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(The Center Square) – Property owners will see about a dozen of the nearly 300 new Illinois laws taking effect Jan. 1, impacting them and their relationships with tenants. House Bill 4768 ...
Usually such a contingency calls for a buyer to apply for a loan within a certain period of time after the contract is signed. Since most people who buy a house require financing to complete their purchase, mortgage contingencies are one of the most common type of contingencies in real property contracts. If the financing is not secured, the ...
Vacant possession refers to the typical condition in which a seller must hand over a property to a buyer upon completion, or a tenant must return the property to a landlord at the end of a lease. In simple terms, it means that the rightful person, such as a buyer or a landlord, can peacefully and fully utilize the property.
An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee.
Illinois landlord Genetta Hull is facing an uphill battle trying to evict Dolton Mayor Tiffany Henyard from her property. Hull began renting the home to Henyard and her boyfriend, Kamal Woods, in ...
However, the listing contract must have an expiration date. A typical listing period is often three to six months. If the property is not sold or under a purchase contract by then, the seller may decide to re-list the property, perhaps with a different listing price, with the same or a different broker or agent, or not list it at all. The ...
Allodial title constitutes ownership of real property (land, buildings, and fixtures) that is independent of any superior landlord. Allodial title is related to the concept of land held in allodium, or land ownership by occupancy and defence of the land. Most property ownership in common law jurisdictions is fee simple.
Appealing these hikes is proving difficult. ‘People are going to lose their property’: This Illinois woman’s property tax is poised to pop from $756 to over $10,000 — a shocking 1,222% spike.