Blog — Lee Scott Perres, P.C.

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Alternatives to Force Majeure

Aug 1

Aug 1 Alternatives to Force Majeure

Residential Real Estate, Commercial Real Estate

Force majeure is a clause included in most contracts that relieves a party of its obligation under extreme circumstances - usually unforeseen and unpredictable events that make performing those obligations nearly impossible. Examples would be war, strike, riots, crime, epidemic (pandemic) or other “ Acts of God” that prevent one or both of the parties to the contract from performing under the contract.

With business around the world disrupted due to the ongoing COVID-19 pandemic, the spotlight is on force majeure. In particular, the real estate industry has taken notice.

Bailing Out Businesses: The Main Street Lending Program

Jul 15

Jul 15 Bailing Out Businesses: The Main Street Lending Program

Creditors' Rights, Compliance

As COVID-19 rattled the world and left an estimated 30 million people vulnerable to unemployment, the hit was particularly sharp for small businesses. Companies with less than 500 employees are predicted to have been left the most likely to suffer job loss and unable to keep their doors open for business, even as lockdown restrictions begin to lift.

Fair Jury Trials During the Pandemic

Jul 15

Jul 15 Fair Jury Trials During the Pandemic

Courts across the country are now facing a unique challenge: developing fair jury trials during the pandemic.

According to the law, anyone who is accused of committing a crime is entitled to a trial in front of a jury. It is widely accepted that poor jury diversity can seriously skew the outcome of a trial from the onset.

Are Post-Pandemic Workplace Lawsuits A Primary Concern for Business Owners?

Jul 1

Jul 1 Are Post-Pandemic Workplace Lawsuits A Primary Concern for Business Owners?

Litigation, Compliance

The slow re-opening of the country has come as a relief to many of us. Announcements that the country is opening back up, quarantines are being lifted, and people can slowly return to work have provided millions with a sense of normalcy. The COVID-19 pandemic skyrocketed unemployment rates as businesses shut down across the country, but while the slow return to normal life may seem welcome to so many people, it does not come without concern.

The Latest Coronavirus Litigation

Jun 23

Jun 23 The Latest Coronavirus Litigation

Like everything else at this time, the legal system has seen numerous changes because of COVID-19. From contract violations to rent disputes and price gouging, here is what you need to know about recent Coronavirus litigation.

Reverse Mortgages Provide Relief for Retirees

Jun 10

Jun 10 Reverse Mortgages Provide Relief for Retirees

Mortgage Foreclosure, Residential Real Estate

With investment portfolios taking a major hit from the COVID-19 pandemic, many are seeking alternative sources of income. Retirees, in particular, who count on investment income to pay the bills are reluctant to sell any of their portfolio at this time. As long as they don’t sell, they won’t “lose” anything. But that means they are stuck with little to no income. One option retirees are turning to is a reverse mortgage. New applications for home equity conversion mortgages, the most common reverse mortgage, were up 15% in March and 50% year-over-year.

Buying or Selling During COVID-19

May 18

May 18 Buying or Selling During COVID-19

Residential Real Estate

The ongoing COVID-19 pandemic has been disastrous for nearly every industry across the United States. Real estate is no exception, although the reality isn’t nearly as bad as it is for others.

Here is what you need to know if you are trying to buy or sell a home during the pandemic.

Mortgage Relief is Here

May 4

May 4 Mortgage Relief is Here

Mortgage Foreclosure, Residential Real Estate, Commercial Real Estate

Relief for mortgage payments is here. Congress recently passed the CARES Act which provides relief for individuals with federally backed mortgages.

Illinois Mortgage Applications Drop

Apr 20

Apr 20 Illinois Mortgage Applications Drop

Residential Real Estate

New mortgage applications in Illinois dropped precipitously in mid-March amidst the COVID-19 pandemic and a flood of refinance applications.

On March 3rd, 2020, the Federal Reserve announced the largest cut to the interest rate since the 2008 banking crisis, pushing the interest rate between 0.00% and 0.25%. Mortgage rates, too, saw a further decrease to historic lows.

Foreclosure and Eviction During COVID-19

Apr 7

Apr 7 Foreclosure and Eviction During COVID-19

Mortgage Foreclosure, Landlord Tenant Matters, Creditors' Rights

The federal and state governments are working diligently responding to concerns of foreclosure or eviction during the COVID-19 pandemic. With many states enforcing stay-at-home orders, many individuals have lost their source of income, saw partial income declines, and are being forced to work from home.

