Wednesday’s daily focus: residential real estate law
Ask The Lawyer
Q: What if the buyer can’t get a mortgage?
A: After the contract is signed, it is very important that the buyer keep the protection of the mortgage contingency deadline. The buyer is given until a certain date (the "mortgage contingency deadline") to secure a mortgage. If the buyer cannot get a mortgage by that date, the buyer can then walk away from the deal or ask for more time to get a mortgage. The seller can agree to extend the time for the buyer, or agree to walk away from the deal. In most cases, both the buyer and the seller want the deal to go forward. In most cases, a seller will agree to an extension of time for the buyer. In most cases, the buyer is then able to get a mortgage commitment, and the deal goes forward. If the buyer does not ask for an extension of time, and then cannot get a mortgage, the buyer will be in breach of the contract.
Talk Like A Lawyer
Title insurance: Insurance issued by a title company that protects a property owner against loss if it is later discovered that title is imperfect
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about selling your home or condo? Thinking of buying a home or condo? Wondering about whether you need a lawyer or what a lawyer could do for you in your home sale or purchase? askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
A golfer hooked his tee shot over a hill and onto the next fairway. Walking toward his ball, he saw a man lying on the ground, groaning with pain.
"I’m an attorney," the wincing man said, "and this is going to cost you $5,000."
"I’m sorry, I’m really sorry," the concerned golfer replied. "But I did yell ‘fore’."
"I’ll take it," the attorney said.
Closing Argument
"Do what you can, with what you have, where you are." – Theodore Roosevelt
Wednesday, March 4, 2009
Tuesday, March 3, 2009
Can (or should) a condo association go without reserves?
Tuesday’s daily focus: condo law
Ask The Lawyer
Q: Does a condo association have to have reserves?
A: The board must maintain a reasonable reserve fund to pay for capital expenditures and major repairs and replacements to the common elements. The board should make contributions to the reserve fund in each year’s budget. Having a reserve is required by the Act, and is, for obvious reasons, a wise and prudent course of action for any association. An exception to the requirement for reserves does exist, however: if an association’s declaration does not have a requirement to have a reserve fund, the association may opt, by a 2/3 majority of unit owners, to not have a reserve fund.
Talk Like A Lawyer
Prima facie: Latin for "on its face." A prima facie case is one that at first glance presents sufficient evidence for the plaintiff to win. Such a case must be refuted in some way by the defendant for him or her to have a chance of prevailing at trial.
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about condo law, collecting assessments, problems with a unit owner, or with the condo board? I work with both condo boards and associations, as well as individual unit owners. askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
Q: What’s different about a lawyer’s word processor?
A: No matter what font you choose, everything comes out in fine print.
Closing Argument
"Do all the good you can, in all the ways you can, in all the places you can, at all the times you can, to all the people you can, as long as ever you can." – John Wesley
Ask The Lawyer
Q: Does a condo association have to have reserves?
A: The board must maintain a reasonable reserve fund to pay for capital expenditures and major repairs and replacements to the common elements. The board should make contributions to the reserve fund in each year’s budget. Having a reserve is required by the Act, and is, for obvious reasons, a wise and prudent course of action for any association. An exception to the requirement for reserves does exist, however: if an association’s declaration does not have a requirement to have a reserve fund, the association may opt, by a 2/3 majority of unit owners, to not have a reserve fund.
Talk Like A Lawyer
Prima facie: Latin for "on its face." A prima facie case is one that at first glance presents sufficient evidence for the plaintiff to win. Such a case must be refuted in some way by the defendant for him or her to have a chance of prevailing at trial.
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about condo law, collecting assessments, problems with a unit owner, or with the condo board? I work with both condo boards and associations, as well as individual unit owners. askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
Q: What’s different about a lawyer’s word processor?
A: No matter what font you choose, everything comes out in fine print.
Closing Argument
"Do all the good you can, in all the ways you can, in all the places you can, at all the times you can, to all the people you can, as long as ever you can." – John Wesley
Ask The Lawyer Night
The next "Ask The Lawyer Night" is Wednesday, March 4, 2009 from 6:30 to 8:00 at Lake Side Café, 1418 W. Howard (Howard & Sheridan) in Chicago.
Have a question about your condo association? A problem with your landlord or tenant? Thinking about planning your estate? Wondering about buying or selling a home?
"Ask The Lawyer Night" is a chance to have a free and confidential one-on-one consultation with attorney Jonathan Dixon.
The next "Ask The Lawyer Night" is Wednesday, March 4, 2009 from 6:30 to 8:00 at Lake Side Café, 1418 W. Howard (Howard & Sheridan) in Chicago.
