Please join me in congratulating my new (and first) partner in the firm, John Aylesworth. John's contributions to our team's growth and evolution have been...
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When should you make your last mortgage payment? When you're selling your home, it's a detail you might overlook or even overthink. So read on for helpful information about the payoff process and the timing of your last payment before you close your sale.
TL/DR; The timing of the last payment depends on the date of the closing and the seller's mortgage terms. In general, we recommend sellers make the final payment 7 days before closing. But don't sweat it, if you overpay, lenders are required to pay any overages back within 30 days.
Keep reading to see how our firm helps sellers manage this important detail for clients.
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When it comes to buying and selling property, Illinois is considered an "attorney state." Lawyers participate in the real estate sale process as a matter of custom and practice. But there are no laws or ordinances that require a buyer or seller to use one. That said, there are certain things that only a lawyer can do for you. There are also elements of the transaction that only a lawyer should do for you.
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Sure, this may not be the most pleasant subject. But it's important...and we can help.
If your home—a house, condo, or townhouse—is in Illinois, you might consider using our new TODI Inheritance Service to leave it to a beneficiary. A TODI is a Transfer on Death Instrument, essentially a "will-equivalent" for real estate that's less complex than creating a will or trust.
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Fannie Mae and Freddie Mac have both made significant changes to their guidelines for approving loans in condominiums and co-ops. This is a real game changer for buyers and sellers alike. Lenders must follow these guidelines in order for loans to be guaranteed in secondary (investor) markets. Loan-originating companies only want to grant mortgages if they can be resold on those secondary markets. Many approvals will be harder to come by.
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Noise is an everyday part of city living, but when is "too loud", "too much"? Do Chicago area homeowners have a remedy for excessive noise?
Pickleball may be America's fastest growing sport. Its popularity is surging unabated. So, I suppose it's unsurprising that the critics would voice complaints about the sport's noise signature. There is at least some pickleball backlash in the real estate world. At least according to this article
What impact does pickleball have on your quality of life? Or on your property values?
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Chicago alderpersons will soon vote on a proposed ordinance restricting property owners from installing free little libraries in front of their homes.
How can anyone object to free libraries in Chicago? Seems silly at first blush. We should always support neighbors sharing with neighbors, literacy campaigns, and lifetime learning. So what's the fuss?
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Selling a home in the Chicago area (or really anywhere), should be easy enough: buyer gives seller money, seller gives buyer keys and a deed. Oh, if only it were that simple.
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We're on the move! On August 28, 2023, our law firm moves to the corner of State and Madison, the center of all Chicago addresses.
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A quitclaim deed is a quick way to transfer the property title. And in Illinois, a lawyer is not required to complete one, you can do it yourself. That said, hiring an experienced lawyer to execute a quitclaim can prevent expensive mistakes, like this.
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Selling a home as-is should be fairly straightforward. The seller doesn't want to make any repairs or changes and the buyer understands this when they make their offer. However, the reality can be very different.
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Buying or selling real estate in Illinois? If you close after July 1, 2023, your county's recording fees will include a new $9 increase. But there's a bright side to it.
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Buyers who use lenders are often surprised when the lender stops the sale from moving forward. Thankfully, our real estate law firm excels at deciphering and working through lender issues. Here's a story about a buyer, an insistent lender, and how we can help close deals like this.
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So you're buying a house with someone who is not your spouse. From co-housing, communes, and intergenerational housing to friends just buying a place to share, we are seeing more and more deals involving co-ownership: multiple buyers that are not married or in a comparable relationship.
While it can be a great idea, it's important to start with a clear understanding of individual goals and a formal legal agreement.
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Thanks to a continued low inventory of homes for sale in the Chicago area, our firm expects that 2023 and 2024 will bring multiple offers, when sellers gets competing offers from multiple buyers. This can inspire buyers to get creative with their offers—including offering post-closing possession. What is post-closing posse...
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We all expect a measure of privacy in our homes. But, in the information age, privacy is no longer a given. In fact, there is a lot of easily acquired information online, particularly after a real estate purchase.
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One of the things my team and I love about Chicago is Puppet Bike, which I hear no longer exists (sigh). As a kid in the 'burbs, I couldn't get enough of Garfield Goose, Dirty Dragon, Romberg Rabbit, and Mr. Moose.
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We'll leave it to the economists and other pundits to report and contextualize this year's numbers and next year's forecasts.
Here are nine local real estate trends we are watching as we look back on 2022 and ahead to 2023.
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Few Chicago homeowners WANT to head out to clear the sidewalks when it snows—especially if it just keeps falling. But do you have to?
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As of New Year's Day, all smoke detectors in residential dwelling units must be...
