Posted on July 17, 2012 in Naperville Real Estate Attorney

When you take legal title to real estate as an individual, there is no question as to how title to the real estate is held. However, when one or more persons take legal title of real estate, Illinois law allows title to be held in three different ways. A knowledgeable real estate lawyer can help you determine which type of ownership best suits you.

The first option for multiple owners is that parties can hold real estate as “tenants in common.” This is the most typical and basic type of joint ownership. If no other type of joint ownership is specified, then it is presumed that the property is held as tenants in common. The joint owners can hold the property in equal or unequal shares, but they both or all have the legal right to utilize all of the property.

Another option for when more than one owner is involved is that joint owners can hold title to property as “joint tenants with right of survivorship.” In this situation, the owners must take title to the property at the same time, by the same document or deed, in equal shares and having equal rights to possession. If one of the owners dies, then the remaining owners are entitled to the shares of the deceased owner. In Illinois, the Joint Tenancy Act governs joint tenancies.

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 Posted on June 28, 2012 in Naperville Real Estate Attorney

Sales of investment and vacation homes surged last year, the latest evidence that investors and higher-income households are taking advantage of low home prices to scoop up bargains.

In its annual survey of investment- and vacation-home sales, the National Association of Realtors found that the number of homes purchased by investors rose 65% during 2011 to 1.2 million, accounting for 27% of all home sales. In 2010, investment properties accounted for 17% of all sales.

The number of homes purchased as second or vacation homes jumped 7% last year to 502,000—accounting for 11% of all transactions, up from 10% of all sales in 2010.

While the majority of homes sold last year went to traditional buyers who plan to use the home as a primary residence, their presence in the market declined to 61% from 73% in 2010.

During the housing boom, speculators were blamed for helping to inflate the bubble by snapping up homes, especially new homes, and then quickly reselling them as prices rose higher. That led to overbuilding. Some economists now believe that investors are helping to stabilize the market by buying up excess inventory.

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 Posted on June 10, 2012 in Naperville Real Estate Attorney

The Supreme Court has ruled in favor of Quicken Loans in the case brought against them by three families from Louisiana. The result may make it ultimately more expensive for families to purchase new homes. Many families have proposed in the past that administrative fees were unfairly levied against them by mortgage companies when services were not provided.

The families from Louisiana have all claimed that the company Quicken Loans had improperly charged them up to $1,100. These fees were from three separate residential mortgage closures back in 2007. It was supposed that the fees were paid in order to receive an interest rate reduction that was never given. The Detroit-based company maintained throughout the litigation that these families did receive the reductions.

The crux of the legal argument was a real estate law meant to be a provision for consumer protection back in 1974. These rights are afforded to any homebuyer under the Real Estate Settlement Procedures Act. This act is designed to protect homebuyers from excessive fees and kickbacks while financing their home. It also requires the full disclosure of fees, interest rates, and any additional costs associated with the financing process.

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