Real Estate & Construction

The legal process of foreclosure has been historically inclined towards banks and lenders. This process demands homeowners to relinquish their homes to lenders upon defaulting on their mortgages. Despite the COVID-19 pandemic, with the government stepping in to retain homeownership, over 214,000 foreclosure lawsuits were filed in the US in 2020.
However, many homeowners now resist foreclosure by delaying or completely stopping the proceedings using a legal strategy called foreclosure defense.
What Is Foreclosure Defense?
The primary objective of foreclosure defense is to establish that the bank doesn’t have the legal right to foreclose. The likelihood of success heavily depends
Continue Reading Foreclosure Defense: Everything You Need to Know to Fight Back

Facing foreclosure and bankruptcy can be an overwhelming and distressing experience. These situations can have far-reaching consequences on financial stability and peace of mind.
However, it’s crucial to remember that you have rights and legal options to help navigate these challenges. To ensure you are well-informed, let’s explore your rights when facing foreclosure and bankruptcy, so you know how to protect your interests if needed.
What Is Foreclosure and Bankruptcy?
Before delving into the legal aspects, let’s start by understanding what foreclosure and bankruptcy entail:
Foreclosure is the legal process where a lender can take possession of a property
Continue Reading Facing Foreclosure and Bankruptcy? Know Your Rights

Estate planning is a critical aspect of financial management, ensuring that your assets are managed and distributed per your wishes after your passing. Two primary tools in estate planning are wills and trusts.
Let’s observe the difference between will and trust, their benefits, as well as considerations when choosing between a will and a trust for your estate planning needs.
What Are Wills and Trusts?
Before we explore the distinctions, let’s clarify what wills and trusts entail:
A will is a legal document that presents your wishes to distribute your assets after your death. It appoints an executor to
Continue Reading Estate Planning: Will vs. Trust

Purchasing a home is one of the most significant financial decisions most people make in their lifetime. For most homebuyers, securing a mortgage is an integral part of this process. While it may seem straightforward, numerous legal intricacies are involved in buying a home with a mortgage.  
Let’s shed light on these complexities and ensure your home buying experience is smooth and legally sound.
Some Mortgage Basics
Before we dive into the complexities of the legal aspects of purchasing a home with a mortgage, it’s crucial to build a solid foundation by understanding the fundamentals of this financial arrangement.
Continue Reading A Lawyer’s Guide: Purchasing a Home with a Mortgage

As we enter the autumn season and approach 2024, condominium associations across the United States are readying themselves for significant change in legislation that is likely to enhance corporate transparency and combat illegal activities, such as money laundering and various other illicit activities. This comprehensive law, the Corporate Transparency Act, or the “CTA” as it is commonly referred to, will have far-reaching implications for many kinds of business entities, particularly condominium associations. For legal guidance regarding how this new law will impact condominium associations, contact a lawyer to ensure you have the legal protection necessary to have a complete
Continue Reading What to Know About the New Corporate Transparency Act 

We are pleased to invite you to our upcoming virtual Tressler Talk:HOA Board Basics – Annual Board Elections and Budget MeetingsThursday, October 5, 20232:00pm-3:00pm CT WebinarJoin Tressler’s experienced attorneys for this complimentary HOA board and property management training. This popular webinar is open to all, and attendees will come away with a deeper understanding of the annual board elections and budget meetings process. As always, our presenters will share engaging true stories to keep things fun (because “fun” is the first thing that comes to mind when thinking of HOAs and property management…right?) We’ve seen it all, and we’re here
Continue Reading Tressler Talks: HOA Board Basics – Annual Board Elections And Budget Meetings

Lands trusts are living trusts that give the beneficiary full or partial legal ownership over a property. The person who establishes the trust is the grantor and the owner of the property. A trustee manages the trust itself. 
This estate planning strategy allows individuals and business owners to protect their property. The entire estate planning process can be difficult, so it is always smart to consult an experienced attorney. They can ensure that your land trust is legally binding and can guide you into making the best informed decision for your unique circumstance. 
What Are the Advantages of a
Continue Reading How Does a Land Trust Work?

The legalization of marijuana in many states has raised concerns regarding the impact of marijuana smoke in shared places, particularly in condo buildings. For those experiencing such situations, you may be wondering what you can do if you feel bothered by the aroma of marijuana in your condominium building. Consider contacting an attorney experienced in condominium law, as they will likely be able to help assist you in navigating this tricky situation. 
Understanding Legal Restrictions

  • Review condo association laws – Start by reviewing the condo association’s bylaws and rules. These documents often address smoking policies and may provide

  • Continue Reading What Can I Do About Marijuana Smoke in a Condo?

