When deciding whether to become an Airbnb host, it’s important for you to understand the laws in your city. As a platform and marketplace we do not provide legal advice, but we want to provide some useful links that may help you better understand laws and regulations in Chicago, IL.
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When you’re in the process of selling (or purchasing) a house, you will most likely, encounter several kinds of documents: all with different names and with different uses and functions. Two of the most misunderstood documents are the warranty deed vs. quitclaim deed. Many think that these two forms are alike, but they are not.
A warranty deed is a document which the seller presents to you and is used in the majority of all sales transactions. The warranty deed simply states that the seller owns the property being sold and that it is free from any sort of liens. By presenting a warranty deed, the buyer is assured that the holder of the title has the legal right to transfer ownership of the unit and is assured that no one (financial institution or other creditors) would come after him to make a claim on the property. In the eventuality that someone does lay claim to the property that has just been purchased (or that the claims stated in the warranty are erroneous), the buyer is further protected by law and would be entitled to receive a form of compensation. Warranty deeds seldom stand alone as these documents are usually backed up by a title insurance policy.
A quitclaim deed, on the other hand, is presented to a buyer by someone who does not necessarily own the property being sold but holds responsibility for it. This occurs due to several reasons such as when the owner dies and bequeaths the property to one of his heirs, or when there is a marriage and the owner wants to include the name of his/her spouse to the title (among others). A quitclaim deed offers a lower level of protection to buyers. This kind of document is used primarily when the property in question will just stay within a family.
Incidentally, there are times when both a warranty deed and a quitclaim deed are presented to a potential buyer. An example is when the property lies on the border of rivers and or lakes; where ownership of the underwater land on which his property stands on remains unclear.
If you are unsure which kind of deed works best for your property, consult a real estate agent or a real estate lawyer.
Title to a property is a record detailing the owners of the property and rights associated with the ownership. Title typically shows a progression of ownership from the first owner to the current one. Title is a fairly simple concept, but when it goes wrong it is a nightmare. That is where title insurance comes in, and why it’s important to understanding title insurance.
Title Insurance
Title insurance guarantees that the title on a property is marketable when you purchase the home, condo, land, etc. You should always pay for title insurance. It typically costs a few hundred dollars and will save you a bundle if problems arise.
When you buy title insurance, a title insurance company researches the title for the property. The insurance company will look to see if the title is clear. Clear simply means that the seller is truly transferring title to you and no other person can claim ownership. While this sounds fairly simple, rest assured that title problems arise all of the time.
Title Problems
You might be wondering how you could possibly have title problems. Here are a few examples:
These are just a few issues that can arise with title. With real estate, unique issues can arise all the time.
If you buy title insurance, you dont have to worry about problems with title. If a problem arises, you calmly pick up the phone and call the title insurance company. The insurance company will come up with a solution, even if it means paying you for bad title.
Estate planning for business owners.
For business owners, an effective estate plan addresses a number of concerns over and above the desire to care for surviving family members. Control over who will run the business, conservation of the owner’s assets in the face of legal expenses and taxes, and the liquidity to pay estate taxes due shortly after death are just some of the most pressing issues.
For the sake of their heirs, business owners should plan for the orderly transfer of their wealth including their business interests well in advance.
Prepare for Estate Taxes:
Depending on the value of business and personal assets at the time of death, the law may require that estate taxes be paid on the value of the business. If there is not enough cash on hand, heirs may have no choice but to sell the business prematurely or for less than the real value.
Some business owners use an irrevocable life insurance trust to purchase policies on their life, collect any death benefits, and distribute the money according to prearranged terms. The proceeds can be used to pay any estate taxes due, so heirs are not forced to sell a business, property, or other assets they would prefer to keep in the family. The use of these approaches can involve a complex web of tax rules and regulations. You should consider the counsel of an experienced estate planning professional before implementing such strategies.
