Illinois Real Estate Law Questions & Answers

Q: I am in the process of getting a divorce and my soon-to-be ex-husband wants me to somehow cosign on a house for him

1 Answer | Asked in Divorce and Real Estate Law for Illinois on
Answered on Oct 26, 2015

No there isn't. Co-signing means that you agree to be legally responsible for the debt.
View Details »

Q: HOW DO YOU DETERMINE COST BASIS FOR SOME LOTS SOLD OUT OF A GROUP OF LOTS BOUGHT AT ONE TIME MANY YEARS AGO?

1 Answer | Asked in Real Estate Law for Illinois on
Answered on Oct 21, 2015

Pro rate the cost. In other words, divide $4,000 by the number of lots purchased to calculate the basis for each lot. Or, if you want to be more accurate, calculate the basis for each square foot purchased, and multiply that figure by the size of each lot. You might also want to use the assessed value of each lot, to make sure.
View Details »

Q: I buy property at the Sheriff's Auction in Lake County IL. When do I actually assume liability for the property?

1 Answer | Asked in Real Estate Law for Illinois on
Answered on Oct 20, 2015

You are responsible for any owner-negligence when you receive the deed. But you should have insurance immediately to protect your interest; I doubt that the sheriff or the court is insuring the property.
View Details »

Q: My fence is on my property line, neighbor attached their fence to mine without consultation.Can I ask them to remove it

1 Answer | Asked in Real Estate Law for Illinois on
Answered on Sep 22, 2015

If this is actually important enough to you, go see a local real estate attorney who will know the local set back lines and probably be familiar with similar cases in your jurisdiction. Your question requires specific knowledge to answer or time.
View Details »

Q: If I bought a residential building before I got married, is my wife entitled to the building when I die

1 Answer | Asked in Real Estate Law for Illinois on
Answered on Sep 19, 2015

I gather that you and your first wife owned this building in common (and not as joint tenants with right of survivorship). If it was a tenancy-in-common, was your wife's estate probated? It may be necessary to probate her estate to put record-title in your name.

Whether your current wife would be entitled to inherit the building depends upon the inheritance laws in your state, and perhaps whether you have a will.

You should see an estate-planning attorney to answer this...
View Details »

Q: Is it possible to request 2 checks from the title company for the sale of a house with two siblings?

1 Answer | Asked in Real Estate Law for Illinois on
Answered on Aug 12, 2015

Ask the title company. Does that make sense to you?

Q: Is it true if you maintain a section of property for seven years it is then yours.

1 Answer | Asked in Real Estate Law for Illinois on
Answered on Jun 4, 2015

In Illinois, no, the amount of time for achieving "adverse possession" is an open and conspicuous ownership for twenty consecutive years. Obviously, if you hold title to the property your ownership is more defined. There is some law that states if you have "color of title" and pay taxes on the subject real estate for seven consecutive years, then you have defined rights in the property, but these rights might still be subordinate to other title holders.

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
Answered on Jul 10, 2014

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.

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

1 Answer | Asked in Real Estate Law for Illinois on
Answered on Jun 25, 2014

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.

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
Answered on Nov 23, 2013

Generally debt and mortgages can be assigned. This is very common.

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
Answered on Nov 12, 2013

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.

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
Answered on Apr 24, 2013

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.

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
Answered on Feb 15, 2012

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

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
Answered on Dec 11, 2011

Check with your local bar association. Many of them have case type specific referral services.

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
Answered on Jul 6, 2011

Sure. However, she may be in violation of the mortgage provisions. You should read the mortgage very closely.

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
Answered on Jul 6, 2011

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...

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
Answered on May 16, 2011

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.

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
Answered on Apr 9, 2011

I am unaware of any limnitations on a fixed rate other than what the market place may be.

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

1 Answer | Asked in Real Estate Law for Illinois on
Answered on Mar 29, 2011

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.