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from Local Attorney, Michael H. Wasserman

Monday, November 15, 2010

Closing Costs Heading Higher (again) ... another State Mandated Fee

Buyers and Sellers (and the knowledgeable lawyers, Realtors, and mortgage originators that represent them) should all brace themselves as title charges are going up again as of January 1st. When an amendment to the State's Title Insurance laws kicks in. Buyers should expect to pay at least $25 more on each transaction. Sellers will be shelling out at least $50 more. Those are minimum fees folks. Be on the alert for title agents who may charge more.

Make no mistake about it either, the new requirements for Closing Protection Letters are important. We will address the specific reasons why in a future post, but on the bottom line, they afford some parties to a closing aadditional title insurance coverage against losses caused by errors or infidelity of closing agents in the handling of the transaction. Important? Ask anyone who lost money when a mortgage loan was never actually paid off from the proceeds of a sale or loan re-finance, or who's title agent disappeared overnight, never to be seen or heard from again.

Monday, November 8, 2010

GET READY - YOUR COOK COUNTY PROPERTY TAX BILL IS IN THE MAIL

Cook County Homeowners - be prepared to put some of that gift-giving money aside.... those property tax bills that were supposed to be mailed out back on August 1st are heading towards your mailbox on Wednesday and   will be and payble by December 13th. http://cookcountytreasurer.com/default.aspx