Residential Real Estate

The experienced attorneys of Lavelle Law, Ltd. can provide you with the guidance you need for any residential or commercial real estate transaction. Every real estate deal has its own unique characteristics, both at the time of purchase and throughout the life-cycle of the property. At Lavelle Law, Ltd., our attorneys have years of experience in structuring and negotiating basic and complex real estate transactions. Once your agreement in is in place, we can assist with contractor agreements, collection issues, real estate taxes, reciprocal easements and the myriad of other very tangible aspects of real estate law.

Articles on Residential Real Estate

Temporary Mortgage Payment Assistance – the Hardest Hit Fund Program: January 2012 by William Terpinas; You know times are hard when the terms “short sale,” “loan modification” and “foreclosure” have become part of the everyday vernacular. But these are the times we are in. Fortunately, programs to help people that are struggling with income loss, unemployment,... read more
Temporary Mortgage Payment Assistance – the Hardest Hit Fund Program: January 2012 by Kelly A. Anderson; You know times are hard when the terms “short sale,” “loan modification” and “foreclosure” have become part of the everyday vernacular. But these are the times we are in. Fortunately, programs to help people that are struggling with income loss, unemployment,... read more
Possible Amendment to Chicago Vacant Property Ordinance: November 2011 by Steven A. Migala; On October 5, 2011, Chicago Alderman Pat Dowell introduced an amended Abandoned Property Ordinance to replace the ordinance that became effective on September 18, 2011. Instead of treating banks as owners of vacant homes, even before the foreclosure process is complete, the new proposal instead would... read more
The Chicago Abandoned Property Ordinance: September 2011 by Steven A. Migala; On July 28, 2011, the Chicago City Council unanimously passed an ordinance amending the city's Municipal Code to extend the obligations that property owners have for maintaining their properties to mortgagees, servicers and secondary market purchasers, all of whom now are deemed to be property... read more
The Residential Survey and Your Home: May 2011 by William Terpinas; One of the many important documents you should have received at the closing of your single family residence is a survey. There are basically three types of surveys; a mortgage survey, ALTA survey, and a boundary survey. Most residential closings involve a boundary survey and this will be the subject... read more
2010 First-Time Homebuyer Tax Credit Eligibility: March 2011 by William Terpinas; Last year at this time we were writing to inform you about a Federal Government program allowing a tax credit for first-time homebuyers or long term residents purchasing a new home. This year we are writing to remind you to make sure, if you are eligible, to claim the credit! Under this program homebuyers... read more
Real Property in Illinois now can be taken to Satisfy a Judgment: November 2010 by Kristina Buchthal Regal; A Motion for Turnover has long been used by attorneys seeking to satisfy a judgment for a client. Such a motion allowed an attorney to seek to take personal property, such as jewelry, vehicles, and other valuable items. If approved by a judge, the motion requires that the sheriff sell the property... read more
Don't Be Fooled: The Taxes on that Cook County Home Probably are not Going Down: April 2010 by Kristina Buchthal Regal; As the real estate market warms up for the Spring buying season, sellers who are taking a hit on their sales price could be trying to recover their losses any way they can. One method is for them to reduce the real estate tax credit for 2009 property taxes at closing from the traditional 110% of the previous... read more
Condominium Ownership: August 2009 by William Terpinas; Purchasing a condominium not only makes you a homeowner but also makes you a part of an organization, The Condominium Association. Understanding the different documents that govern your rights and responsibilities as a homeowner and organization member is essential for your use and enjoyment of your... read more
The Long and "Short" of It: June 2009 by William Terpinas; Times are tough. Unemployment figures have reached a 25 year high and the equity in your house is slowly disappearing. In the past this could have meant the loss of your home and the loss of your credit. It is important to know however you have options. President Obama has given homeowners The Homeowner... read more
Cook County Assessor Announces Downward Market Adjustment: June 2009 by Timothy M. Hughes; On May, 11, 2009 the Cook County Assessor announced that residential properties not being reassessed this year will receive a market adjustment reflecting the real estate downturn. This action by the Cook County Assessor means that residential properties in 30 suburban townships will receive reductions... read more
Protect Yourself as a Homeowner From Mechanic's Liens: June 2009 by Cameron R. Monti; A mechanic's lien protects general contractors if an owner does not pay for work performed on an owner's property, and protects subcontractors in the event that the general contractor fails to pay for the subcontractor's services or supplies. In the event of nonpayment, the subcontractor... read more
Homeowners Insurance Considerations For A Single Family Residence (Sfr): April 2009 by William Terpinas; Purchasing a SFR may be the single largest investment a person will make in their lifetime.With that in mind, it certainly makes sense to have adequate protection for this investment.Unless you paid cash for your home your lender would have required you to have homeowners insurance in place at the closing.The... read more
Taking the Sting out of Seniors' Property Tax Bills: April 2009 by Gillian Nagler; Even as property values continue to decrease around the Chicago area, most people have not seen an equivalent decline in their property tax bills. If you are a senior citizen, there are a few exemptions and programs available to help manage your property taxes: Senior Homestead Exemption:... read more