As this blog has discussed on many occasions, there are a number of items that a potential purchase of real estate needs to contemplate when buying a property. One thing that many people tend not to pay much attention to is whether the property is governed by or a member of a homeowner’s association. This…
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Illinois Law Protects Against Discrimination In Sale/Rental Of Housing
Adopted in 1978, the Illinois Human Rights Act (“IHRA”) was intended to update state laws to make them more consistent with one another with the ultimate goal of prohibiting discrimination in employment, real estate transactions, financial credit, and access to public accommodations. The IHRA prohibits “unlawful discrimination” based on “race, color, religion, national origin, ancestry,…
New Home Buyers Should Not Overlook the Home Inspection
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: 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…