Have a question about your condo association? A problem with your landlord or tenant? Thinking about planning your estate? Wondering about buying or selling a home?
"Ask The Lawyer Night" is a chance to have a free and confidential one-on-one consultation with attorney Jonathan Dixon.
Monday, March 2, 2009
When do I need to update my estate plan?
Monday’s daily focus: estates, wills, trusts, and probate law
Ask The Lawyer
Q: When do I need to update my will, powers of attorney, trust, etc.?
A: Once you have your estate plan in place (your will, a living trust (if applicable), a health care power of attorney, a property power of attorney, a living will (if applicable), etc.), it is a good idea to think about keeping the documents up to date whenever you have a major change in your life. These documents don’t expire. However, the specific provisions that you have included in the documents may become dated or irrelevant as changes happen in your life. You should think about whether your estate plan is current if you acquire more money, your marital status changes, you have children, your primary beneficiaries pass away or have significant changes in their lives, you move to a different state, or you simply change your mind about some aspect of how you want your estate to be handled after you die. So, think about updating your estate plan whenever a major change happens in your life. Over all, though, it might be best to at least think about your estate plan every five years – think about what documents you have in your estate plan and whether your estate plan still meets all of your needs to your satisfaction.
Talk Like A Lawyer
Administrator/Administratrix: when someone dies without a will, the person who is appointed by a probate court to administer the estate is called the "administrator" (traditionally, a man is called "administrator" and a woman is called an "administratrix"). The administrator’s role is much the same as the role of an executor (the person who administers the estate of someone who dies with a will).
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about doing a will, whether a trust is appropriate for you, about a health care power of attorney, property power of attorney, or a living will? Wondering about probate or handling the estate of a loved one? askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
Q: What do you get when you cross a lawyer with the Godfather?
A: An offer you can’t understand.
Closing Argument
"Experience teaches you to recognize a mistake when you’ve made it again." – Anonymous
Ask The Lawyer
Q: When do I need to update my will, powers of attorney, trust, etc.?
A: Once you have your estate plan in place (your will, a living trust (if applicable), a health care power of attorney, a property power of attorney, a living will (if applicable), etc.), it is a good idea to think about keeping the documents up to date whenever you have a major change in your life. These documents don’t expire. However, the specific provisions that you have included in the documents may become dated or irrelevant as changes happen in your life. You should think about whether your estate plan is current if you acquire more money, your marital status changes, you have children, your primary beneficiaries pass away or have significant changes in their lives, you move to a different state, or you simply change your mind about some aspect of how you want your estate to be handled after you die. So, think about updating your estate plan whenever a major change happens in your life. Over all, though, it might be best to at least think about your estate plan every five years – think about what documents you have in your estate plan and whether your estate plan still meets all of your needs to your satisfaction.
Talk Like A Lawyer
Administrator/Administratrix: when someone dies without a will, the person who is appointed by a probate court to administer the estate is called the "administrator" (traditionally, a man is called "administrator" and a woman is called an "administratrix"). The administrator’s role is much the same as the role of an executor (the person who administers the estate of someone who dies with a will).
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about doing a will, whether a trust is appropriate for you, about a health care power of attorney, property power of attorney, or a living will? Wondering about probate or handling the estate of a loved one? askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
Q: What do you get when you cross a lawyer with the Godfather?
A: An offer you can’t understand.
Closing Argument
"Experience teaches you to recognize a mistake when you’ve made it again." – Anonymous
Thursday, February 26, 2009
What are the rules about when a landlord can show an apartment to prospective tenants whent he lease is due to expire?
Thursday’s daily focus: landlord/tenant law
Ask The Lawyer
Q: What are the rules about when a landlord can show an apartment to prospective tenants when the lease is due to expire?
A: Under the Chicago Residential Landlord and Tenant Ordinance, the landlord can show the apartment to prospective tenants within the final 60 days of the current tenancy (not sooner) and only after giving the tenant at least 48 hours notice that the landlord will be coming into the apartment to show it. As long as the landlord gives the tenant this notice, and it is within the last 60 days of your lease, the tenant cannot reasonably stop the landlord from showing the apartment.
Talk Like A Lawyer
Ipso facto: Latin for "by the fact itself." When something is so obvious that it needs no elaboration or further explanation.
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about landlord/tenant law? I work with landlords in the areas of evictions and collecting on back rent, and also work with tenants in the areas of collecting security deposits and tenants’ rights. askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
Two lawyers walking through the woods spotted a vicious-looking bear.
The first lawyer immediately opened his briefcase, pulled out a pair of sneakers and started putting them on.
