Selling your home without a realtor can feel empowering. You find the buyer. You agree on a price. Everyone seems ready to move forward. Then someone sends over a contract. That is the moment many FSBO sellers move too quickly. In a private sale, the buyer, the buyer’s agent, or the buyer’s attorney may provide the purchase contract. That does not automatically mean the contract is unfair. But it does mean the seller should stop and ask a basic question: Does this contract protect me, or does it mostly protect the buyer? The contract is not just paperwork. It is the rulebook for the transaction. The Purchase Price Is Only…
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The Cheapest Closing Lawyer Will Cost You More Later
When buying or selling a home, it is natural to look for ways to save money. Real estate transactions are expensive. There are inspection costs, lender fees, appraisal fees, title charges, moving expenses, commissions, taxes, and closing costs. By the time someone gets to the attorney fee, it can feel like just another line item. So some buyers and sellers choose their closing attorney based almost entirely on price. That is understandable. It can also be a mistake. The cheapest closing lawyer may save you money upfront. But if the legal work is rushed, incomplete, or too high-volume, the problems that get missed can cost far more later. Your Closing…
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Why Closing Dates Get Postponed in Chicagoland Real Estate Sales
A closing date feels final when it is written into the real estate contract. Unfortunately, anyone who has been through enough Chicagoland closings knows the truth: the closing date is often more like a target than a guarantee. Most buyers and sellers assume that once the contract is signed, everyone simply works toward the closing date and the deal closes on time. Sometimes that happens. But in many residential real estate transactions, the closing date gets pushed back because one piece of the process is not ready. That does not always mean the deal is falling apart. But it does mean the parties need to understand what is causing the…
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Cook County Commercial Property Owners: Don’t Wait for the Tax Bill to Think About Appeals
1. Introduction Commercial property owners often focus on property taxes when the bill arrives. That is understandable, but it may be too late. In Cook County, the appeal process is tied to assessment notices, township filing windows, and Board of Review deadlines, not just the final tax bill. 2. The Tax Bill Is Not the Starting Point The bill tells you what you owe. The assessment process helps determine how the taxable value was set. If the assessment is too high, the owner needs to act during the appropriate appeal window. 3. Commercial Appeals Require More Than Complaining About Taxes For commercial and income-producing properties, the appeal may involve real…
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Why Sellers Give Property Tax Credits in Chicagoland Closings
Why Sellers Give Property Tax Credits in Chicagoland Closings If you are selling a home in the Chicago area, one of the closing costs that can catch you off guard is the property tax credit. Sellers often see this line item on the closing statement and think: Why am I giving the buyer a credit for taxes if I already paid my tax bills? Fair question. Annoyingly, the answer is not always obvious, because Illinois property taxes are paid in arrears. That means the tax bill you pay this year is usually for the prior tax year. Naturally, because nothing says “efficient system” like paying last year’s bill while trying…
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Selling Without a Realtor (FSBO) in Chicago: What Sellers Forget to Negotiate
What Sellers Forget to Negotiate in Private Home Sales Private home sales are becoming more common in Chicago-area real estate, especially when a seller already knows the buyer. Sometimes it’s a friend, family member, neighbor, tenant, or someone who heard about the property before it ever hit the market. At that point, many sellers assume the hard part is over. They have a buyer, they have a price, and they are ready to move forward. But in many private sales, the real friction starts after that. Why? Because a buyer and a price are not the same thing as a complete deal. A private home sale still requires clear agreement…
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How to Evaluate Multiple Offers in a Chicago Home Sale: Why the Highest Offer Isn’t Always the Best
How to Evaluate Multiple Offers in a Chicago Home Sale: Why the Highest Offer Isn’t Always the Best In a competitive Chicago real estate market, multiple offers are common. When they arrive, most sellers focus on one thing: the highest purchase price. It’s understandable. A bigger number feels like winning. But in a Chicagoland home sale, the highest offer is not always the strongest offer — and not always the one most likely to close. Price matters. Certainty matters more. Below are the key factors sellers should evaluate beyond the headline number. 1. Appraisal Risk in Chicago Real Estate When a buyer is financing the purchase, the lender orders an…
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Putting the Fun in Law
Let’s face it — law firms are often considered pretty stale and boring places. Although most things surrounding the law are serious, like big real estate purchaes, there are ways to make the experience less drab and a little more enjoyable. Patrick Loftus understands this more than most lawyers. By taking a highly personal approach with his clients, Patric has found a way around the bore. While most law firms rely on suport staff to be the primary contact with clients, and their clients may not have a single conversation with their lawyer until the day of closing, if ever, that is not the case with Patrick. “Each one of…
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LoftusLaw Goes To London
In another departure from the topic of real estate, I am pleased to report that LoftusLaw (basically just me) had the honor of spending a week in London, UK soaking in the sites and learning about the UK legal system and the legal traditions we share with our brothers and sisters across the pond. I would like to give a huge thanks to the Chicago Bar Association, and especially Beth McMeen for organizing the trip. It is no small feat to get over 100 attorneys and their guests moving in the same direction for three straight days! The highlight of the trip was a banquet at the Inner Temple Main Hall.…
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3 Negotiaton Strategies Sellers Can Use To Walk Away From Closing With More Money
Once you receive a decent offer for your home, you and the potential buyer will probably make the price the main focus of your negotiations. As important as the price is, it is not the only contract term that determines how much money the Seller will walk away with from the deal. Because the Buyer will likely be so singularly focused on the price, you may be able to gain valuable concessions from the Buyer along the way without much argument. Here are three strategies you can use increase your bottom line without making a change to the purchase price. Tip #1 – Tax Credit Percentage A frequently overlooked contact term that directly affects the seller’s…
