Illinois Real Estate Law Questions & Answers

Q: What protection does a buyer have if the seller cancels a sale of a property already under contract at the last minute?

1 Answer | Asked in Real Estate Law for Illinois on Jul 10, 2014

Answered on Jul 10, 2014

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Charles Snyderman's answer
It is quite unusual for a seller to back out of a deal, which raises the question what reason the seller gave. In any event, assuming that the seller did not have the right to cancel the deal, the buyer can sue for specific performance, where the court would require the seller to sell to your friend.

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Q: I am currently renting a home however am not credit worthy to purchase.

1 Answer | Asked in Real Estate Law for Illinois on Jun 24, 2014

Answered on Jun 25, 2014

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Charles Snyderman's answer
This arrangement is not unusual, but the agreement needs to have protections built in for you. You should not sign an agreement without having it reviewed by an attorney who is looking out for you.

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Q: Can a Bank prepare and record an assignment of mortgage on a second loan after seven years from the original date

1 Answer | Asked in Real Estate Law for Illinois on Nov 17, 2013

Answered on Nov 23, 2013

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J. Andrew Brabender's answer
Generally debt and mortgages can be assigned. This is very common.

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Q: Hi I am a realtor. I am listing a home for an executor of an estate. What information do I need before proceeding?

1 Answer | Asked in Real Estate Law for Illinois on Oct 9, 2013

Answered on Nov 12, 2013

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Charles Snyderman's answer
One important question is who owns the property? Is it still in the estate, or did it automatically pass to the heirs upon the death of the owner? If the heris own it, the listing agreement should be signed by the heirs.

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Q: I am wanting to know if it is Illegal for me to fill out real estate forms if I do not have a lisence?

1 Answer | Asked in Real Estate Law for Illinois on Mar 21, 2013

Answered on Apr 24, 2013

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Stephen Sotelo's answer
It depends. If you are filling out the forms for yourself, in your own transaction, then of course it is perfectly legal. Generally, you cannot, however, fill out real estate forms for others, not even simple fill-in the blank forms, unless you are a licensed real estate salesperson, broker, or attorney. *** This answer is for informational purposes only and does not constitute legal advice or establish an attorney-client relationship.

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Q: Does the small estate Affidavit have to be notarized or filed at the court house to be valid?

1 Answer | Asked in Real Estate Law for Illinois on Feb 14, 2012

Answered on Feb 15, 2012

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Neal J. Wallace's answer
The small estate affidavit does not have to be notarized. It does need to be signed "under penalty of perjury."

As far as whether you need to file it at the courthouse, it depends on what you want to use it for. Most of the time, you simply provide it to whatever institution you are dealing with (often a bank).

Neal J. Wallace

www.Acupofjustice.com

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Q: I want to appeal my Real Estate Assesment. Any advise? How to find an atty??

1 Answer | Asked in Real Estate Law for Illinois on Nov 18, 2011

Answered on Dec 11, 2011

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Burton A. Padove's answer
Check with your local bar association. Many of them have case type specific referral services.

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Q: 2nd mortgage quit claim deed put me on title with wife, her new mortgage doesn't have my name. can she do that?

1 Answer | Asked in Real Estate Law for Illinois on Jun 10, 2011

Answered on Jul 6, 2011

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Burton A. Padove's answer
Sure. However, she may be in violation of the mortgage provisions. You should read the mortgage very closely.

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Q: My ex live in partner and I have a mortgage together, if he refuses to pay what are my options

1 Answer | Asked in Real Estate Law for Illinois on Jun 16, 2011

Answered on Jul 6, 2011

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Burton A. Padove's answer
If you can afford it, refinance and buy him out. If not, then you need to sell and pay off the mortgage. Another possibility is to rent the property for the amount of the mortgage, etc., or take in someone to share the expense. If you dont want to have renters, and he will not agree, you can sue for partition and hopefully obtain enough to pay off the loan. I do not think that suing him will be beneficial as he could just stop paying again in the future.

This is a real mess and is a...

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Q: My neighbor is encroaching on my property, by placing materials (wood, cement blocks) against my fence. What do I do?

1 Answer | Asked in Real Estate Law for Illinois on May 13, 2011

Answered on May 16, 2011

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Burton A. Padove's answer
If the fence is entirely on your property, you can have a lawyer sned a cease and desist letter. I would only do so, if the materials, etc. are damaging your fence or are actually on your property.

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Q: I co-own a house with someone. We want a reverse mortgage. Is there a restriction on a fixed rate? I am 62 and he is 74.

1 Answer | Asked in Real Estate Law for Illinois on Jan 13, 2011

Answered on Apr 9, 2011

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Burton A. Padove's answer
I am unaware of any limnitations on a fixed rate other than what the market place may be.

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Q: How do I form a real estate investment trust?

1 Answer | Asked in Real Estate Law for Illinois on Jan 5, 2011

Answered on Mar 29, 2011

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Burton A. Padove's answer
Your question requires an extremely long and complicated answer and is really not suited for this type of forum. I suggest that you consult with a real estate/tax attorney to determine what your options are. good luck.

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Q: If I have crossed over neighboring property for 30 yrs to access my property, can I be denied that access now?

1 Answer | Asked in Real Estate Law for Illinois on Nov 4, 2010

Answered on Mar 29, 2011

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Burton A. Padove's answer
If there is no other access to your drivein basement, you have what is commonly known as an easement. You may need to hire an attorney to send a cease and desist letter to the new owners and if that does not work, a lawsuit.

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Q: Please address: the limit on percent of annual real estate taxes and insurance that a mortgage company can hold, IL?

1 Answer | Asked in Real Estate Law for Illinois on Jan 13, 2011

Answered on Mar 29, 2011

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Burton A. Padove's answer
I know of no percentage. Basically, you are saying that they are requiring 6 months to be held in reserve. that amount is not unheard of. The nice thing is that you can always go elsewhere for a mortgage.

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Q: Is a real estate agent responsible for making sure a buyer is aware of the requirements in a condo assn rules and regs?

1 Answer | Asked in Real Estate Law for Illinois on Dec 18, 2010

Answered on Mar 28, 2011

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Burton A. Padove's answer
No. The buyer and/or a lawyer who represents the buyer at closing would be.

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Q: Is a family member a resident if they pay no rent or doenst have a rental agreement by Illinois law?

1 Answer | Asked in Real Estate Law for Illinois on Jan 2, 2011

Answered on Mar 28, 2011

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Burton A. Padove's answer
For governmental purposes, yes. such a voter registration, etc. Your lease terms may define residence differently for purposes of that agreement.

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Q: Where can you find info about property that a 50% partner may have used it as security for a personal loan.You do not kn

1 Answer | Asked in Real Estate Law for Illinois on Feb 24, 2011

Answered on Mar 10, 2011

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Burton A. Padove's answer
Check the county recorder's office to determine whether a mortgage is on the property. You can also check downstate to determine whether a UCC statement has been filed.

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Q: How do I file Tenancy by the entirety for an existing mortgage in Will cointy illinois?

1 Answer | Asked in Real Estate Law for Illinois on Jan 25, 2011

Answered on Mar 9, 2011

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Burton A. Padove's answer
If you are asking about your deed, you may file the same at the Will County Recorder's Office in Joliet.

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