If you plan to sell your Illinois home for a profit so that you can pay off any outstanding debts you have incurred, you may want to think twice. While selling your home is not a bad idea, know that you may not be in control of the proceeds once your home does go off the market. This is because a creditor may have already claimed dibs on your property.
If you try to sell your home in Illinois, you may run into trouble if there is a lien on it. A lien is a claim to your property because you owe a debt. A creditor may put a lien on your home to ensure you pay back your debt, and if you do not, the creditor could take your home as payment. If you have a lien on your home, you cannot sell it without paying off the debt tied to the lien. You should not get too worried, though. Not just anyone can place a lien on your home, and even if they have a right, they must go through legal means to do so.
For one reason or another, you have a lien on your property. While a seemingly small issue at first, liens can actually be quite the headache to deal with and can prevent you from being able to sell your property in Illinois until it is corrected. If not addressed in a timely manner, a lien can begin to affect your credit score and ultimately impact your ability to get awarded credit if you need it in the future. Fortunately, if you do have a lien on your property, there are things that you can do to correct the situation before it negatively affects your future.
You have toyed with the idea of selling your home in Illinois, but you cannot decide if the decision is right for you. Selling your home could provide you with many benefits, but it could also leave you in need of making some critical decisions regarding where you would relocate to and what kind of property you would want to purchase in its place. At Essig Law Office, we have helped many people with the legal side of transferring property and buying or selling their real estate.
You are just beginning the process of buying your first home in Illinois. You are excited at the thought of being able to own some property and make it your own rather than be obligated to pay monthly rent for something that will never be yours. At Essig Law Office, we have helped many people to work through the process of buying and selling property without compromising their safety or financial security.
Over the years, the way that people buy and sell property has become exponentially more efficient and effective as newer methods of transferring property have been discovered and modified. With an array of options for both buyers and sellers in Illinois, investing in or selling real estate has never been as easy as it is today.
Neighbors can often be great. In fact, you can make life long friendships just by getting to know your neighbors. However, other times, neighbors can be a real pain. This is especially true if your neighbor has built a fence or other structure on your property. Ideally, local ordinances in Illinois will help prevent this from happening, but sometimes things fall through the cracks. So, what can you do if your neighbor encroaches on your property?
If you have recently purchased an acreage in Illinois, and a neighbor has an access road across the property, you may wonder if you have to allow him to keep his driveway in place. This is the time to review the title and survey and find out what they say about the easement.
Committing to a location is a major factor for business owners in Illinois. Even when someone finds the storefront that has the right foot and vehicle traffic, the wrong lease agreement can ruin the company.
When making a real estate purchase in Illinois, a buyer receives the title that proclaims him or her the new owner and the recipient of the rights that go with ownership. If there are past errors or issues attached to that title, it could cause expensive problems for the new owner. FindLaw explains that title insurance policies often provide coverage for the costs of clearing the issues off the title.