The second lawyer looked at him and said, "You're crazy! You'll never be able to outrun that bear!"
"I don't have to," the first lawyer replied. "I only have to outrun you."
Closing Argument
"It is more important to know where you are going than to get there quickly. Do not mistake activity for achievement." – Mabel Newcomber
Ask The Lawyer
Q: What are the rules about when a landlord can show an apartment to prospective tenants when the lease is due to expire?
A: Under the Chicago Residential Landlord and Tenant Ordinance, the landlord can show the apartment to prospective tenants within the final 60 days of the current tenancy (not sooner) and only after giving the tenant at least 48 hours notice that the landlord will be coming into the apartment to show it. As long as the landlord gives the tenant this notice, and it is within the last 60 days of your lease, the tenant cannot reasonably stop the landlord from showing the apartment.
Talk Like A Lawyer
Ipso facto: Latin for "by the fact itself." When something is so obvious that it needs no elaboration or further explanation.
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about landlord/tenant law? I work with landlords in the areas of evictions and collecting on back rent, and also work with tenants in the areas of collecting security deposits and tenants’ rights. askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
Two lawyers walking through the woods spotted a vicious-looking bear.
The first lawyer immediately opened his briefcase, pulled out a pair of sneakers and started putting them on.
The second lawyer looked at him and said, "You're crazy! You'll never be able to outrun that bear!"
"I don't have to," the first lawyer replied. "I only have to outrun you."
Closing Argument
"It is more important to know where you are going than to get there quickly. Do not mistake activity for achievement." – Mabel Newcomber
Wednesday, February 25, 2009
If a real estate deal falls through for any reason, does the buyer lose the earnest money?
Wednesday’s daily focus: residential real estate law
Ask The Lawyer
Q: If a real estate deal falls through for any reason, does the buyer lose the earnest money?
A: There are a lot of reasons why a real estate deal can fall through, especially in today’s real estate market. The buyer may not be able to get a mortgage commitment. The inspection may reveal some serious problems with the home. The home may not appraise for the purchase price. Whether the buyer can get the earnest money back depends on what the contract allows; in the foregoing examples, the buyer would almost certainly be able to get the earnest money back if the buyer’s attorney made sure that the contract stipulated that the earnest money would be returned and the contract voided under those circumstances.
Talk Like A Lawyer
Lis pendens: Latin for "a suit pending." A written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is filed in the county land records office. Recording a lis pendens against a piece of property alerts a potential purchaser or lender that the property’s title is in question, which makes the property less attractive to a buyer or lender. After the notice is filed, anyone who nevertheless purchases the land or property described in the notice takes subject to the ultimate decision of the lawsuit.
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about selling your home or condo? Thinking of buying a home or condo? Wondering about whether you need a lawyer or what a lawyer could do for you in your home sale or purchase? askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
Q: How many lawyers does it take to change a light bulb?
A: None, they’d rather keep their clients in the dark.
Closing Argument
"Whatever you do, or dream you can do, begin it. Boldness has genius, power, and magic in it." – Johann Wolfgang von Goethe
Ask The Lawyer
Q: If a real estate deal falls through for any reason, does the buyer lose the earnest money?
A: There are a lot of reasons why a real estate deal can fall through, especially in today’s real estate market. The buyer may not be able to get a mortgage commitment. The inspection may reveal some serious problems with the home. The home may not appraise for the purchase price. Whether the buyer can get the earnest money back depends on what the contract allows; in the foregoing examples, the buyer would almost certainly be able to get the earnest money back if the buyer’s attorney made sure that the contract stipulated that the earnest money would be returned and the contract voided under those circumstances.
Talk Like A Lawyer
Lis pendens: Latin for "a suit pending." A written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is filed in the county land records office. Recording a lis pendens against a piece of property alerts a potential purchaser or lender that the property’s title is in question, which makes the property less attractive to a buyer or lender. After the notice is filed, anyone who nevertheless purchases the land or property described in the notice takes subject to the ultimate decision of the lawsuit.
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about selling your home or condo? Thinking of buying a home or condo? Wondering about whether you need a lawyer or what a lawyer could do for you in your home sale or purchase? askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
Q: How many lawyers does it take to change a light bulb?
A: None, they’d rather keep their clients in the dark.
Closing Argument
"Whatever you do, or dream you can do, begin it. Boldness has genius, power, and magic in it." – Johann Wolfgang von Goethe
Tuesday, February 24, 2009
What happens if there is a vacancy on a condo association's board of directors?
Tuesday’s daily focus: condo law
Ask The Lawyer
Q: What happens if there is a vacancy on the board of directors?
