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Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Business Law, & Estate Law.

Attorney for real estate: along for changes in practice

attorney-for-real-estate-mask

Working with an attorney for real estate in Illinois is a unique experience right now. Illinois has not followed some other states in moving the process for in-person closings online for a purchase that involves a mortgage loan, as it requires that borrowers verify their identities with a notary as a witness.

For title companies and those involved, this has created changes in practice. An attorney for real estate and the homeowners may have identical documents, but in cars parked next to each other. Title companies have found this to be a common occurrence, noting that the attorney and the buyers may be the only attendees during a closing.

Our lawyers assist buyers and sellers in the negotiation and closing of real estate purchases and sales involving residential and commercial properties and businesses of all kinds. Your health, personal goals, and business goals matter.

For Information Call 630-858-0090

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

Advertising Material: To the extent that the information on this Facebook profile page is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules, and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material. 

Attorney for real estate…Halloween edition!

attorney-real-estate-halloween

Attorney searching for real estate shouldn’t be haunting, but sometimes the home can be. About half of the states are caveat emptor, or “buyer beware” in Latin. In certain cases, that may mean beware of the ghosts.

One Laveta Place is a beautiful home on the Hudson River of New York that has been owned by the director and writer of romantic comedy Definitely, Maybe, singer-songwriter Ingrid Michaelson, and reggae artist Matisyahu. It is also reported to be haunted.

In 1991, the owner at the time, Helen Ackley, was sued for not disclosing that the house was haunted when trying to sell. Ackley had even spoken of the hauntings in a Reader’s Digest article explaining ghost sightings and phantom gifts.

The court found that Ackley had deliberately concealed information that could affect the value of the house. Today, real estate sellers are often required to disclose if a house is believed to be haunted.

An attorney for real estate can help you with the ins and outs of your property, including if there are *factors potentially affecting the home’s value or the well-being of the home’s owner.* Though, this may not always be a bad thing as the house on the Hudson has historically sold for significantly more than comparable houses in the area.

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

Advertising Material: To the extent that the information on this Facebook profile page is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules, and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material. 

Real estate technology: transforming our experiences

real estate technology

Real estate technology is transforming the way we experience the industry. Fausett Law PC’s representation extends to all aspects of real estate transactions both commercial and residential. We represent private individuals, investors, business owners and developers in the acquisition, development, financing, sale, and leasing of real estate. Here are some technology trends.

Automation and Smart Tech in real estate technology

Building technologies

Features such as elevators, thermostats, appliances, lights, security systems and open/close sensors are increasingly touchless and automatically adjusting, updating and sending maintenance requests.

Closing process

Digital advancements including e-recording documents, cloud technology, remote online notarization (RON), and secure online escrow deposits have been effecting how the closing process is conducted.

Virtual walkthroughs as part of real estate technology

Virtual reality helps make viewing a property from a different location, through technology, more lifelike.

Quicker transactions

Investor management systems now provide a portal for viewing a real estate portfolio similar to that of logging into a brokerage website or app. Additionally, chatbots powered by artificial intelligence produce quicker, reliable service through text messaging and social media.

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

Related

Five tech transformations

Nine tech trends

Advertising Material: To the extent that the information on this Facebook profile page is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.
 
Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules, and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material. 

Mortgage delinquencies surge according to MBA

mortgageAccording to a recent report by the Mortgage Bankers Association (MBA), the delinquency rate for mortgage loans rose to a seasonally adjusted 8.22% rate in the second quarter of 2020. The results marked the highest rate in nine years. The nearly 4% increase was also the highest spike from the previous quarter in the survey’s history. In addition, the survey indicated a record high delinquency rate for FHA mortgages, reserved for first-time homebuyers.

Some homeowners are having difficulty making their mortgage payments amid the COVID-19 pandemic. The report states that the mortgage delinquencies track closely with the availability of jobs. The five states with the largest rises in mortgage delinquency rates were those that have a large number of leisure and hospitality jobs, which were hit hardest by the pandemic: New Jersey, Nevada, New York, Florida, and Hawaii.