Plan for Successful Succession:
A buy-sell agreement may be forged between the owners or shareholders of a business, outlining the terms for a buyout in the event of death or disability. It usually includes a pre-negotiated sale price, but can also explicitly request individuals to sell their interests to others or indicate who should manage the business operations.
Payments from a life insurance trust may also be used to buy assets from an estate, such as transferring ownership of a family business according to a pre-existing buy-sell agreement.
Your business is not just your livelihood. It’s likely to be the largest portion of your estate and thus the core of the legacy and security you intend to leave behind for your family. A solid estate plan can help keep your business intact through the most difficult transition of all.
Now that you’ve weathered the winter, the door is open for you to focus on the maintenance of your home not only the inside of your home but outside, too, making sure the house is safe and properly maintained. Doing this will help to prevent safety risks and costly repairs in the future. Therefore, here are some simple suggestions:
Inspect the deck: Wooden decks can become damaged and corroded from the harshness of winter. See if nails or screws are popping up. Clean the deck and seal it.
Check electrical outlets and extension cords: Replace any loose-fitting plugs or frayed extension cords to prevent a fire hazard.
“Degrease” the garage: If the family car has been leaking oil or other fluids onto the garage floor all winter, now is a great time to clean it up. A greasy garage floor is slippery and potentially a fire hazard. Use nontoxic, nonflammable, biodegradable degreasers such as Simple Green. Pour the concentrate on liberally and scrub with a nylon brush. Cover the area with about an inch of kitty litter and let it sit for 24 hours. Sweep away the kitty litter for a clean floor at low cost.
Improve the yard with size in mind: Look to see how plants and trees have grown during the past year. They may be too large and could cause damage to the home’s structure. Leave enough space between the house and those baby shrubs you’re planting to allow 12″ between the plant and wall. This provides adequate ventilation and reduces the risk of future damage.
Clean the A/C: Use your garden hose to rinse off the evaporator coil fins on your A/C condenser unit.
Check the garage door: The garage door can weigh up to 400 pounds. Springs and balancing mechanisms can fail over time, which can cause great damage to the door and harm to people around it. Now’s a good time to take a close look at the springs.
To avoid safety risks and expensive repairs down the road, it’s always a good idea to get a complete home inspection from a reputable and established company such as Pillar To Post.
Inspect smoke, radon, and carbon monoxide detectors: Test them and change the battery every three months or as needed. Be certain there is a detector on each floor of the home.
In July 2019, Illinois Gov. J.B. Pritzker signed House Bill HB1471, which enacts the Illinois Trust Code (ITC) and repeals many of Illinois’ current trust statutes. The ITC will be effective as of Jan. 1, 2020.
To learn more about what bill entails, read the article below.
https://trackbill.com/bill/illinois-house-bill-1471-illinois-trust-code/1659086/
Gov. J.B. Pritzker signed the Illinios Real Estate License Act (RELA) into law, a move that strengthens rules for training and professionalism and enhances consumer protections.
Public Act 101-0357 was signed on August 9, 2019. It is a rewrite of the Illinois Real Estate License Act, which by statute must be revised every decade to reflect industry changes.
Illinois has become the second state to prohibit landlords from evicting tenants solely because they’re living in the U.S. illegally.
The measure Democratic Gov. J.B. Pritzker signed into law also prohibits landlords from reporting or threatening to report tenants’ immigration status to authorities in order to intimidate them, or as retaliation for exercising their rights as tenants, or to force them to move out.
Read more in the article posted in the Chicago Tribune.
https://www.chicagotribune.com/politics/ct-jb-pritzker-immigrant-tenant-protection-20190821-vh32aefcwnaurp2a5d4u3v37ni-story.html
This is a great article from Forbes that talks about Real Estate Wire Fraud and how real it is…
https://www.forbes.com/sites/alyyale/2019/05/07/real-estate-wire-fraud-is-real-and-it-almost-happened-to-me/#463ea20e1c47
This is a great article written by Experian that explains what is home title fraud.
https://www.experian.com/blogs/ask-experian/what-is-home-title-fraud/