Effective July 1, 2017, new child support model changed to include time spent with child. Click here to see how it may affect you. 

Phone: 773.568.5620

Fax: 888.78LOGIK

Email:  legalservices@logiklegal.org


a Legal  Organization Guided to Insure the Kolor of the law​


TITLE:

City of Chicago Home Buyers Assistance Program


This program provides financial assistance for down payment and closing costs to help Chicago residents purchase their home. Click here to see if you're eligible.

https://www.cityofchicago.org/city/en/depts/mayor/supp_info/home_buyer_program.html


TITLE: 

Mortgage Rescue Fraud Act


CODE/REGULATION:
765 ILCS 940/1 (PA 94-822; SB 2349)


EFFECTIVE DATE: 
January 1, 2007


DESCRIPTION:  this Act sets forth requirements and guidelines for agreements between property owners facing foreclosure and a rescue company offering to assist a property owner in protecting their interest in their property typically through the sale of the property by the property owner to the rescue company with a leaseback agreement after the sale of the property to allow the property owner to lease the property from the rescue company with an option to purchase, allegedly with the belief that the purchaser will actually repurchase the property.



TITLE:

Illinois Real Estate Transfer Tax Law


CODE/REGULATION:

35 ILCS 200/31 (PA 93-657; SB 572)


EFFECTIVE DATE:


DESCRIPTION: This Chicago City Council approved a 40% increase to the Chicago Transfer Tax Stamp, increasing the amount purchasers must pay upon the purchase of real estate in the city of Chicago from $7.50 per $1000 of the purchase price to $10.50 per $1000.


CODE/REGULATION:
765 ILCS 940/1 
(PA 94-1049; SB 2570)

TITLE: 
Condominium Property Act
(amendment)

EFFECTIVE DATE:
January 1, 2007

DESCRIPTION:  This amendment provides that a purchaser of a condominium unit through a judicial sale shall have a duty to pay the proportionate share, if any, of common expenses remaining unpaid for the period of 6 months preceding the filing of the foreclosure action resulting in the judicial sale. The notice of sale provision is also amended to require a warning of this possible liability to potential purchasers.  


CODE/REGULATION:
765 ILCS940/1 
(PA 94-822; SB 2349)

TITLE:
Mortgage Rescue Fraud Act

EFFECTIVE DATE:
January 1, 2007

DESCRIPTION:  Upon the recording of a Quit Claim Deed with the Cook County Recorder of Deeds (CCRD), the CCRD is now required to send a postcard notice to the prior owner of record to inform the owner of the recording of the quit claim.


Updates