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How to Avoid a Turbulent Sale with a Real Estate Attorney



I’m honored to have my attorney partner, Kevin Mitrick, with me today to discuss the importance of having an attorney on your side when buying or selling a home in Chicago.

In general, attorneys charge anywhere from $595-695 for real estate transactions. This is a flat fee, and the attorney will be doing various things from contract to closing.


Primarily, an attorney will review the contracts and maximize the benefits while minimizing the risks to the seller. The attorney will also attend the closing and review the documents a final time before you sign. If your original attorney cannot attend, another will be called in place. In the state of Illinois, it’s very uncommon for a title company to assist in interpreting and signing documents because it borders very closely on providing legal representation, which is illegal for them to do.

If you need to contact Kevin directly, you can reach him at kmitrick@ssvlegal.com or you can reach out to me and I’ll track him down for you. Here is one example of a real estate attorney contract.

If you have any questions about Chicago real estate, then I’m the one to ask. I look forward to hearing from you!
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Location: Chicago, IL, USA

What Does Tax Proration Mean for Chicago Buyers and Sellers?



Kevin Mitrick, an attorney with Spain, Spain, & Varnet P.C., focuses primarily on the representation of buyer and sellers in real estate transactions. Today, he joins me to answer the question, “What is a tax proration?”

In Cook County, taxes are billed bi-annually and based off the previous year. The first installment is always 55% of the previous year's full tax bill. When a transaction closes, there will be a period of taxes that have not been paid yet, generally from the day the last bill was issued through the day of closing. At times, that can be a lengthy period. The goal is to come up with a calculation that both the buyer and seller agree with.  


Although that can be difficult, buyers want to maximize the tax credit while sellers want to minimize the tax credit. Generally, the tax credit covers 100% to 110% of the prior year’s bill. That’s the basis for calculating the tax credit.

If you have any questions for Kevin, you can reach him at kmitrick@ssvlegal.com or (312) 788-7684. As always, if you have any real estate questions, give me a call or send me an email. I would be happy to help you!

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Location: Chicago, IL, USA

3 Reasons to List Before the Spring



If you’re thinking about selling this spring, rethink your strategy. There’s a huge advantage to listing your property now before the spring market comes along. Today, we’ll discuss the top three reasons why.


  1. Overall, demand is strong. Although springtime is the busiest selling season of the year, the market still experiences lots of activity during the winter. When you compare this January to last January’s numbers, you’ll see demand is up by 8.4% in the city of Chicago.
  2. There’s less competition now. Inventory is down, and buyers have fewer options to choose from. From a quantitative measure, we’re down by 4.7% in the city of Chicago.
  3. There are fewer transactions. What does this mean for you? It means the closing process will be shorter and quicker, since the local industry professionals are dealing with fewer closings.

If you’re thinking about buying or selling a home in the Chicago area this spring, please reach out to me at your earliest convenience. Let’s take advantage of low inventory and strong demand right away. Call or email me!
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Location: Chicago, IL, USA
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