• Summary: The new law requires that the transfer of real property (real estate) to a trust have a transfer of legal title to the trustee. There are two new rules regarding the transfer of property to trust. (1) The transfer of real property to a trust requires a transfer of legal title to the [...]

    Read more

    If you’re a Chicago landlord with a Chicago rental property, there are many “disclosures” and “notices” that you must provide to your [prospective] tenant.  If a landlord fails to comply with properly providing these disclosures, the landlord could very likely end up in court, owing the [...]

    Read more

    Effective January 1, 2016, all City of Chicago transfer tax declarations must be filed online through MyDec.  MyDec allows individuals, law firms, and settlement agencies (e.g. title companies) to file transfer tax declarations online and view declarations they have already created. Users can track[...]

    Read more

    Most people realize that in order to act as a real estate agent (or broker), you must have a license issued by the state authorizing that person to be a real estate agent (or broker).  However, it seems that with the proliferation of the internet and the availability of lots of legal information [...]

    Read more

    A new regulation that takes effect on October 3 will significantly alter common residential real estate closings and the practice of real estate attorneys. The president of the Illinois Real Estate Lawyers Association (IRELA), Ralph Schumann, referred to the coming changes as a “dramatic [...]

    Read more

    A Quitclaim Deed is not a "one size fits all" document for everyone and needs to be carefully drafted for each transfer.  Let me explain: I write this post after seeing a number of inaccurate postings and "how to" videos by non-lawyers on how to properly complete a quitclaim deed (QCD) in [...]

    Read more

    ESTIMATE YOUR CLOSING PROCEEDS   What is your Projected Sales Price: _______________________________________ To estimate your net proceeds, subtract numbers 1 through 17 below from the projected sales price.  This calculation should provide you with a fairly close estimate. 1)     MORTGAGE [...]

    Read more