Installment Sales Contracts

New Real Estate Act of 2018 involves Installment Sales Contracts related to Real Estate… It provides that a real estate installment contract for residential real estate is subject to the foreclosure provisions of the Code if the purchase price is to be paid in installments over a period in … Adds a corresponding change in the Consumer Fraud and Deceptive Business Practices Act. Effective January 1, 2018.

To learn more about this new act visit: http://bit.ly/2qfAZHw

Illinois ranks #4 in foreclosure rate

From an article written in Bankrate.com, foreclosure filings increased 5.3 percent nationally from April to May according to ATTOM Data Solutions, a firm that tracks foreclosures.

Illinois ranked #4 with foreclosure filings last month was 1 in every 1,057 housing units.

You can read more of the article and compare your state by clicking on the link below:

http://www.bankrate.com/finance/real-estate/foreclosures-by-state/default.aspx

Illinois Residential Real Property Disclose Act

The Illinois Residential Real Property Disclosure Act is an Illinois statute that was enacted in 1998 with the goal of guarding home buyers against dishonest sellers who falsely report the condition of their real estate property.  It is meant to provide Illinois real estate buyers with a reliable representation of the key conditions of a property.

It requires that sellers complete a form entirely, specifically answering numerous questions about a wide range of conditions of their property from foundation to plumbing and everywhere in between. Therefore, it’s always important to talk with an Illinois real estate lawyer.

To learn more about the Illinois Residential Real Property Disclosure Act: http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2152&ChapterID=62