Chicago Real Estate Law Firm

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

    6 Myths About Homebuying — Translated

    September 6, 2017 /

    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…

    read more
    loftuslaw 0 Comments

    You May Also Like

    Why Chicago Landlords Should Not Take Security Deposits

    May 8, 2017

    Chicago Old Main Post Office Is Up For Grabs

    February 29, 2016

    Construction Work Begins on Western-Belmont Viaduct

    March 3, 2016
  • chicago,  illinois,  law,  real estate,  Uncategorized,  zillow

    Federal Judge Dismisses Lawsuit Accusing Zillow of Conducting Appraisal Without License

    August 25, 2017 /

    This is a follow up to my post last week about some of the controversies surrounding the real estate website Zillow.  To bring yourself up to speed, click here… Welcome back to the post!  At the time of publication a lawsuit was pending against Zillow accusing the website of violating Illinois law by conducting appraisals without a license.  The Plaintiff in the lawsuit sought an injunction stopping Zillow from publishing its Zestimates in Illinois, as well as unspecified compensatory and punitive damages. In what could be called a big win for Zillow, Judge Amy St. Eve held today that Zillow is not violating Illinois law, because Zestimates fall into an…

    read more
    loftuslaw 0 Comments

    You May Also Like

    Spreading Some Non-Profit Love

    October 26, 2017

    Closing Costs Part 4 – Miscellaneous Charges

    March 24, 2017

    Construction Work Begins on Western-Belmont Viaduct

    March 3, 2016
  • 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

    Closing Costs Part 3 – Lender Charges

    March 8, 2017

    New IHDA Program Offers Up To $50,000 In Assistance To Under Water Homeowners

    March 16, 2017

    Closing Costs Part 4 – Miscellaneous Charges

    March 24, 2017
  • lawyer,  real estate,  Uncategorized

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

    October 12, 2016 /

    Answer: Because you do not want to risk flushing your money down the toilet.      You have probably heard people say that you don’t really need a lawyer for a real estate transaction.  Or you may be under the impression that real estate closings are easy for lawyers, and your real estate lawyer really isn’t doing much other than collecting a check at closing.  To be honest, I hope and pray that your lawyer does not have much to do, because a smooth transaction makes the herculean task of moving a lot less stressful.  Unfortunately, most real estate transactions will involve some unexpected hiccups, and that’s when having an…

    read more
    loftuslaw 0 Comments

    You May Also Like

    LoftusLaw Goes To London

    April 18, 2017

    How To Hire A Real Estate Lawyer

    March 16, 2016

    Putting the Fun in Law

    January 13, 2021
  • 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

    Per Crain’s: South Works Site Has New Developer On Board

    August 1, 2017

    Why Chicago Landlords Should Not Take Security Deposits

    May 8, 2017

    Quick Reference Guide For Informed Judicial Voting

    November 4, 2016
  • 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

    Quick Reference Guide For Informed Judicial Voting

    November 4, 2016

    Construction Work Begins on Western-Belmont Viaduct

    March 3, 2016

    Closing Costs Part 3 – Lender Charges

    March 8, 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

    Quick Reference Guide For Informed Judicial Voting

    November 4, 2016

    Tips On Voting For Judges

    March 14, 2016

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

    December 22, 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

    The Tax Bills Are Here!

    June 30, 2016

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

    February 6, 2018

    Closing Costs Part 2 – Title Charges

    April 11, 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

    3 Negotiaton Strategies Sellers Can Use To Walk Away From Closing With More Money

    February 28, 2017

    LoftusLaw Goes To London

    April 18, 2017

    How To Hire A Real Estate Lawyer

    March 16, 2016
  • 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

    Closing Costs Part 2 – Title Charges

    April 11, 2016

    Estimate Your Closing Costs – Part 1

    April 4, 2016

    LoftusLaw Goes To London

    April 18, 2017
 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...