The pace of recovery in the US is affected by uncertainties including unemployment and stimulus measures, numbers in COVID-19 cases, and reopening. “Certain homeowners, particularly those with FHA loans, will continue to be impacted by this crisis, and delinquencies are likely to stay at elevated levels for the foreseeable future,” said Marina Walsh, MBA’s vice president of industry analysis.

However, Walsh continued, “Fortunately, there are several mitigating factors that make this current spike in mortgage delinquencies different from the Great Recession. These factors include home-price gains, several years of home equity accumulation, and the loan deferral and modification options that present alternatives to foreclosure for distressed homeowners.”

Related:
https://www.mba.org/2020-press-releases/august/mortgage-delinquencies-spike-in-the-second-quarter-of-2020

Advertising Material: To the extent that the information on this Facebook profile page is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.
 
Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules, and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material. 

Illinois Real Estate License Law Changes 2018

Real Estate red tape

Photo by Max Pixel

 

In 2018 Governor Rauner signed two new bills focused on licensing rules for real estate brokerages, appraisers and real estate professionals in Illinois.

These new laws are designed to reduce red tape, paperwork, and compliance costs for real estate businesses.

The changes will not only help real estate brokerages but home buyers as well.

Read the full story below that was originally published in Chicago Agent Magazine:

 

Illinois real estate licensure rules get revamped

Illinois Governor Bruce Rauner signed into law Aug. 13 two bills focused on licensure rules for the state’s real estate brokerages, appraisers and other real estate professionals. Drafted with support from the Illinois Department of Financial and Professional Regulation (IDFPR) as well as the Illinois Realtors Association, the governor’s office said the new laws will reduce red tape and compliance costs for real estate businesses.

Home for saleHouse Bill 5210 is a win for small business and licensed professionals in Illinois,” Gov. Rauner said, referring to one of the bills signed into law that focused on revising brokerage licensing requirements. “It is another step forward in our goal of reducing the amount of red tape, paperwork, and regulatory burden that puts our business owners and our state at a disadvantage.”

Under the new rules included in H.B. 5210, brokerage firms will be able to submit licensing information for all registered offices and employees at the same time, rather than submit separate forms for each individual office. The process of submitting, updating or renewing licenses will be made easier with the state’s recently unveiled online services portal.

According to Kreg Allison, director of the Division of Real Estate at the IDFPR, these new rules for brokerage licenses will not only reduce the direct costs of compliance by eliminating duplicitous application fees. Even more significant, he says, is the time that brokerage firms will save by getting all the steps required in the license renewal or revision process out of the way at once, using a single online platform to make changes in real time.

Illinois home with tax lienStreamlining the brokerage licensing process is good news for consumers as well, Allison says.

“Now consumers will be able to look up a licensed firm and find everyone affiliated with that firm, including each of its offices and who manages those locations,” Allison says. “The data is going to look much better and be easier to find as we move everything online.”

Gov. Rauner also signed H.B. 5502, aimed at increasing the number of licensed real estate appraisers operating within Illinois. According to Rep. Tony McCombie (R-Savanna), increased education and licensure costs have contributed to a shortage of appraisers in the state. Allison explained that the new law would allow appraisers to maintain their license to operate in Illinois indefinitely while introducing other rule changes that encourage greater numbers of licensed real estate appraisers in the state.

These latest bills and the digital records initiative are part of a continuing effort by state officials to streamline professional licensing requirements for all regulated industries.

“On behalf of more than 47,000 Realtors throughout Illinois, we support this effort and appreciated the opportunity to work with IDFPR in crafting and passing this legislation,” said Illinois Realtors CEO Gary Clayton in a statement. “This is a sound policy initiative that will streamline the regulatory process for Illinois businesses.”

This story originally appeared in Chicago Agent Magazine and was written by Andrew Morrell