What to Do if Your Home Buyer is Backing Out

Mar 21

Mar 21 What to Do if Your Home Buyer is Backing Out

Residential Real Estate

Due to the recent headlines, real estate deals across the country may now be in jeopardy. However, a prospective home buyer backing out of the deal isn’t really that uncommon.

However, you want to make sure that you’re prepared to continue selling your property, regardless of the situation. Here are some of the key first steps to take in the even a home buyer is backing out of the deal.

How to Sell a Home Fast

Mar 11

Mar 11 How to Sell a Home Fast

Residential Real Estate

When selling your home, the last thing you want is a long, drawn-out process. Ideally the entire process is a smooth and quick one. But there are times when you find yourself in a position where you need to sell your home extremely fast, say within a week or two.

When you’re a distressed seller, there are a few things to keep in mind if you need to sell fast.

How to Create Additional Value When Selling Your Home

Feb 18

Feb 18 How to Create Additional Value When Selling Your Home

Residential Real Estate

Whether you are trying to sell your home in a buyer’s market or a seller’s market, you should always strive to deliver maximum value for your potential buyers. Adding extra value tells potential buyers that you are interested in them and that you respect the property.

Here are a few cheap and effective ways to add additional value when selling your home.

Closing Your Commercial Real Estate Transaction

Feb 5

Feb 5 Closing Your Commercial Real Estate Transaction

Commercial Real Estate, Landlord Tenant Matters, Real Estate Investing

The primary difference between a commercial real estate transaction and a residential one concerns the entities involved. A residential transaction typically involves a transaction between two individuals, but because commercial properties are typically larger and used by business entities, they tend to be seen more as an investment rather than a purchase.

Chicago Real Estate Developments 2020

Jan 20

Jan 20 Chicago Real Estate Developments 2020

Real Estate Development, Commercial Real Estate

2019 was a year to remember for Chicago real estate development, including a revival of the Old Post Office, megadevelopment projects on the riverfront, and perhaps, most notably, the opening of the world’s largest Starbucks, a five-story coffee heaven located on Michigan Avenue!

In 2020, several projects are set to break ground, continue production, or open for business!

Buying a Home in the Winter

Dec 10

Dec 10 Buying a Home in the Winter

Residential Real Estate

Spring and summer may be the busiest times for home sales but buying a home in the winter offers advantages of its own. Here are several reasons why you should consider searching for your dream home this winter season.

Understanding Earnest Money for Home Sellers

Nov 1

Nov 1 Understanding Earnest Money for Home Sellers

Residential Real Estate

Back in July, we discussed the concept of earnest money from a home buyer’s perspective. But the game changes a little bit when you’re in the seller’s shoes.

Whether you are a first-time home seller or you’re on house number three, understanding how earnest money works can help protect you while finalizing the deal.

New Chicago Ordinance Looks to Slow Condo-to-Rental Deconversion Rates

Oct 5

Oct 5 New Chicago Ordinance Looks to Slow Condo-to-Rental Deconversion Rates

Condominium Developments, Real Estate Development, Real Estate Investing

In recent years, numerous Chicago condominium developments have undergone “deconversions” to transform them into apartment buildings. As a matter of fact, between 2016 and 2018, there were 20 total deconversions made in the City of Chicago. This possibly stems from the upward trending apartment rental market in conjunction with Chicago’s slowing home buying market, along with the devaluation of many units in condominium projects.

Last month, a new Chicago ordinance went into effect in an attempt to slow the spree of recent condo-to-rental deconversions.

Handling Tenants Who Are Late on Rent

Sep 3

Sep 3 Handling Tenants Who Are Late on Rent

Landlord Tenant Matters

In a perfect world, you would be able to manage your rental properties stress-free. But the reality is that disputes are just a part of everyday life. Tenant-Landlord relationships can be prone to disputes.

These disputes can be especially tenuous when handling tenants who are late on rent, or worse, refuse to pay. There are a few things you should do in order to protect yourself when such a problem arises.

Understanding Offers and Counteroffers in Illinois

Aug 28

Aug 28 Understanding Offers and Counteroffers in Illinois

Residential Real Estate

Illinois may be known as the Prairie State, but it’s also a great place to buy a home. However, navigating the world of offers, counteroffers, and earnest money can be tricky to those new to real estate.

This brief guide for understanding offers and counteroffers in Illinois is here to help you find the home of your dreams while also providing a better idea of how to maneuver through the negotiation phase as seamlessly as possible.