ChitownLiving | Chicago Real Estate + Life

With all new construction there are issues. Being new construction, you would think this would not be the case. Heck, it’s new what could go wrong, but there are always issues either immediate or that creep up once you move in. So some quick precautions. First, make sure your development contract allows you to inspect [...]

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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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Illinois law provides that every contract for the construction of a new home, as here, carries with it a warranty that when completed, the home will be free of defects and will be fit for its intended use as a home.  This law further provides that this Implied Warranty does not have to be 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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Anyone thinking of buying a condo in Chicago should know a little more about this infamous disclosure.  The 22.1 disclosure is a statement that is completed by the Condominium Association (Board of Managers) or the Management Company that reflects the current standing of the Association. Section 22.1(a) of the Illinois Condominium Property Act requires that [...]

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Great news.  Attorney Tom Hawbecker is onboard as an official ChitownLiving contributer. Tom graduated magna cum laude from Winona State University. He received his J.D. from The Ohio State University Moritz College Of Law. He is a member of the Chicago Bar Association, Illinois Real Estate Lawyers Association, The Illinois Bar Association and its Real [...]

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Ever since the deck collapse tragedy in Chicago’s Lincoln Park neighborhood a couple years ago, the city has been cracking down on deck requirements.  A legal partner from Hawbecker & Garver, LLC comments in an article below. Roof-Top Decks in the City of Chicago  Have you ever represented a client that was purchasing a [...]

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Looks like a duck, acts like a duck, but it isn’t a duck. Think you are buying a condo but it is really a co-op? Think you are buying a single family but it is really a PUD? Three types of common interest developments …

Condos - You purchase the inner surface of the walls, ceilings [...]

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Have you ever represented a client that was purchasing a unit that comes with, or will come with, a roof-top deck? Well, if so, there are a couple of things you might want to clarify. It has been our experience that both clients and realtors are satisfied with the sellers statement that the unit comes [...]

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