Thursday, November 29, 2012
Tenancy by the Entirety for Couples in a Civil Union
Recently I have had a few couples who are parties to a civil union in Illinois purchase property together.
In the State of Illinois, those couples can now take property as married couples do in "tenancy by the entirety".
That means that you have extra legal homestead protection against personal liens, lawsuits, judgments, etc. (This does not
include joint debt or lawsuits that affect both people). The State of Illinois has not yet verbalized how the deed should
read, but taking from Vermont and a couple of other states that are farther along in the process, I have been using their
verbiage of "Joe Doe and Bob Buck, parties to a civil union in the state of Illinois" for my clients. Remember when
you purchase property together to ask your attorney about this option in taking title!
1:48 pm cst
Tuesday, November 6, 2012
Make sure you go and vote today! :)
1:33 pm cst
Home Sales Jump in the Burbs, Sink in the City
1:29 pm cst
From Chicago Real Estate
Daily - Local new-home sales are surging in the suburbs but dropping off in the city, a tale of two markets as the homebuilding
business rebounds from a six-year slump.
The nascent homebuilding recovery has been more sprawling than skyscraping in Chicago,
with suburban new-home sales jumping nearly 22 percent at a seasonally adjusted annualized rate in the third quarter, while
city sales fell nearly 43 percent, according to a report by Tracy Cross & Associates Inc. Area builders overall are on
pace to sell 3,221 new homes this year, up 11.1 percent from the recorded total last year.
Such an annual gain would be the first
since 2005, but the recovery isn't being felt everywhere. The housing bust all but stopped condominium development downtown,
where many urbanites are choosing to rent instead of buy in a city with shiny new apartment towers and a still uncertain condo market.
“The former buyer now becomes the renter in the city,”
said Mr. Cross, president of his Schaumburg-based consultancy.
Yet single-family sales have jumped 36 percent on a seasonally
adjusted annualized basis over last year in the suburbs, where builders face less competition from the rental market. Sales
of suburban condos and townhouses also rose 6 percent in the third quarter.
“People are tired of waiting around, whether buying
a new home or downsizing, the buyers we're serving are ready to move on with their lives,” said Brian Brunhofer, president
of Deerfield-based Meritus Homes, which has sold five homes in northwest suburban Long Grove after opening a 20-home development
there 90 days ago.
bought the site, as well as others it is relaunching in Naperville and St. Charles, after the housing bust wiped out prior
“We're not getting close to 10, 15,000 permits anytime soon, but you see people are believing it's a good time
to buy right now,” Mr. Brunhofer said.
Without annualizing sales and adjusting for seasonality, developers sold 740 homes
in the third quarter, up 8.2 percent from 684 sales a year earlier. Only 84 of those sales were in the city, where new-home
sales dropped 42.5 percent from the same period last year.
Though the data is encouraging, builders are nowhere near the peak of
the market in 2005, when they sold 33,287 homes.Read more: http://www.chicagorealestatedaily.com/article/20121030/CRED0701/121039990/new-home-sales-jump-in-burbs-sink-in-city#ixzz2BTLgS9m3