Everyone should have some kind of financial plan. For many people, this does not become clear until they get married and start a family. Once there is more than one person to think about supporting, it becomes fairly obvious that a plan must be in place in order to avoid bad consequences for spouses and kids. Most financial planning instruments were devised before America embraced marriage equality. As a result, these devices and mechanisms make assumptions about families that, in many cases, no longer suit the real world. As a result, it is a good idea to make sure that you have a financial plan in place that will fully…
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6 Myths About Homebuying — Translated
I came across an interesting article on Yahoo about “Homebuying Myths” (click here to see the article). The article has some interesting information, but there are some things that I think could be added to make the article more helpful. Here is what I would add — Myth 1 – You don’t need a 20% down payment to buy a home. This is true. In fact, most of my clients do not put down 20% of the purchase price when they buy a home. FHA insured loans require only a 3.5% downpayment, and there are other loan products that require as little as 5% down. However, when you borrow more…
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Mindfulness & The Law
The topic of mindfulness is near and dear to me. Last year, I was in a bit of a funk when I was fortunate enough to stumble on Dan Harris’s podcast. Some of you may know Dan as the 10% Happier guy. Dan had a man named George Mumford on his podcast. I really liked the way George talked about this thing called mindfulness, so I decided to download is audio book, “The Mindful Athlete,” and my journey began. Mindfulness has a lot of definitions, but perhaps the best is from one of the first people to bring the practice of mindfulness from India to the western world, Jon Kabat-Zinn.…
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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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The Tax Bills Are Here!
The 2015 Second installment real estate tax bills for Cook County have been released as of 10:00am this morning. For Chicago residents, this bill has been highly anticipated (dreaded) since the 2015 re-assessments were announced. As I wrote earlier this year, may of you expect to get dinged pretty hard. To see how bad the damage is, head over to the Cook County Treasurer’s website by clicking here. Once there, click “continue” and enter your PIN. If you do not know your PIN, head over to the Cook County Assessor’s website here. Click “Dont know your PIN?” and enter your address. LIFE PRO TIP!!! If you are an owner occupant, and…
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Closing Costs Part 2 – Title Charges
In the second installment of my series on closing costs, I will tackle title charges. Generally speaking, when you buy or sell a home, the closing of the transaction takes place at a title company. The title company has two main roles: 1. escrowee and 2. issuing title insurance. As escrowee, the title company receives funds from the buyer and lender and disburses the money at the end of the closing based on the parties instructions. Title insurance insures the buyer’s clear title to the property. Title companies don’t work for free, so there are some costs associated with the services they provide. Escrow/Settlement Fee This fee is for the title…
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Estimate Your Closing Costs – Part 1
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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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…
