Illinois is a fantastic place to live, and every day people discover the beauty that the state has to offer. This is a benefit for anyone looking to sell or rent out a property in the state. While the process may seem daunting, FindLaw lists real estate laws in Illinois that are designed to handle things such as homestead protection, landlord-tenant relations and the rental market. These things become important once the home is sold and the transfer is in process, but homeowners can proactively prepare their homes for sale in three specific ways.
Buying and selling real estate in Illinois can be a tricky business, undoubtedly. Newcomers have every right to feel a bit uneasy at the thought of preparing their home to sell and may question their ability to get as high of an offer as possible before agreeing to turn the title over to a new owner. However, with the right guidance and some strategy on the part of the seller, people can successfully sell their real estate and be 100 percent satisfied with the outcome.
Grayslake and the surrounding lake county communities have a number of peculiarities when it comes to real estate transactions. Apart from various municipalities' zoning laws and condominium association rules, there are Illinois and federal laws that you would likely want to follow to the letter. At the Law Office of Paul R. Idlas, we make it our top priority to ensure a swift and final transaction for each home sale our clients make.
When you rent a vacation or residential home to tenants, there are a great deal of things to worry about, not the least of which is potential damage the tenants may inflict upon your property. Ordinary wear and tear is to be expected in Illinois rentals, but accidental or intentional damage beyond the norm can be costly and have a huge impact on your investment.
As someone who is currently in the process of placing your Illinois home on the market, you may be learning as you go and discovering something new at every turn. If you are like many home sellers who are navigating their way through today’s housing market, you may also have questions about what, exactly, the law requires that you disclose to potential buyers.
As you may know, homeowners’ associations, or HOAs, exist to preserve the image and property value of the homes under the association’s jurisdiction. However, many Illinois homeowners resent their HOAs, saying the organizations exert excessive control, unreasonable demands and outrageous fines and penalties against homeowners.
You just bought a new Illinois home and life is good, not to mention exciting. The seller agreed to your purchase offer and you found a mortgage lender. Now the only thing standing between you and move-in day is the closing. If this is your first home purchase, that closing may be causing you some worry. What will happen there?
At the Law Office of Paul R. Idlas in Illinois, we know how exciting it is to purchase a new home. Whether it is your first home, a larger home for your growing family, or a smaller home when you are ready to downsize, buying a new home is always a very “big deal.” If you are like most people, your home also represents your biggest investment. Consequently, you want to make sure that it has not only the space, layout and amenities you desire, but also is legally yours when you buy it.
Illinois, like many other states, requires that when selling residential real estate, you must disclose any issues with the property. Illinois uses a specific disclosure act to govern this, and an exhaustive list of items to disclose, ranging from water leakage in the basement to any number of other material defects. So if you fail to disclose these material defects, can you be held liable in court?
You remodeled the home office, hung out the shingle and built an online presence with a basic website. On Saturday afternoons, you are now out and about in Illinois suburbia keeping a watch for prime residential properties. As you begin your career in residential real estate, remember to think through the legal issues that go along with being a realtor.