Real estate MLS listings often proclaim “HAFA Approved Short-Sale” as a key selling point for a listed short sale property. HAFA is the “Home Affordable Foreclosure Alternative” program. Part of the program is a process for pre-approving a short sale (a short sale is when a bank with a mortgage releases the mortgage in return for less money than is owed on the loan secured by the real estate). In theory, HAFA approved short sales should be quicker and less complicated than a standard short sale because the home seller applies to the program in advance and is provided with an approval based upon the seller obtaining a contract to sell at a certain price. HAFA short sales benefit a seller because, among other things, the Seller can get some relocation funds from the sale and can avoid being pursued for any repayment deficiency. The trouble is that even if a property is HAFA approved, there may be other parties that have a hand in blocking the sale. Continue reading
An EIN is an “Employer ID Number” issued by the Internal Revenue Service. (Sometimes, this is referred to as a Federal Employer ID Number or “FEIN”) EINs are necessary for decedent’s probate estates, non-grantor trusts, corporations, and LLCs. Even single member limited liability companies, which are treated by the IRS as disregarded entities, can obtain an EIN. The EIN is basically the “social security number” of for entity.
Years ago, if someone wanted an EIN, that person would have to fill out a form ss-4 and mail or fax it in to the IRS and the IRS would mail back the number or, if the number was needed sooner, one could call the IRS and get the number over the phone. The most common and fast way to get an EIN these days is to apply online. Continue reading
This April, Cook County unveiled a one-stop source that consolidates information from the Cook County Assessor, Cook County Treasurer, and Cook County Recorder all in one place. Even better, a search may be done by common address only if you don’t have a PIN number handy. Kudos to the people running the various Cook County government websites for creating this useful tool.
You can find it here: www.CookCountyPropertyInfo.com
Welcome to the new and improved version of the Reda | Ciprian | Magnone, LLC website. We’ve redesigned our site to make access to our information easier and to allow us to blog about interesting issues related to our practice and Illinois law. A big thanks to the boys at ethercycle.com who helped us with the website.
Political notions aside, many unmarried couples, both heterosexual and homosexual, may be at risk of passing their estate in a manner that does not suit their desires. Despite the rapidly changing mores and norms of modern society, increasingly accepting of committed co-habitation among unmarried couples, the estate planning and probate laws are slow reflect these changing standards. Continue reading
On January 1, 2010, a new law, the Illinois Banking Convenience Account for Depositors Act goes into effect throughout Illinois. The law allows banks to offer a new type of bank account, known as a convenience account, to their customers.
Prior to the new law’s passage, many people engage in the somewhat unsophisticated and dangerous practice of adding, for their “convenience”, a friend or relative’s name to a bank account as a joint owner to allow that added person access to the bank account to assist them with with activities like bill paying or to allow for ready access to cash in the case of an emergency. Continue reading
Many people utilize the concept of joint assets or joint tenancy to plan their estate without a will or a trust. Because joint assets transfer automatically to the surviving owner upon the death of a co-owner, the assets avoid probate. Assets commonly owned in this way are real estate, bank accounts, and stocks or bonds. For some individuals, under the right circumstances, joint ownership estate planning can be a simple and inexpensive way to plan for asset transfers upon death. For others, however, the results can be disastrous. Continue reading
The will is an estate planning tool surrounded by a myriad of myth and misinformation. Many people believe that merely having a will results in lower estate taxes or higher attorney fees. These ideas are false and contribute to the public’s misconception of wills. Simply put, a will is a person’s written direction as to how that person’s property will be distributed upon death. Plenty of smart, famous, and influential people used wills as the centerpiece of their estate plan. Continue reading
HAZARDS OF PRE AND POST CLOSING POSSESSION
Imagine this situation: You are selling your home. After a few months of listing the property and countless open houses, you land a buyer. The buyer negotiates hard and you finally come to an agreement. Once beyond the inspection and attorney review periods, things move swiftly. The buyer gets his mortgage financing and you are prepared to close. As the closing approaches, the buyer asks if perhaps he can enter the property five days early to begin “cleaning up” the place. As you have already closed on your new home, you agree. Shortly before possession, the buyer moves into your property. While occupying the property, the buyer ignites a small fire in the yard and burns a neighbor’s child and part of the home. In addition, the buyer claims to be dissatisfied with the condition of the property and notifies you that he is backing out of the deal. Continue reading
If one person holds title to land, there are few, if any decisions to be made about holding title. In co-ownership situations, the property owners will have to decide how to “take” title to their land. When more than one person, such as a husband and wife or business partners, owns title to a piece of real property, the law of the State of Illinois allows for title to be held between the owners in three ways: Continue reading