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.
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“I think we’re at the point where consumers are going to start concluding that buying real estate in Illinois, particularly homes, is not a safe bet because prices are, at best, flat if not going down.” – Mark Glennon, writer at wirepoints.com
They saw their home sale prices drop by an average of 19%. Homeowners in the hardest hit areas included Willowbrook, which saw a 48% decrease.
“A tipping point is at hand in Illinois,” wrote Glennon. “Potential homebuyers conclude they’ll never cash out whole because of increasing taxes and declining values.”
The causes
Homeowners are seeing excessive property taxes, increased costs, and stagnating wages.
Because of this, many are choosing to leave the Illinois, and in 2016 Illinois lost more residents than any other state. It has now had negative migration for three years straight and the numbers keep increasing.
“When you have a big state like Illinois, to lose population for three years in a row? That’s cause for alarm,” said William Frey of the Brookings Institute.
A study by Pew Charitable Trusts showed that since 2007, the average rate of personal income growth for Illinois residents is less than one percent. That makes it the worst income growth state in the Midwest and the 2nd lowest in the nation.
* Advertising Material: To the extent that the information in this e-mail 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.
The Great Lakes Credit Union is sponsoring seminars for first time home buyers in the Chicagoland area.
Purchasing your first home can be intimidating. The Great Lakes Credit Union wants to help educate you about financing programs, loan application documents, and the loan process from start through to closing.
* Advertising Material: To the extent that the information in this e-mail 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.
Radon is a cancer-causing radioactive gas formed by the natural breakdown of uranium in the soil.
According to the Illinois Emergency Management Agency (IEMA), “It’s estimated more than 1,100 people in Illinois develop radon-related lung cancer each year.”
The IEMA and the American Lung Association in Illinois (ALAIL) have released a new video to help educate home buyers and real estate professionals on the dangers of radon and raise awareness about the issue in order to reduce radon exposure.
Watch the embedded three-minute video below to learn more about radon and how to prevent exposure.
Illinois Radon Awareness Act
The Illinois Radon Awareness Act became state law on Jan. 1, 2008. The act requires home sellers to provide anyone buying a residential property in Illinois with information about the dangers of radon exposure and that radon is the leading cause of lung cancer in non-smokers and the second leading cause overall.
“This video is a quick, simple way for real estate agents and home sellers to provide this important required information.” says IEMA Director James K. Joseph.
The law does not require that sellers or for buyers to test homes for radon before sale. It also does not require any radon remediation work for homes be completed if test results show potentially high levels of radon.
However, if a radon test has been conducted on the home, the Illinois Radon Awareness Act requires sellers to share the results of a radon test with potential buyers.
This new video from the IEMA continues to help spread information about radon to the public. In January, governor Bruce Rauner declared Radon Action Month to encourage Illinois residents to test their homes for radon.
For radon information by telephone you can call (800) 325-1245 (Information Line) or to speak to an IEMA Radon Program staff member call (217) 782-1325.
Some realtors have calculations which include the closets while others do not. Others may include the space from wall dividers or between walls. Sometimes measurements even seem to pull extra footage from out of nowhere.
There are no hard rules of how to measure the square footage of a home, and because of this, lawsuits can occur.
Depending on the real estate market, the city or if the measurements in question are from a multi-unit development, the costs to a seller could turn into thousands or tens of thousands.
Can you trust the measurements?
Many sellers will rely on the square footage contained in the county tax assessor’s records.
Tax records would seem to be a reliable source, but that is not really the case. They can be filled with errors when examined closely.
Public tax records were created to simplify a system of mass appraisals for government agencies. They were never intended to be used by the real estate industry as a source of square footage or to be legally binding.
How sellers can protect themselves
In order to protect oneself from these types of lawsuits, it is imperative that Sellers need to use appropriate language in their listings and sale documents. Make certain all relevant disclosures are made aware to buyers.
Any property that is leased or sold using square footage as an essential selling point must take care to insure accurate measurement before the property is brought to market.
For legal advice on square footage measurements or any other real estate law questions in the State of Illinois, please contact us.
* To the extent that the information on this blog post 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.
How to measure the square footage of a home?