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December 2017 Archives

The basics of real estate contracts

Anytime you buy or sell a piece of property here in Illinois, one of the first steps will more than likely be to negotiate and execute a written agreement with the other party. Unless you participate in real estate transactions on a regular basis, you may not have a clear understanding of what these real estate contracts involve. Below is some basic information about what these contracts include, which should give you a starting point for understanding them.

Business formation issues: Starting a corporation

With all of the entity choices that Illinois entrepreneurs can choose from, you may have settled on starting a corporation. This is just one of the decisions you make during business formation that helps to guide the course of your business. Now that you have made your decision, setting up this type of entity needs to be done correctly in order to spare you from future problems.

Can environmental toxins or pollutants like mold kill a sale?

As a precautionary measure, many Illinois homeowners will pay for an inspection before putting their homes on the market. What happens if the inspector finds environmental toxins or pollutants such as mold? Does that kill your chances of selling your home? Perhaps not, but it may put some additional liabilities on you as the seller.

Methods your spouse may use to hide property

If you believe you and your husband or wife are heading toward a divorce, you may have doubts about whether he or she is being honest with you with regard to finances, relationships and related matters. Often, marriages break down when spouses no longer trust one another, and if you are in such a marriage, you may have suspicions about your spouse hiding assets from you in an attempt to get ahead before the divorce.

What to do about the family home in a divorce

The largest asset -- and debt -- most Illinois residents own is their house and the mortgage loan that often goes with it. During the marriage, both spouses may work to pay that mortgage and make the house a home. If the marriage ends, dealing with the house could be one of the primary concerns during the divorce process.