    After a parent or relative passes away and property is inherited by more than one person, it is very common for the co-owners to disagree about what to do with the property. One adult sibling may want to keep a beloved family home, while another may see the matter more practically and wish to sell. 
    In cases like this, something known as a “partition action” may be brought before an Illinois court. If you are wondering whether a partition action may be helpful to you, speak with an Illinois real estate attorney with experience handling complex real estate
    Continue Reading Can I Make My Sibling Sell Inherited Property?

    You may be thinking about selling your condo because you want something bigger or you are moving out of the area; whatever your plans might be, it is important that you follow new changes to the condominium law so that you have a smooth transaction. As the seller, you will need to gather key documents, including the condominium’s rules and guidelines, which are known as the Declaration and by-laws, to share with the potential buyer. An Illinois attorney can help make sure that you adhere to Section 22.1, which went into effect at the beginning of this year.
    Understanding the
    Continue Reading What Should I Know Before Selling My Condo in Illinois?

    As a new parent, you are likely feeling somewhat overwhelmed by the responsibility that you now have for safeguarding the interests of the little person who has been entrusted to your care. This is normal, and although this feeling can be uncomfortable at times, you can use it to your family’s advantage. Allow it to inspire you to make healthy choices, to shore up your finances, and to either craft an estate plan for the first time or to update any documents that you may have executed in the past.
    Naming a Guardian 
    In the tragic event that you do
    Continue Reading Are You a New Parent? It Is Time to Craft an Estate Plan

    North Chicago tenants may be wondering what happens if you break a standard lease agreement. The answer to this question depends on a number of factors, including the terms of the lease agreement, the laws of the state of Illinois, and the specific circumstances of your situation.
    In general, if you break a lease agreement, you are still liable for the rent payments that you would have owed had you not broken the lease. This is true even if the lease agreement has been modified.
    Is it Ever Okay to Break a Lease Agreement?
    The laws of the state
    Continue Reading What Happens if You Break a Lease Agreement?

    A condo association must occasionally change rules that are no longer working or introduce new rules to manage a new situation. It is normal and natural that the rules and procedures condo owners are subjected to may need to be updated from time to time. However, initiating those changes may be a process. A condo association cannot simply create new rules during a board meeting and have them take effect immediately. While it would likely be easier for condo associations to respond to changes and problems in the community if this were the case, requiring that certain steps be taken
    Continue Reading What a Condo Association Should Know About Rule Changes

    Selling a business is a complex process that involves numerous legal intricacies. While it may be tempting to handle the sale on your own to save money, consulting with a business law attorney is essential to ensure a smooth and successful transaction. Today, we will discuss the importance of hiring a business law attorney when selling your business and how their knowledge can protect your interests throughout the selling process.
    Comprehensive Knowledge of Business Law
    A business law attorney possesses specialized knowledge in the legal aspect of selling a business. They are well-versed in the relevant laws and regulations, ensuring
    Continue Reading The Importance of Hiring a Business Law Attorney When Selling Your Small Business 

    In 2008, the U.S. housing market “bubble” burst. Essentially, the housing market had become overinflated and then rapidly crashed. The bursting of the market’s bubble was caused by a host of significant factors, including the following:

    • The subprime mortgage crisis
    • Rapidly falling home prices
    • High levels of debt among homeowners
    • Inadequate regulation of the financial sector of the economy

    The housing market ultimately crashed because all of these factors dramatically impacted buyers, sellers, and developers all at once. When the market is affected by negative forces on a less intense – and perhaps less numerous – basis, a real estate
    Continue Reading What Is a Real Estate Market Correction?

    In recent months, much has been written about the state of commercial office space in the U.S., especially in large urban centers like Los Angeles, Washington D.C., and Chicago. Due to social and economic shifts that were accelerated dramatically by the Covid-19 pandemic, fewer businesses are operating in traditional office spaces. And while the prevalence of remote and hybrid work environments is being questioned by some, these arrangements are incredibly popular overall. As a result, commercial real estate investments in traditional office spaces are not what they once were.
    Is This Shift a Ticking Time Bomb?
    There is an increasing
    Continue Reading Why the Risk of Commercial Real Estate Doom Loops Matters Now