If you have ever bought or sold a home, you know that there are all sorts of charges that you incur in addition to the purchase price, which are known to most as “closing costs.” We all know about them, but estimating the final number can be elusive if you are not familiar with the process. In the next four emails, I am going to shed some light on calculating the closing costs, so that you can better understand what the home is really going to cost you as a buyer or what you can expect to walk away with as a seller. Real Estate Taxes The real estate tax…
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The Five Questions To Ask Your Real Estate Attorney First
How much do you charge? This seems like a no-brainer, but I am surprised at how often people do not ask me during the introduction phone call. There is no reason to be shy! No one expects the attorney to work for free, but you need to know that the cost is within your budget. Is it a flat fee or hourly? Hint: it should be a flat fee for a standard real estate buy or sell. Does the attorney front costs to be reimbursed at the closing, or do you have to pay as you go? Do not leave the cost as a mystery to be solved at the…
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How To Hire A Real Estate Lawyer
My friends at avvo.com wrote a nice little guide for those of you who are in the market for a real estate lawyer. Check out the guide here. It’s definitely worth checking out if you want an anxiety free way to get some questions answered. Another anxiety free way to get your real estate law questions answered is to email me at patrick@loftus-law.com or call me at 773-632-8330. Telephone consultations are done free of charge! See what my clients have to say about me!
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Tips On Voting For Judges
Although the upcoming presidential election is dominating the headlines (thanks, Donald), next Tuesday’s primary is about so much more than who will be the next resident of the White House. Statewide, we are voting on our representatives in Congress and in the legislature. Here in Cook County, among other things, we are voting in the hotly contested race for state’s attorney. Most of you are going to arrive at the section for judges having no idea who any of these people are. Is one of these judges the lady who went off her meds and walked from Markham to the Daley Center to assault a sheriff’s deputy? Is this the…
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Emanuel gets the go-ahead to seize Old Main Post Office
Things are getting interesting over at the Old Post Office again. As I wrote back on February 29, the City is moving to take control of the property to sell it to someone who will develop it. Mayor Emanuel’s plan received approval from the Community Development Commission. The City will now seek bids from developers, which are due by June 8, 2016. Meanwhile, the current owner, Bill Davies, claims that he is on the verge of sealing a deal with “a New York investor with ‘impeccable status and stature‘” to redevelop the property, and that the Mayor’s actions will jeopardize that plan. Evidently, Emanuel is not interested in promises made…
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The Cool Bike Path That Will Soar Over the River Has a Name and Start Date
For those of you who are fans of the “606,” it looks like the north side is getting its own version of the popular path/park. Check out the DNAinfo article linked below for more! The planned Riverview Bridge was once known as the Addison Underbridge Connector. Source: The Cool Bike Path That Will Soar Over the River Has a Name and Start Date
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Construction Work Begins on Western-Belmont Viaduct
More change is coming to Roscoe Village! If you frequently use Western Ave., DNAinfo has you covered with this Survival Guide. Best of luck to you Northsiders, while I continue to deal with construction on the new Kennedy to Eisenhower flyover. A half-century old, much traveled viaduct in Chicago is about to be torn down. But will the plan to replace it really improve traffic conditions? Source: Construction Work Begins on Western-Belmont Viaduct Hat tip to WTTW’s Chicago Tonight for the photo!
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Chicago Old Main Post Office Is Up For Grabs
Nearly every Chicagoan has experienced the oddity of driving straight through the massive Old Main Post Office taking the Ike downtown. In 1996, the Postal Service moved to a new building across the street, leaving the old building vacant. For the past 20 years, not much has happened there other than the occasional fire from commuter train exhaust and Batman. The current owner, Bill Davies, bought the building from the Postal Service in 2009. Since that time, Mr. Davies has unveiled several proposals for the site (see here, here and here); however, not a single hammer has swung at the property. Last week, Rahm Emanuel announced that the City plans…
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Ask Geoffrey: How the ‘L’ Do You Spell That?
As a lifelong Chicagoan, I have this insatiable appetite for interesting facts about Chicago history. Did you know that one of the predecessors of the Blue Line used to go as far west as Westchester? Here’s a little tidbit from one of my favorite Chicago history nerds, Geoffrey Baer: Geoffrey Baer tackles three questions about Chicago’s beloved rapid transit system, including the various spellings of the system, old downtown entrances between elevated stations and Loop stores and a mysterious tunnel a viewer spotted while riding the Blue Line. Source: Ask Geoffrey: How the ‘L’ Do You Spell That?
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What The Meaning of “As Is” Is
From time to time, I get a contract in the office where the property is being sold “as is.” Sellers rejoice when they accept an “as is” offer, because they feel secure knowing that the 18 year old roof and 15 year old furnace are not going to cost them during inspection. However, as Lee Corso is fond of saying, “Not so fast, my friend.” As simple a concept it seems to be, “as is” can be tricky. Experience suggests that, more often than not, “as is” buyers still make inspection request. Why do Buyers do it? What is the justification for it? How do we prepare our clients to…
