One client had no problem deciding to strategically default on his Chicago condo due to a triple-witching hour of crime, an abandoned condo complex and a declining market that left the unit worth one-third what he originally paid. For most people, though, the decision to walk away from a property is not easy. Here are [...]
Estate planning and real estate in the Land of Lincoln
Category Archives: Uncategorized
Long term occupant exemption
Many Cook County homeowners received a long term occupant exemption application in the mail from the Cook County Assessor. If you have lived in your house for more than 10 years, and your income is under a certain level, the increase in the assessment level of your real estate taxes will be limited to either [...]
Illinois Security Deposit Hassles
I just finished a rather bitter case involving a security deposit. The rules on security deposits are as follows: 1. If the property is in a complex of 5 or more units (this does not mean that the landlord has to own all 5 units, but that the complex has 5 or more units); then, [...]
