ChitownLiving | Chicago Real Estate + Life

This is an especially important issue to address as taxes have the possibility of costing the purchaser thousands of dollars if a proper proration method is not agreed upon between the parties.  Taxes in Illinois are paid a year in arrears which means that in 2006, property owners paid the 2005 tax bill and in [...]

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Developers often times miss the estimated close date.  I have witnessed closing dates being extended from days to weeks to months and even years.  Most of the time, the Purchaser can receive status updates such as where the developer stands in regards to completion.  The point is, delays may happen and Purchasers might want to  [...]

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Often times, closing for a new construction is months or years away from the contract date.  The Developer’s contract may require financing contingencies, which can be 30 days after contract acceptance.  It appears a little odd to impose a requirement on someone to obtain an unconditional loan commitment one year from the closing date.  I make [...]

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Speaking from experience, some of the most troublesome post-closing issues are the result of a new construction purchase.  Jeff and I have developed a short list of some of the common pitfalls that may arise.  This is the first in a series of posts that will address potential issues when buying new construction. Often times in developers contracts, I find [...]

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Buyers, Ronald Reagan’s famous quote, ”trust, but verify” should be at the forefront of your mind when navigating  attorney review, a key piece of the home purchase process. First Trust Ask some key questions of the seller, board of directors, and management company and trust that the information provided is accurate.  Very timely article in the Chicago Tribune [...]

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