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 [...]
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 [...]
Can we switch inheritances? Two brothers don't want to share the two properties they inherited. They'd rather switch inheritances, so that each brother inherits a separate property. Can the estate handle this? Inheritances Can Be Complicated Q: My brother and I inherited two houses upon my father's death. We each share half interest in each [...]
Inheriting property in a trust is far easier than going through probate. Q: My dad owns a duplex. He lives upstairs and rents the downstairs unit. He wants me to inherit the property after he dies. Should we transfer ownership of the property by will or by adding me to the deed? I understand all [...]
It's hard to buy a first home, Gen Zers and Millennials say Recently, the National Association of Realtors released their 2022 Profile of Home Buyers and Sellers. The news wasn’t good for first-time buyers or for those who have been waiting, impatiently, to buy their first home. Just 26% of all buyers were first-time buyers. [...]
Can I have two main residences? This reader wants to know if she can have two main residences. The IRS only permits each person to have one primary or main residence. You need to pass the IRS test (see below) to tell which is your main residence. Q: My husband was laid off several years [...]
How do I get rid of bats? Uninvited "guests" upset one homeowner. Q: How do I get rid of bats? I have a large colony of bats in my fireplace and some in my walls. Two weeks ago I alerted the property management and they sent out professionals. The professional sent them a report and [...]
Do renters make good neighbors? A condo owner wants to know if she should worry that her fellow owners rent out their homes. Q: I live in a nine unit self-managed condominium building. Over the years, the board members rented out their units. In one year, two units sold and a third unit is up [...]
What are the options for parents lending money to kids? How can you safely lend money to your kids and not run afoul of the law? Q: I read with interest one of your older articles online about the Dodd Frank Act and whether personal loans are subject to it. I want to lend money [...]
