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If you’re buying a condo with shared areas or amenities, the property is likely has a homeowner’s association (HOA). As a home buyer you have the right to revivew HOA governing documents beforehand. The contents of these documents will help you decide if the building community is the right fit for you. Governing documents include …

Read the HOA Rules BEFORE You Buy Read More »

If you or your clients are looking to defer paying taxes on investment property this year, a 1031 may be a great solution. What is a 1031 exchange? In Illinois, real estate investors use 1031 exchanges to defer capital gains taxes by reinvesting their real estate sales profits. As long as the proper procedures are …

What is a 1031 Exchange? Read More »

Adjustable-rate mortgage: a mortgage with an interest rate that increases and decreases throughout the term of the loan. The changes in interest rate occur due to various factors and at different time intervals depending on the type of ARM. There are more than a few different types of ARMs, including the 7/1 ARM and the …

Real Estate Terms Defined Read More »

Process of Adding or Removing Names From a Property Title + Deed What is a title? A title is a legal right to ownership of a property, including the right to sell. The title will show who owns the property, what liens affect the seller’s ownership (i.e. mortgages, unpaid taxes, judgments), easements, building restrictions, set-back …

How to Add or Remove Names From a Property Title and Deed Read More »

How to wire transfer your funds at real estate closing Wire transfers are a very common aspect of a real estate transaction. The transfer takes less than one business day and is sent through an escrow account — a third party account that holds the funds until the contract terms are met. Wires are sent …

Wire Transfers at Real Estate Closings Read More »

Buying real estate is one of the largest purchases most people may ever make in their life. With a purchase that large you need to protect it. Once you’ve purchased your real estate, ARK Attorneys can help you protect not only the property but your privacy as well. You don’t need to be a billionaire …

How to Keep Your Real Estate Transactions Private in Illinois Read More »

Do you have some home renovation projects on your list of 2022 goals? Before you get to buying the materials and contracting a team to get to work, make sure you’ve weighed the cost of the renovation to the value that update will add to your home’s market value. We’ve put together a list of …

Home Renovations With the Best ROI Read More »

When a contract is canceled on the buyer’s side Real estate contracts vary by jurisdiction, and most have contingencies that will ultimately allow for either buyer or seller to cancel under those particular circumstances. Buyers have to provide earnest money when they make an offer on a property, which is credited towards the down payment …

Can you cancel a real estate contract before closing? Read More »