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answered on Jun 26, 2024
This question raises some important legal concerns. Here's a concise response based on general principles, but please note that specific legal advice would require consulting a qualified attorney:
1. Timing is crucial: If your parents have already filed for bankruptcy, transferring... View More
answered on Jun 23, 2024
Yes, you can, but be sure that their Order Discharge has been entered and that no appeal has been timely taken from that Order.
Also, ensure that the bankrupts will not inherit, or learn of imminent inheritance, within six months of the discharge.
The Bankruptcy provisions enabling... View More
Failed to fix heat pump, roof is missing a shingle after storm, has tires stacked in yard, window unit has ruined wood siding, built a pallet fence connected to porch, removed spindles from railing to put a board as a ramp for animals without permission, and who knows what inside the house will not... View More
answered on Apr 16, 2024
I apologize that you're dealing with a difficult situation with your contract for deed purchaser. However, I want to be very careful about providing advice, as the legal process for addressing breaches and pursuing eviction or foreclosure can be complex and varies by jurisdiction. The best... View More
I recently purchased a home in a subdivision that the HOA had expired within the month. 11 months later we receive a letter requesting funds for the HOA. We have contacted the sender to inquire. The responce was that the reinstatement is being worked on by an attorney. Our concern is that this... View More
answered on Mar 31, 2024
If the HOA has expired and is attempting to collect fees without properly notifying residents about the current status and reinstatement process, you may have the following options for recourse:
1. Request documentation: Ask the sender for official documentation proving that the HOA is... View More
My brother-in-law bought a house from his grandma 4 years ago to avoid inheritance fees. Since then he has put $40k into the house and paid the property taxes. We have also bought the house/property to avoid losing it in his divorce (so it is in our name). He is not currently living there as there... View More
answered on Feb 26, 2024
Your grandma is still alive or there would be no inheritance fees. A lawyer should have been consulted. There is a 5 year look back period. If she goes into a nursing home within 5 years of selling or giving away property for less than fair market value she is penalized and yes, they can have a... View More
This would be related IRS topic 701 capital gain exclusion from a home sale.
answered on Jan 31, 2024
In the context of IRS Topic 701 and the capital gain exclusion from a home sale, the concept of a "wash sale" generally doesn't apply. The wash sale rule is primarily associated with securities, like stocks and bonds, and aims to prevent taxpayers from claiming a tax loss on a... View More
I run off with my money, n I have texts messages of the deal .
answered on Jan 11, 2024
In your situation, where a contractor has taken your money without fulfilling their part of a real estate investment deal, you have several legal options to consider. The text messages you have can serve as evidence of the agreement and the contractor's obligations.
First, you may... View More
The person that is both on the title and the mortgage does not want to claim any of the proceeds on the sale of the home but is concerned about having to pay taxes on sale.
answered on Oct 20, 2023
In Illinois, if a property has two individuals on the deed and only one on the mortgage, the distribution of sale proceeds should be based on a clear agreement between the parties. The person on both the title and mortgage may opt not to claim any proceeds but should document this decision in... View More
answered on Aug 28, 2023
In Illinois, the authority to amend the Association Bylaws of a Common Interest Community (such as a homeowners association or condominium association) typically lies with the governing board, subject to the requirements outlined in the existing bylaws and state law. The process for amending bylaws... View More
I have invested countless hours researching facts, law, and evidence, and ultimately we filed an 88 page, 11 count complaint in the McLean County IL Circuit Court pro-se, asking for at least $144,000 in damages against three defendants. This was filed on July 3, with the corporation's... View More
answered on Aug 16, 2023
Probably. Depending on the wording of your complaint (your attachment won't go through this system) it's possible you'll be limited to a default judgment as to liability and still need a hearing at which you prove your damages and each defendant has an opportunity to try to disprove... View More
answered on Jul 17, 2023
No. Once you've received payment and delivered a deed to the buyer you no longer own it. You can't sell what you don't own. Contact the town, provide them a copy of the deed, let them know when that transaction took place and give them the buyer's name, address, telephone number... View More
If a renter occupies the property for twenty years can they claim the property through squatter rights. Would attending the condo association meetings, and paying fees be enough. Are there any other actions the renter would need to take to get the property?
