So you picked out your dream home, arranged for financing for your loan, and fell in love with the neighborhood. Everything is good to go for the real estate closing of your dreams. All that lies in the way is that pesky home inspection. That is just a formality, right? Well, not quite. Why Get…
Illinois Appellate Court Decision Emphasizes Real Estate Buyer’s Need For Inspection
The Residential Real Property Disclosure Act of the Illinois Compiled Statutes requires that any seller of residential real estate provide a prospective buyer with an Illinois Residential Real Property Disclosure (“Disclosure”). The Disclosure is a set of questions designed to elicit the disclosure of certain conditions of the property, such as leakage, defects, or other…
What Real Estate Purchasers Need To Know: Holding Title to Real Estate
In August, this blog discussed the question that every real estate purchaser needs to ask himself prior to the closing process: “Is title insurance necessary?” As that blog mentioned, title insurance is designed to insure the purchaser against certain defects in the title to the property. Although many people understand that the title to a…
What Real Estate Purchasers Need To Know: Types of Real Estate Encumbrances
In August, this blog discussed the question which every real estate purchaser needs to ask himself prior to the closing process, “Is title insurance necessary?” As that blog mentioned, title insurance is designed to insure the purchaser against certain defects in the title to the property. Common title defects arise from a seller claiming to…
Chicago Real Estate Basics: The Closing
Buying a home or other real estate can be one of the most exciting (and stressful) times in a person’s life. There are myriad details that need to be paid close attention to in purchasing any piece of real estate, all of which will come together at the closing if the transaction is handled properly.…