Madison County Legal Issues Blog

When you look to buy a piece of commercial property here in Illinois, you obviously have numerous considerations to look into before finalizing your purchase. Your due diligence includes title searches, surveys and financing issues. However, have you considered whether any environmental toxins or pollutants exist on the property that could cause you problems in the future?

As part of the seller's responsibilities, the law requires that he or she make certain disclosures about the property. This includes any existing or potential environmental issues. In addition to any Illinois laws that apply, numerous federal law must be complied with when it comes to the property, whether it is industrial or for some other commercial purpose.

When it comes to making investments here in Illinois, how you pay for them often depends on your financial situation. Of course, it would be nice to pay cash for your investments in order to save on paperwork, interest and other issues that go along with real estate financing, but that is not always possible. If you need to seek financing from other sources, you may consider the following options.

You may be able to obtain cash for your purchase from one or more private money lenders. These lenders provide you with the cash you need in exchange for a short repayment period, usually up to one year, at a fixed interest rate. This type of loan may work best in a situation where you are fairly certain that the value of the property will increase significantly and rapidly. For instance, if you intend to renovate an existing structure instead of starting from scratch with new construction, this type of loan may suit your needs.

Losing a parent is bad enough, but realizing that wrapping up his or her financial affairs involves numbers and paperwork can make the situation that much more difficult. One of the estate administration duties that adult children here in Illinois and across the country must deal with is the debts that a parent left behind. With the economy the way it has been in recent decades, many parents of adult children pass away with debts, and creditors may be vying for payment -- from any source they can.

The primary source of payment for a decedent's debts is the estate. However, there may not be enough funds and other assets to cover the amounts owed. In those cases, some creditors will turn to surviving relatives for payment. Where a spouse may end up responsible for a deceased spouse's debts, other relatives ordinarily do not have that same obligation.

Many Illinois couples have two major assets: a home and a retirement account. After spending years carefully tending to each of them, some of those couples may face dividing them in a divorce. Just as the family home may require special treatment, so does a work-related retirement account.

It could take a significant amount of time to negotiate a settlement regarding a retirement account. Once an agreement is reached, the parties may believe that the work is done. That would more than likely be a costly mistake. In order to avoid paying tax penalties on any amount taken out of the account in accordance with the divorce settlement, additional work needs to be done.