answered on Jun 29, 2023
If you are a renter you are a permissive user. In other words, the owner of the property has given you permission to occupy it. Permissive use NEVER ripens into a situation allowing you to claim adverse possession (what you refer to as squatter rights). The only action you can take to get the... View More
Seller is staying with friends, she is 72 yrs old, retired and cant even put an offer on another home. Any recourse possible?
answered on Jun 8, 2023
Seller should find an attorney practicing in the field of real estate an make an appointment immediately. She should bring all the paperwork related to this transaction to the appointment. There is a remedy called "specific performance" which may be available to her if the real estate... View More
My friend has a property that was inherited to her husband when his father passed away. His will read that his current wife reside in the house until her death, then the property was to go to my friend and her husband. The current wife died about 3 years ago. My friends husband has also passed. Who... View More
answered on Jun 1, 2023
The order in which names are listed on the tax bill cannot be relied upon and doesn't prove who owns anything. If your friend is concerned about this, her best bet it so take all of the relevant documents (her father-in law's will and death certificates for everyone involved who has died... View More
My son is renting an apartment with one roommate. The lease they both signed includes a $995 deposit which they each paid half $477.50. The lease ends May 31, 2023. My son is going to move out May 31. His roommate has decided to stay in the apartment and resign the lease with my sons name deleted... View More
answered on May 31, 2023
Sorry to hear about your son's situation. Consulting an attorney on this may not be worth the money unless your son wants to prove a point or he can find a low flat rate for the legal work.
Your son should consider the following:
(1) Review the lease and document: Carefully... View More
What is the best way to put the house in my name? Are there any options where it can be gifted to me so I don't have to take out a loan? Would buying it be best (and would a first-time homeowner's credit apply?) Are there any other options? I plan actually to live in the home and not... View More
answered on May 26, 2023
Your grandparents can deed the property to you, but this is problematic because there is a mortgage on the property. The mortgage likely contains an acceleration clause that states upon transfer of the property to a third party, the mortgage will be immediately due and payable on full. Further, if... View More
My sister claims to be my mother's poa. She takes all of her money out of a joint account between her n my mom and deposit it in her account. Her gas bill is overdue by 1,000 dollars. She takers her to no appointments me and my wife do. My mom thwrclains she doesn't even want her in the... View More
answered on May 17, 2023
Anyone acting under a power of attorney has a fiduciary duty to act in the principal's best interest. If your sister simply took your mother's money, then she is arguably in violation of that duty. Since your sister will not likely respond to a written demand (based on her text message)... View More
Wants me out but I found out he has a mortgage on it and several other properties and he's going into foreclosure. Idk if he ever recorded it. Can I request to rescind and get my money back? Or is it pointless since he obviously has no money?
answered on Mar 14, 2023
It may not be pointless just because he has no money - you need to find out whether there will be any remaining equity in the house after the mortgage lender (and any other lienholders ahead of you) are paid. But it could be pointless if being behind in your payments means you're in material... View More
answered on Mar 4, 2023
Not necessarily. I often have clients, particularly those without Realtors, that have me review an offer prior to submission to the seller. However, most standard contracts have attorney approval clauses which allow for attorney review once the contract is complete. Depending on where you live,... View More
I have published newsletters previously, The previous management company's provided the mailing list. The current management company will not. Am I entitled as a owner, to the home-owner mailing list for that particular purpose?
answered on Mar 2, 2023
The answer to this question will depend on the specific rules and regulations of your condominium association. Typically, condominium associations are governed by bylaws and regulations that outline how the association operates, including how information is shared and distributed to unit owners.... View More
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