Real Estate

Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois

The Lake County Sheriff Mistreats Landlords By Deliberately Violating the Law

In a quest for positive press coverage, our sheriff's office continues to ignore its responsibilities. Judges must follow the law when entering orders determining when someone must leave a property when they fail to pay what they owe. The sheriff has no right to disregard a court order or disregard a judge's determination of when someone must leave.

What is Title Insurance?

Title insurance protects both the seller and buyer of real estate by insuring against financial loss arising from defects in the title.  It is meant to protect financial interests in real property against loss due to title defects, liens, survey defects or other matters.  A covered party will be defended against any lawsuits attacking the title and will be reimbursed for actual monetary loss incurred from a title defect up to the dollar amount of insurance provided by the policy.

There are two types of title insurance policies -

Tax Deferred Exchanges of Real Estate are Still Viable

Congress enacted sweeping changes to the tax code at the end of 2017.  Many of the revisions were designed to eliminate tax loopholes and reduce percevied unfairness in favor of wealthy individuals or companies.  One change which has not been clearly reported is the handling of like kind exchanges.  A like kind exchange allows for the deferral of capital gains tax on an appreciated asset that is sold so long as the proceeds of the sale are used to purchase a replacement property similar in nature to the asset being sold.

Change to Illinois Statute Protecting Landlords

For many years, a landlord had to bring a case to remove a tenant from their property under the Illinois Forcible Entry and Detainer Act.  This terminology was not very well known to anyone other than lawyers and judges.  Effective January 1, 2018, the term Forcible Entry and Detainer Act has been replaced by the more commonly used “Eviction.”  From this point forward, paperwork filed with the courts should not use reference to Forcible Entry and Detainer and should simply state that the landlord is seeking an Eviction.  Additionally, the Illinois Supreme Court has issued a new standardized

Pages

Subscribe to RSS - Real Estate