Required Disclosures When Selling Your House

The old saying “buyer beware” does not exactly apply in real estate transactions involving residential property. In Illinois, the seller of a residential property has more than a few obligations when it comes to revealing information about the property he or she is selling. For many people, buying or selling their home is the most complex financial transaction they will ever engage in. This blog will explain some of Read More

What is a Trust, and What Can it Accomplish?

Most people understand that the foundation of many estate plans is a Last Will and Testament (commonly referred to as, simply, a Will). This estate-planning document can leave certain assets to specific beneficiaries, name successor guardians for your minor children, and accomplish other things. Besides a Will, one of the documents most commonly used in estate planning is a trust. There are many types of trusts, but Read More

Your Guide to Avoiding or Reducing Property Transfer Tax

Property transfer tax, sometimes referred to as “deed tax”, “stamp tax”, “mortgage registry tax” or even a “capital gains tax,” has been in existence in the United States for several decades now. Simply put, it refers to a once-off fee that local governments charge when there has been a change in property ownership within its jurisdiction. Some states, however, such as Wyoming, Mississippi, New Mexico, North Dakota Read More

Top 5 Risks in Real Estate With the Biggest Impact

Unfortunately for those in the real estate business, you have to worry about not just the often unpredictable housing market. You also, as with every small business, have to contend with a variety of constant risks that could prove crippling to the expansion and overall health of your business. In terms of developing a smart and comprehensive risk management plan, the first and best thing to know simply involves the Read More