Legal Blog of Thaddeus M. Bond & Associates

Heavy snowfall followed by frequent spring rains have resulted in flooding problems throughout the Chicago area. The high demand for contractors capable of repairing water damage can result in some unscrupulous people seeking to take advantage of the situation. Some simple tips to protect yourself: Beware those companies that contact you directly rather than waiting for you to contact them. Make sure the contractor is licensed, bonded and insured. Ask for references. Our firm can assist you in checking for judgments, liens, prior bankruptcies and defalcations by the company or its principals. Make sure the contractor is aware of and complies with the Illinois Home Repair and Remodeling Act, including giving you a right to cancel the contract within 3 business days. Pay as little up front as possible and never pay the full contract price before work begins. And when all else fails, our lawyers can help you pursue reimbursement from the contractor for substandard or incomplete work. Feel free to contact us if you need assistance.

With the downturn in the real estate market, competition among lawyers to handle residential closings has increased. Some attorneys are offering to handle the transaction for "only" $100-$200. What they often fail to fully explain to their clients is that they are not making less money by discounting their fees. Most real estate lawyers in Illinois are title insurance agents. Reputable attorneys provide core title services, such as a comprehensive title examination, in exchange for receiving a portion of the title insurance premium paid by both the seller and the buyer. Many of these "discount" lawyers inflate the title insurance premium to make up for the lower attorney's fees they advertise. Federal law requires attorneys to disclose their financial relationship with title insurers. The client has the right to choose the title company and to question the fees being charged. We are aware of more than one law firm that is subject to disciplinary action for failure to make these disclosures and to be fair and honest with their clients when charging for title insurance. Our firm is an agent for North American Title Company and Transnation Title Insurance Company. The title insurance premium charged to our clients is always at or below market rates. We are certain to comply with state and federal standards for us to be compensated as title insurance agents. Feel free to contact us if you have any questions about attorney's fees and title insurance charges.