What are the common elements in a condo association? What happens when one homeowner makes changes to common elements? And what happens when they don't check with the condo association board before making those changes? Q: I live in a rather small condominium building of seven units. As you can imagine, our finances are fairly [...]
Can you avoid capital gains tax by gifting? A reader wants to know if they can reduce a potential capital gains tax bill by gifting a portion of the home to his daughter. Q: My daughter, my wife and I are co-owners of the home. Our daughter lived with us until 2021. We bought the [...]
What happens if my neighbor's tree falls and there is damage? Who pays for the damage caused when trees or tree branches fall? With the increase of wild weather this Spring, we're getting an influx of questions from readers whose trees fall and cause damage to their own property and to their neighbors. They're also [...]
How do you execute a living trust after the death of the trustee? What is the trustee's job with the living trust? How do you manage expenses with a living trust? Q: Before my father died, he and his second wife established a living trust for their house. In the trust document, my stepbrother and [...]
How do you apply for senior real estate tax freeze? What documents would you need? Q: I am going to be applying for the senior real estate tax freeze on my house this year. I do own my house but I don’t have any paperwork of any kind that says I am the owner. How [...]
Can you put an offer on a house that is under contract? Also what is the difference between under contract and contingent. Q: I’m interested in a property that is under contract but is also under a contingency. I find it odd that this house has been contingent for over six months! I want to [...]
How does a homeowners association work? What are the governing documents of a homeowners association? Q: How does a homeowners association work? In Illinois, do changes to a condominium’s rules and regulations require approval from the condo association residents? And, how can homeowners change the association rules and regulations? Governing documents in a homeowners association [...]
Should you own a home before getting married? Unmarried couple looking for advice on owning a home together Q: My daughter is looking to purchase a home soon with her boyfriend. They are not yet married and I would like to give her some advice on how to title the home before they get married [...]
How do you find a good contractor? Q: My husband and I have found it impossible to find a contractor to build a small family room and deck off the back of our Chicago home over the last four years. While it is a modest project, there are structural issues and some unusual elements, including [...]
Why do high credit scores matter? High credit scores help determine a person's creditworthiness. Creditors are much more likely to give you a loan or approve your credit card application if you are deemed credit worthy. In addition, if you have a high credit score, you'll get a lower interest rate offer and often a [...]
