Illinois Real Estate License Act (RELA) signed into law

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. 

Chicago property taxes increasing

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

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

Why You Need an Illinois Real Estate Attorney?

The sale of a home, whether you’re the buyer or seller, is an incredibly complicated process. When you go through a closing for a home, you’ll immediately notice the extensive amount of paperwork that needs to be filled out and finalized.

If you were to attempt this on your own, you may easily make a mistake that is going to be a problem later on. These problems could affect your tax return at the end of the year, how much tax you’re paying or generally the sale of the home that makes it difficult to receive the paperwork that you need.

An experienced Illinois real estate attorney will review and inspect every important document for any mistakes made regarding the documents such as:

  • Your broker’s listing agreement
  • The specific terms of the sales contract
  • Income and property tax consequences
  • Subdivision covenants, conditions and restrictions
  • Liens and other defects of title
  • Insurance requirements
  • Mortgage terms and lender’s requirements
  • Federal and local statutes regarding disclosures required for real estate and lending transactions.

They will also answer any questions you may have concerning the sale or purchase of a home.

Many people are novices when it comes to real estate and they may easily make mistakes if they don’t really know what they’re doing when buying or selling. An Illinois Real Estate attorney can answer your questions and assist you through the process of home buying or selling so that it can get done quickly and effortlessly.