A: The board of directors may elect a replacement for any vacancy, and that replacement will serve until the next annual meeting (not for the balance of the vacated term). 20% of the unit owners can also call a meeting to fill a vacancy, and if a replacement is elected, that replacement will serve for the balance of the vacated term (not just until the next annual meeting). All of this being said, however, there is no requirement that a vacancy on the board must be filled. If there is a vacancy – or even more than one vacancy – the board can continue to operate as long as it can get a quorum, and that quorum continues to be a majority of the number of directors when there is no vacancy.
Talk Like A Lawyer
Ultra vires: Latin for "beyond powers." It refers to conduct by a corporation or its officers that exceeds the powers granted by law
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about condo law, collecting assessments, problems with a unit owner, or with the condo board? I work with both condo boards and associations, as well as individual unit owners. askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
A police chief, a fire chief, and a city attorney were traveling together by car to a municipal management conference in a distant city. Their car broke down in a rural area, and they were forced to seek shelter for the night at a nearby farmhouse. The farmer welcomed them in, but cautioned them that there were only two spare beds, and that one of them would have to sleep in the barn with the farm animals.
After a short conference, the police chief agreed to take the barn. Shortly after retiring, a knock was heard on the door of the farmhouse. The party inside answered to find the police chief standing there, complaining that he could not sleep. There were pigs in the barn, he said, and he was reminded of the days when everyone called him a pig.
The fire chief then volunteered to exchange with the police chief. A short time later, another knock was heard at the door. The fire chief complained that the cows in the barn reminded him of Mrs. O'Leary's cow that started the Chicago fire, and that every time he started to go to sleep, he started to have a fireman's worst nightmare, that of burning to death.
The city attorney, in desperation for sleep, then agreed to sleep in the barn. This seemed like a good idea until a few minutes later, when another knock was heard at the door. When the occupants answered the door, there stood the very indignant cows and pigs.
Closing Argument
"You have got to have courage. I don’t care how good a man is, if he is timid, his value is limited." – Theodore Roosevelt
Ask The Lawyer
Q: What happens if there is a vacancy on the board of directors?
A: The board of directors may elect a replacement for any vacancy, and that replacement will serve until the next annual meeting (not for the balance of the vacated term). 20% of the unit owners can also call a meeting to fill a vacancy, and if a replacement is elected, that replacement will serve for the balance of the vacated term (not just until the next annual meeting). All of this being said, however, there is no requirement that a vacancy on the board must be filled. If there is a vacancy – or even more than one vacancy – the board can continue to operate as long as it can get a quorum, and that quorum continues to be a majority of the number of directors when there is no vacancy.
Talk Like A Lawyer
Ultra vires: Latin for "beyond powers." It refers to conduct by a corporation or its officers that exceeds the powers granted by law
Your Daily Personal Lawyer covers legal topics in the areas of estate planning, wills & trusts, probate, condo law, residential real estate, landlord/tenant law, and divorce and family law. Each day I feature a different area of the law:
Monday’s focus: estates, wills, trusts, and probate law
Tuesday’s focus: condo law
Wednesday’s focus: residential real estate law
Thursday’s focus: landlord/tenant law
Friday’s focus: divorce and family law
Do you have a question about condo law, collecting assessments, problems with a unit owner, or with the condo board? I work with both condo boards and associations, as well as individual unit owners. askthelawyer@yourpersonallawyer.com or call (312) 217-0321.
Today’s Lawyer Joke
A police chief, a fire chief, and a city attorney were traveling together by car to a municipal management conference in a distant city. Their car broke down in a rural area, and they were forced to seek shelter for the night at a nearby farmhouse. The farmer welcomed them in, but cautioned them that there were only two spare beds, and that one of them would have to sleep in the barn with the farm animals.
After a short conference, the police chief agreed to take the barn. Shortly after retiring, a knock was heard on the door of the farmhouse. The party inside answered to find the police chief standing there, complaining that he could not sleep. There were pigs in the barn, he said, and he was reminded of the days when everyone called him a pig.
The fire chief then volunteered to exchange with the police chief. A short time later, another knock was heard at the door. The fire chief complained that the cows in the barn reminded him of Mrs. O'Leary's cow that started the Chicago fire, and that every time he started to go to sleep, he started to have a fireman's worst nightmare, that of burning to death.
The city attorney, in desperation for sleep, then agreed to sleep in the barn. This seemed like a good idea until a few minutes later, when another knock was heard at the door. When the occupants answered the door, there stood the very indignant cows and pigs.
Closing Argument
"You have got to have courage. I don’t care how good a man is, if he is timid, his value is limited." – Theodore Roosevelt
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