We are often asked the question of how to approach the matter of inspections pursuant to a contract signed by the purchaser where the contract includes an “as is” clause. As an initial matter let us define what an “as is” provision in a real estate purchase contract means. An “as is” clause merely provides […]
Category Archives: News
Some confusion arises in Illinois probate court regarding the difference between an heir and a legatee. An heir is the person who legally stands to inherit assets in the absence of direction from the decedent. A legatee is someone the decedent has directed shall receive assets. The usual form of direction noted here […]
A “cramdown” in a Chapter 13 bankruptcy allows you to reduce the principal balance of a debt to the value of the property it is secured by. By taking advantage of a Chapter 13 cramdown, you may be able to save your car, investment real estate, or certain other properties. You are allowed to cram […]
The Cook County Treasurer has now quickly issued the 1st installment 2022 tax bill. Only a few short weeks after finally issuing the long awaited 2nd installment 2021. Real estate taxes have gone up…again. Now is the time to take action to assert your rights to a tax appeal through the proper channels. Contact our […]
Parole evidence is a rule of evidence that bestows a preferred status on final written agreements. The rule is designed to provide stability in business transactions. The rule protects the agreement from the risk of perjured testimony and the risk of uncertain testimony of a party with a “slippery” and “self-serving” memory. At trial, the […]
Pursuant to 755 ILCS 27/40, a TODI must include the following info: Name(s) of grantor(s) – the people who currently own the real estate; Name(s) of grantee(s) – the people who will be the beneficial owners once the grantor(s) dies; Description of the property to be conveyed (address, legal description, PIN number); […]
A secured debt is one that is secured by property, which the creditor can take if you default. For example, your mortgage is secured by your home. If you default on your loan, the lender can sell your home to repay your debt. A car loan is also a secured debt. In addition to these […]
Effective January 1, 2023 Public Act 102-794 here in Illinois allows the properly appointed agent of a healthcare power of attorney to present a digital copy of the fully executed power of attorney on an electronic device (cell phone, iPad, etc.). Health care provides are required to accept the executed digital copy just as if […]
Parole evidence is a rule of evidence that bestows a preferred status on final written agreements. The rule is designed to provide stability in business transactions. The rule protects the agreement from the risk of perjured testimony and the risk of uncertain testimony of a party with a “slippery” and “self-serving” memory. At trial, the […]
A secured debt is one that is secured by property, which the creditor can take if you default. For example, your mortgage is secured by your home. If you default on your loan, the lender can sell your home to repay your debt. A car loan is also a secured debt. In addition to these voluntary […]