Real Estate Advisor Law Blog

Real Estate Advisor Law Blog

Category Archives: Closing/Settlement Issues

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First-Time Homebuyer Temporary Federal Tax Credit Extended and Expanded

Posted in Closing/Settlement Issues, Conveyancing, Finance Issues, Tax Credit Issues
On November 6, 2009, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009. The new law extends the first-time homebuyer temporary federal tax credit for qualifying home purchases to April 30, 2010 and expands the eligibility requirements for purchasers. Under the new law an eligible taxpayer must buy, or enter into a binding… Continue Reading

Combating Mortgage Fraud

Posted in Closing/Settlement Issues, Conveyancing, Legislative Update
Effective June 1, 2009 all residential properties (single family homes, condominium units and buildings with up to four units) in Cook County, Illinois will become subject to the amendments to the Illinois Notary Public Act contained in Illinois Public Act 095-0988 (the "Act") in an effort to combat mortgage fraud in Illinois residential real estate transactions.  The practical… Continue Reading