Understanding real estate agreements is paramount when buying or selling a property in the United States. These legal documents are the foundation of any real estate transaction, outlining buyers’ and sellers’ rights and responsibilities.
This comprehensive guide delves into the critical aspects of real estate agreements, shedding light on what every buyer and seller should know to navigate the complex world of real estate transactions effectively.
The Core Elements of a Real Estate Agreement
A real estate agreement, often called a contract, is a binding document laying out a property transaction’s terms and conditions. Here are the key elements commonly…
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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
Foreclosure is the legal process where a lender can take possession of a property…
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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:
Wills
A will is a legal document that presents your wishes to distribute your assets after your death. It appoints an executor to…
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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

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?

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…
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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?

If you have received a notice that your mortgage lender intends to foreclose your home or you anticipate this news because you are behind on your mortgage payments, you may be wondering if giving them a call and negotiating with them could be beneficial. While this approach may have been a viable strategy if you needed to miss a payment, if you are already behind on your mortgage, it is time to engage the services of a legal professional who can negotiate with your lender on your behalf. 
The Stakes of Your Situation
The primary reason why it is important…
Continue Reading Should I Negotiate with My Lender Directly if They Want to Foreclose?

According to a prominent real estate data group, foreclosure rates are spiking significantly nationwide. Specifically, the number of foreclosure cases filed in May – which total 35,196 cases nationwide in a single month – is up 7% from the previous month and a staggering 14% from May of the previous year. Given that the job market remains strong, it is understandable that many people are both puzzled and concerned about the risk of foreclosure that is currently plaguing too many Americans.
What Is Going On?
Unlike many other periods of heightened foreclosure activity, the primary economic force driving unfavorable foreclosure…
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A recent Newsweek poll reveals that nearly six out of every 10 Americans are either “very” or “fairly” concerned that the U.S. housing market is going to crash within the year. Certainly, the nation’s economic news is not particularly bright, especially because the nation’s top leaders have not yet resolved serious budgetary and debt ceiling concerns. However, there are other reasons why both aspiring homebuyers and current homeowners hoping to sell soon are getting concerned.
For example, one recent Business Insider feature is entitled “The Housing Market’s Ice Age,” and its subtitle reads, “If you don’t already own a home,…
Continue Reading Navigating the Housing Market’s New “Ice Age”