Chicago Real Estate Law Firm

  • ATTORNEY BIO
  • BLOG
  • PRACTICE AREAS
  • REQUEST FREE CONSULT
  • CONTACT
  • ATTORNEY BIO
  • BLOG
  • PRACTICE AREAS
  • REQUEST FREE CONSULT
  • CONTACT
  • chicago,  illinois,  real estate,  realtor,  Uncategorized

    In Defense of Real Estate Broker Commissions

    July 28, 2017 /

    I hear it all the time from home sellers.  “Why do Realtors make so much money?”  I’ve heard a few variants on the sentiment, ranging from the more diplomatic, “Realtors don’t seem to do much work to earn their commission,” to the more direct, “this commission is horse s**t!”   I submit to you, however, that Realtors more than earn every penny of their commissions. My first point is quite simple — You don’t realize how much work a Realtor actually does.  If your Realtor friend goes for spa treatments every day, they are not closing deals — it’s that simple.  Prospecting and networking for clients takes a lot of…

    read more
    loftuslaw 0 Comments

    You May Also Like

    How To Hire A Real Estate Lawyer

    March 16, 2016

    Park District Releases Updated Plans For Renovation of Jackson Park and South Shore Golf Courses

    February 6, 2018

    Get Your Real Estate Tax Assessment Appeals Ready!

    February 2, 2016
  • chicago,  real estate,  Uncategorized

    The Tax Bills Are Here!

    June 30, 2016 /

    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…

    read more
    loftuslaw 0 Comments

    You May Also Like

    Estimate Your Closing Costs – Part 1

    April 4, 2016

    Construction Work Begins on Western-Belmont Viaduct

    March 3, 2016

    Closing Costs Part 4 – Miscellaneous Charges

    March 24, 2017
  • chicago,  real estate,  Uncategorized

    City closes $500M redevelopment deal for Old Main Post Office

    May 13, 2016 /

    “This project will create thousands of jobs and generate new economic opportunities for residents in our neighborhoods,” Mayor Rahm Emanuel said. Source: City closes $500M redevelopment deal for Old Main Post Office Hat tip to the Sun Times for this article on the Old Post Office.  This is exciting news for the South and West Loop neighborhoods!

    read more
    loftuslaw 0 Comments

    You May Also Like

    New Illinois Law Brings Common Sense Approach To DUI And Pot

    August 5, 2016

    How To Hire A Real Estate Lawyer

    March 16, 2016

    In Defense of Real Estate Broker Commissions

    July 28, 2017
  • chicago,  lawyer,  real estate,  Uncategorized

    Closing Costs Part 2 – Title Charges

    April 11, 2016 /

    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…

    read more
    loftuslaw 3 Comments

    You May Also Like

    If It’s Not In Writing, It Doesn’t Exist

    January 19, 2016

    Quick Reference Guide For Informed Judicial Voting

    November 4, 2016

    Estimate Your Closing Costs – Part 1

    April 4, 2016
  • chicago,  lawyer,  real estate,  Uncategorized

    Estimate Your Closing Costs – Part 1

    April 4, 2016 /

    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…

    read more
    loftuslaw 2 Comments

    You May Also Like

    Closing Costs Part 4 – Miscellaneous Charges

    March 24, 2017

    Federal Judge Dismisses Lawsuit Accusing Zillow of Conducting Appraisal Without License

    August 25, 2017

    How To Hire A Real Estate Lawyer

    March 16, 2016
  • lawyer,  real estate,  Uncategorized

    The Five Questions To Ask Your Real Estate Attorney First

    March 30, 2016 /

    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…

    read more
    loftuslaw 7 Comments

    You May Also Like

    Checking Your Significant Other’s Email For Evidence of Cheating May Violate Federal Law

    December 22, 2016

    How To Hire A Real Estate Lawyer

    March 16, 2016

    6 Myths About Homebuying — Translated

    September 6, 2017
  • lawyer,  real estate,  Uncategorized

    How To Hire A Real Estate Lawyer

    March 16, 2016 /

    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!

    read more
    loftuslaw 0 Comments

    You May Also Like

    Financial Planning In The Era of Marriage Equality

    September 12, 2017

    Closing Costs Part 2 – Title Charges

    April 11, 2016

    Estimate Your Closing Costs – Part 1

    April 4, 2016
  • chicago,  real estate,  Uncategorized

    Emanuel gets the go-ahead to seize Old Main Post Office

    March 10, 2016 /

    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…

    read more
    loftuslaw 0 Comments

    You May Also Like

    New Illinois Law Brings Common Sense Approach To DUI And Pot

    August 5, 2016

    Park District Releases Updated Plans For Renovation of Jackson Park and South Shore Golf Courses

    February 6, 2018

    Condo Rental Caps – How The Board Can Prevent You From Renting Your Place

    August 11, 2017
  • real estate,  Uncategorized

    What The Meaning of “As Is” Is

    February 15, 2016 /

    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…

    read more
    loftuslaw 1 Comment

    You May Also Like

    Is Zillow Helpful or Harmful?

    August 17, 2017

    Closing Costs Part 4 – Miscellaneous Charges

    March 24, 2017

    Why Should You Hire An Attorney To Buy or Sell Your Home?

    October 12, 2016
  • real estate,  Uncategorized

    Get Your Real Estate Tax Assessment Appeals Ready!

    February 2, 2016 /

       You probably just received the first installment of your 2015 real estate tax bills, and once the panic over the upcoming second installment subsides, you want to know how to lower that bill. As I talked about a couple of weeks ago right here, some of the assessments went absolutely bananas for 2015, and you can expect the second installment of your tax bill to deliver a real sucker punch if you are not prepared. One way to combat the ever-increasing property tax bill is to appeal the assessment.    Believe it or not, appealing your assessment can be relatively simple. Many people choose to use an attorney to…

    read more
    loftuslaw 0 Comments

    You May Also Like

    Chicago Property Tax Rebates End Tomorrow

    December 29, 2016

    The Tax Bills Are Here!

    June 30, 2016

    The Five Questions To Ask Your Real Estate Attorney First

    March 30, 2016
 Older Posts

PHONE – 773-632-8330,

FAX – 773-634-8911

520 S. State St., 1206, Chicago, IL 60605

© 2020 LoftusLaw, LLC

520 S. State St., 1206, Chicago, IL 60605

Ashe Theme by WP Royal.
 

Loading Comments...