In the first three installments of my series on closing costs, I addressed real estate tax credits, title charges and lender costs. This fourth, and final, last installment will address the last category of closing costs – everything else. As you review your closing costs with your attorney at the closing table, it may feel like everyone is taking their pound of flesh from the transaction. That is because it is essentially true. Transfer Taxes Whenever you buy or sell real estate, the government sticks its hand in your pocket. The amount of the tax depends largely upon the location of the parcel. The State of Illinois always gets $1 per…
illinois
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New IHDA Program Offers Up To $50,000 In Assistance To Under Water Homeowners
The painful memories of the housing bubble are quickly fading amidst the red-hot real estate market here in the Chicago area. However, the good news is not universal. Some homeowners live in sort of a limbo where they can just afford their mortgage payment, but they cannot possibly sell their home due to the fact that they owe more than the property is worth. There may be hope for some of you. The Illinois Housing Development Authority (IHDA) has introduced a program for qualifying homeowners to receive up to $50,0o0 toward the balance due on their mortgage and refinance into a more affordable loan based on the market value of…
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Checking Your Significant Other’s Email For Evidence of Cheating May Violate Federal Law
As if divorce cases weren’t bizarre and petty enough, an “innovative” divorce litigant has figured out yet another way to torture his soon-to-be former spouse. According to an article in the ABA Journal: “Paula Epstein, the defendant in the case, was sued by her husband, Barry Jay Epstein, the Chicago Daily Law Bulletin reports. The couple are in the process of divorcing, according to the opinion (PDF), and Paula accused Barry of “serial infidelity.” His attorney asked for proof, and her attorney produced email correspondence between Barry and several other women. According to the opinion, Barry did not know that Paula had access to his emails until they showed up…
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New Illinois Law Brings Common Sense Approach To DUI And Pot
This is not about real estate. However, some of you (wink, wink, no judgment here) should be aware of an important change in the DUI laws, which provides a more common sense approach to the issue of pot use and driving. Until Governor Rauner signed SB 2228 into law last week, pot smokers were at risk of a DUI conviction unless all traces of THC (the intoxicating compound in pot) had left the system. Although the intoxicating effects of pot last a few hours at most, it can take weeks for all of the THC to flush from the system. This unreasonable standard resulted in many unneccasary arrests and convictions, often…
