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Entries Tagged as 'Legal'

New Construction Series: Punch List

November 15th, 2007 · No Comments

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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Tags: All Posts · Inspection · Legal

New Construction Series: Taxes

November 15th, 2007 · 1 Comment

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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Tags: All Posts · Attorney Review · Legal · Taxes

New Construction Series: Warranty

November 15th, 2007 · No Comments

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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Tags: All Posts · Legal

New Construction Series: Closing

November 15th, 2007 · No Comments

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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Tags: All Posts · Attorney Review · Legal

New Construction Series: Appraisal Contingency

November 15th, 2007 · No Comments

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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Tags: All Posts · Appraisal · Attorney Review · Legal

New Construction Series: Purchaser Litigation

November 15th, 2007 · No Comments

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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Tags: All Posts · Attorney Review · Legal

Condo Buyers Meet Your Friend, The 22.1 Disclosure

November 15th, 2007 · No Comments

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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Tags: All Posts · Legal

New Legal Contributor

November 15th, 2007 · No Comments

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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Tags: All Posts · Legal · Site

Chicago Decks

November 15th, 2007 · No Comments

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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Tags: All Posts · Legal

Condos, PUDS, and Co-ops

November 15th, 2007 · No Comments

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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Tags: All Posts · Legal

Chicago Roof Rights and Roof-Top Decks

November 15th, 2007 · No Comments

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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Tags: All Posts · Legal