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What Should You Disclose When Selling Your House?

So you have received good response from buyers after putting your residential property on the market, and even negotiated a deal. Everything is going well and now you are ready to draft a contract. But wait; have you fulfilled all the pre-contractual disclosure obligations? Pre-contractual disclosure refers to the information that sellers have to disclose to prospective buyers under the Illinois Residential Real Property Disclosure Act. If you fail to do so and the buyer discovers damages after the purchase, they can sue you for not disclosing ... Read more

Mistakes Couples Make When Getting a Divorce

A divorce is perhaps the most stressful time of one’s life. The toll it takes on your psychological health is immense, and if you have children, the pressure of a contested custody dispute can be debilitating. According to the CDC (Centers for Disease Control and Prevention), there are nearly 4 divorces for every thousand people. Although the figure might be relatively small compared to the 50 percent divorce rate we are used to hearing all the time, the consequences of a divorce can be disastrous, both financially and psychologically. Due to... Read more

Managing Risk In Real Property Transactions

Almost everyone knows that buying property involves risk. Many times, this risk is beyond either the seller’s or buyer’s control. A fire can turn a mansion into a veritable heap of ashes in only minutes, and a proposed highway extension can transform a near-worthless piece of pastureland or other real estate into a gold mine. Both these situations, and others like them, may cause either the buyer or seller to wonder “what if.” The wistful “what if” may turn into a sentiment that cannot be repeated on a family-friendly website if the... Read more

Property Division In The Prairie State

Illinois lawmakers drafted divorce laws with the objective of preventing the event of a divorce from being an undue financial burden on either party. So, the Illinois Marriage and Dissolution of Marriage Act (the “Act”) states that marital property must be divided “equitably,” which is not necessarily the same thing as “equally.” Before real property, stock certificates, tangible personal property, and other items can be divided, they must be categorized as either marital or non-marital property. By definitio... Read more