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
Also known as a lease option, a rent-to-own contract allows renters to lease a property and, at the end of the lease (usually one to three years), have the option to purchase the home at a predetermined price. Ideal candidates for a rent-to-own option are potential home buyers who dream of ownership but are also concerned they haven’t saved up enough cash for a down payment.
As a renter, you must be cautious before you sign a rent-to-own contract. There are many stipulations… READ MORE
Mortgage fraud schemes are the intent to materially misrepresent or omit information on a mortgage loan application in order to obtain a loan or to obtain a larger loan that could have been obtained had the lender or borrower known the truth.
With today’s inherent complexity of real estate transactions, particularly those involving investors, offers ample opportunity to commit fraud.
Fannie Mae recently created a report that outlines common characteristics that accompany most fraud-for-profit schemes, and identifying them can be helpful in determining whether a loan is part of a larger fraud scheme. To view the report: http://bit.ly/2xFjTmp
The average Chicago Property Taxes increasing by 10% this year this year following City Hall and Chicago Public Schools tax hikes to pay for police, fire and teacher pensions, according to calculations released Tuesday by the Cook County clerk’s office.
As a result, the owner of a city home determined to be worth $224,500 will pay nearly $4,000 in property taxes this year — an increase of about $363.
Read the rest of the article directly on the Chicago Tribune website:http://trib.in/2uS39qD
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
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
Curious about what the Illinois/Chicago Real Estate market forecast looks like in 2017?
Click the image below and it’ll take you to IllinoisRealtor.org and your can click on various article links for more information.
In 2016, lawmakers in 31 states and Puerto Rico have introduced legislation regarding foreclosures. Ten bills and resolutions have been enacted or adopted thus far. The list below contains legislation regarding regulating foreclosure consultants and distressed property purchasers, amending the foreclosure process to address concerns regarding so-called robo-signing and protecting tenants’ rights who are renting homes facing foreclosure.
Here is the link to the rest of the article which lists each state and the legislation they passed: http://bit.ly/2iiKldP
Two Illinois statutes govern the handling of tenant’s security deposits by landlords:
Starting in 2017 all condo associations in Chicago must have recycling services at their building. The Chicago Department of Streets and Sanitation (DSS) will handle enforcement of the ordinance that includes a 30-day warning period and graduated penalties for non-compliance.
To learn more about the ordinance visit: http://bit.ly/2feM8CL