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What is the Treasury doing for the small banks?
Posted on 17 Feb 2009 by KEG Blog
We hear allot about the Government bailout of Wall Street and mega-banks. A common and not unreasonable thought amongst the people is, "how can that help me?" To be fair, don't forget that billions are being infused into the small and medium sized banking institution as well. Local bank failure can devastate the local community. Local banks establish "real relationships" with people and small businesses. See Anita Campbell's Death of the Small Bank. Pay close attention to what she says about small businesses that can't get their dream off the ground because Chase Bank or Fleet won't give them a chance. What will happen to a local community if small businesses can't get financing? Be thankful local banks are getting aid. Review local banks that are eating the Government's cheese. Note also that restrictions on Executive Compensation do apply! Article Posted Under: Current Trends
Q4 Sales of Single Family Detached Homes for Cook, DuPage, Kane, Will
Posted on 15 Feb 2009 by KEG Blog
See stats for Q4 Cook, DuPage, Kane, and Will.
Linking to Illinois Realtor and Q4 Stats for Cook, DuPage, Kane, Will and all other Illinois Counties:Q4 Stats - Cook, DuPage, Kane, & Will
COUNTY
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Q4 06
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Q4 07
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Q4 08
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07' - 08' Change
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Q4 Median 07' Sale Price
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Q4 Median 08' Sale Price
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07'-08' Median Change
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Cook
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6237
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4531
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4340
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-4.2%
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$252,000
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$194,750
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-22.7%
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DuPage
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1409
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1066
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943
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-11.5%
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$348,860
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$305,000
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-12.6%
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Kane
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1130
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794
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643
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-19%
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$254,450
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$225,000
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-29.7%
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Will
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1593
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1138
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891
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-21.7%
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$245,000
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$215,000
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-12.2%
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Article Posted Under: Market Trends, Statistics, What you need to know, Current Trends
If you buy title insurance you can choose who sells it to you?
Posted on 29 Nov 2007 by KEG Blog
Seems like an unremarkable concept correct?
However, until just this past August 31, 2007 other parties to a real estate transaction other than the one who buys the policy could dictate which company procured the policy. This generally meant the transaction would close at the title company of that demanding parties' choosing.
Not any more says the Illinois Legislature, and good work by the way.
The new law, 215 ILCS 155/18.1 codified what was only tradition in Illinois in that the party purchasing title insurance (typically it's the seller of the property) has an absoulte right to purchase it from any title company they choose.
What is the effect? It prevents bullish contract negotiation behavior by the buyer of real estate and their agents; i.e. lawyer, mortgage lender, broker, other business affiliates.
Why would a buyer of real estate wish to dictate which title company sells the insurance policy to the seller when that person doesn't pay a nickel for it? Good question. The answer is because that buyer of real estate in this circumstance, typically developers and general contractors, have a strong relationship with the title company of their choosing. "Relationship" entails discounts on those title company fees normally charged in a transaction; to the detriment of the selling party by way of exorbitant title fees!
The new law performs an important task of removing selfish buyers and more importantly self-interested third parties completely out of the picture. Article Posted Under: Title Corner, Changes in the Law, Illinois Law, Statutes & Statutory Construction, Title Insurance Company, Title Agents
Blog Disclaimer
Posted on 26 Nov 2007 by KEG Blog
The authors of this blog, Mazy Hedayat and Justin Gaffney are both real estate attorneys. We invite you to come back often to read up on all that the Chicago area real estate market has to offer ... but we also ask you to keep in mind that this blog and website cannot provide specific legal advice - they merely represent yet another source of free real estate goodness on the web. Please remember that what you read here is for educational purposes only and probably represents (at least in part) our opinions so by all means give us credit for what you like,don't blame us for what you don't, and remember that NOTHING YOU READ EVER, EVER, EVER REPRESENTS LEGAL ADVICE. Article Posted Under: About, Attorney's Corner, Blog Purpose, What you need to know
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DISCLAIMER: Click Here
The Authors of this Blog are Mazyar M. Hedayat and Justin R. Gaffney (“Authors”). This Blog/Web Site ("Blog") does not provide specific legal advice, it is just another nugget added to the free marketplace of ideas. It is strictly for educational purposes only. The Authors are attorneys. If you, the visitor, determine the information on the Blog is useful enough to quote or use elsewhere, that is fantastic and I support that, but that I AM NOT GIVING YOU LEGAL ADVICE. This is not legal advice or create any attorney-client relationship between you and Justin R. Gaffney or Mazyar M. Hedayat or either of their firms or affiliates. The Blog does not constitute legal advice and is not a substitute for competent legal advice from a licensed attorney in your state. Any links from another site to the Blog are beyond the control of the Authors and comments posted on the Blog must not disseminate confidential or sensitive information, and if you think it might be, do not post it here it is unwanted. One final thought regarding comments, I appreciate most only those that are based in fact that can be verified by citation to some specific source of information to support it. It is the only way the free marketplace of ideas can grow, please respect that!
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