estate contracts are enforceable in light of the current world situation. A real estate sales contract is legally binding, and walking away from it puts the buyer’s earnest money at risk.
In high-value markets like Chicago, many top properties sell every day without ever being listed publicly because of the private listing network, and this network helps sellers get top dollar for their properties.
Dual agency, or representing both parties in a real estate transaction, places legal limits on a real estate agent’s ability to represent the interests of their client. Sellers and buyers should protect themselves by understanding the effects of dual agency.
Penalties for violating Home Owner Association (HOA) rules can include fines, legal costs, and even liens against the property. To protect themselves, homeowners must understand the HOA’s regulations and their obligation to comply with them.
Balloon Mortgages generally feature lower interest rates, smaller monthly payments, and lower down payment requirements but the large balance that comes due at maturity may make them too risky for some homebuyers.
When sellers back out of a sale, buyers may be entitled to compensation for their losses. A contract to sell real estate is legally binding on buyers and sellers.
A conflict of interest may prevent real estate agents from representing their clients’ best interests. Dual agency and other less apparent conflicts can place buyers and sellers at a disadvantage.
The emergence of tiny houses in the Chicago market may provide a solution for those seeking home ownership, but buyers should be aware that purchasing a tiny house is a real estate transaction
Sellers of new construction homes are required by Illinois law to provide full disclosures regarding any defects in materials, workmanship, construction quality or safety.
A new Illinois law strengthening the disclosure requirements on homes sold with seller financing went into effect in January 2018.
The Consumer Financial Protection Bureau has issued various updates to the ‘Know Before You Owe Rule’ to make the implementation process smoother.
Foreclosures and bank-owned properties often present good investment opportunities for buyers, but they also present certain risks.
As of January 1, 2016, the state of Illinois will join the ranks of numerous states in the nation that permit the substitution of an eligible surety bond in place of real estate property as security for money owed to contractors who claim mechanics liens.
If Donald Trump is elected in November it may lead to higher pricing on imports and reallocating resources into less efficient areas, potentially negatively impacting the commercial real estate market and the U.S. housing market.