Many people are drawn to the idea of buying a brand-new home. It’s exciting: you get to choose your lot, customize every detail, and everything is fresh and unused. Homebuilders often try to make the process easy—and even offer special “discounts” if you use their preferred lender and title insurance company.
But let’s get back
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When and how should you update your estate plan?
A question that we get asked often is “when should I update my estate plan?” Updating your estate plan is essential to ensure it reflects your current wishes and circumstances. You should update your estate plan whenever significant life events occur or when you know information from your current estate plan is out of date.…
How to provide for your family with no savings: Life insurance
When creating an estate plan, many parents with young children have one big concern: Who will provide for our children financially if something were to happen to us?
One of the most important goals of parenting is ensuring your children’s long-term financial stability. A key tool to help achieve that goal is life insurance.
Before…
What is the attorney review period for a real estate transaction in Illinois?
When you purchase real estate in Illinois, you will negotiate with the seller and come to an agreement. Once you both agree on the terms in principle, you will sign a real estate contract. Once both parties sign the contract, the real estate attorney is brought into the transaction (if not already done). This time…
How much money should I have before I set up a revocable trust?
The decision to set up a revocable trust is less about a specific net worth and more about your goals and the complexity of your estate. Just about everyone can benefit from a revocable trust and let’s dive into some of the main features.
When thinking about creating or modifying your estate plan, evaluate your…
How to refinance real estate that is owned by a trust?
A very common estate planning practice is to draft a trust and title your real estate in the name of the trust. This practice lets the trust “own” your real estate holdings. There are many positive reasons why one would do this. However, if the property owned by the trust has a mortgage with it…
Title Insurance: What’s the difference between an owner’s title insurance policy and a lender’s title insurance policy?
When reviewing documents with real estate clients, title insurance is one of the most asked-about costs on the settlement statement. During the process, you will learn there are two types of title insurance policies, an Owner’s title insurance and a Lender’s title insurance. What are they and who pays for them?
Title insurance is a…
Are you mortgage shopping? Annual Percentage Yield (APR) versus Interest Rate… How to compare one mortgage to another?
When searching for a home loan (mortgage) or refinancing an existing mortgage, it is confusing to compare one loan to another. We all want to get the best deal. One might think the loan with the lowest advertised interest rate would always be the best option. Unfortunately, that is not always the case. How does…
In real estate, what is a contract for deed?
A contract for deed, also known as a land contract, installment contract, or a bond for deed is a legal agreement between two parties, a buyer and a seller. Unlike most traditional real estate transaction that involves a mortgage from a bank, in a contract for deed transaction, the seller acts as the lender and…
Is there a minimum net worth you should have before making a will?
As an estate-planning law firm, we are asked by clients, how much money do I need to create a will? In simple terms, there is no minimum net worth requirement for creating a will. Frankly, net worth is far down on the list when it comes to reasons for drafting a will. I know this…