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What could be more attractive to buyers right now than buying with a (well) below-market interest rate on their mortgage? Interest rates may be rising, but there are still ways to win in this market. Sellers holding assumable mortgages may have a leg up on the competition. Especially if they only made small down payments and took their lo...
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Cook County homeowners, our property tax bills are one step closer to hitting our mailboxes. Why? Because the final Cook County 2021* State Equalization factor was announced on October 18, 2022.
So, what the heck is equalization?
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One of the easiest ways to protect your interests as you buy a home is to hire an experienced, well-qualified lawyer. Your first instinct may be to search for the lowest price. But before you do that...
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Whenever a client hires our firm in connection with a Cook County real estate purchase or sale, one of the first things we do is check out the Assessor's web site. The property search function provides homebuyers, owners, and the professionals that represent them with data points that can be critical to their deals. We are on this site every day.
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A property’s assessed valuation has a direct relationship to the amount of upcoming property tax bills. Savvy property owners (including readers of this blog) know that they can—and should—fight back by appealing those assessment notices. Here's how.
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It's October! Where are the Cook County property tax bills? If you pay the bill directly, you may have been wondering if they forgot you. They didn't. It's not just you. The bills for the second installment of Cook County property taxes (generally due August 1) have not been finalized yet. Earlier this year, we expected tax bills to be sent by the ...
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My phone rings. It’s Amanda, a client in the last steps of buying a house with her husband James. She’s calling as they take the final walk-through before the closing the next day. I hear the upset in her voice as she tells me,
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Defaulted mortgages, liens, judgements and more did not deter us from helping this seller close, although they certainly made it challenging.
From the first call, the pain in the seller’s voice was apparent. The caller sounded tired, worried and a little scared, describing
From the first call, the pain in the seller’s voice was apparent. The caller sounded tired, worried and a little scared, describing
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Brokers,
On May 13, 2022, Governor Pritzker signed the Illinois House Bill 4322. This bill updates the Ilinois Residential Real Property Disclosure Act by: adding a 24th disclosure, changing the timing of disclosures, allowing email or e-delivery, and changing which sellers need to make disclosures.
These changes went into effect immediately—as soon as Pritzker lifted his pen off the paper.
On May 13, 2022, Governor Pritzker signed the Illinois House Bill 4322. This bill updates the Ilinois Residential Real Property Disclosure Act by: adding a 24th disclosure, changing the timing of disclosures, allowing email or e-delivery, and changing which sellers need to make disclosures.
These changes went into effect immediately—as soon as Pritzker lifted his pen off the paper.
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It’s our most annoying obligation as Americans. How many of us have thought about not paying taxes?
As a real estate attorney, the heart of my
As a real estate attorney, the heart of my
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It was summer of 1991. The sun beat down on my un-airconditioned car as I composed myself. After four years as a trial lawyer, I was walking blindly into my first real estate closing.
My boss gave me no notice. No briefing. No training. The ‘file’ was a crumpled copy of the purchase contract that he tossed at me as he said, “This is the buyer’s first home and the most important thing in his life right now. He is also my car mechanic. That makes it important to me too.”
Sure, I studied real estate in law school, but that was four years earlier.
My boss gave me no notice. No briefing. No training. The ‘file’ was a crumpled copy of the purchase contract that he tossed at me as he said, “This is the buyer’s first home and the most important thing in his life right now. He is also my car mechanic. That makes it important to me too.”
Sure, I studied real estate in law school, but that was four years earlier.
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Here’s an important update for real estate brokers.
As of March 1, 2022, there will be a change in the Disclosure of Financial Interest form that Illinois title insurance producers (sellers’ lawyers, some brokerages, etc.) must provide to consumers as they contemplate title insurance. These ‘producers’ include our firm.
The new disclosure form will:
As of March 1, 2022, there will be a change in the Disclosure of Financial Interest form that Illinois title insurance producers (sellers’ lawyers, some brokerages, etc.) must provide to consumers as they contemplate title insurance. These ‘producers’ include our firm.
The new disclosure form will:
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Brokers,
I'm talking about naming names on purchase and sale contracts. The standard forms give you room to identify the deal participants – buyer and seller, natch. Yourselves. The lender. The homeowners' association. And yes, us lawyers too.
Adding the lawyers' name lets us all
I'm talking about naming names on purchase and sale contracts. The standard forms give you room to identify the deal participants – buyer and seller, natch. Yourselves. The lender. The homeowners' association. And yes, us lawyers too.
Adding the lawyers' name lets us all
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As many of my clients are new to the Chicago area, I’m often asked about recycling, typically as we sit around the closing table. And, since there are updated rules and schedules, I thought I’d jot down a quick overview and links for Chicago’s nifty recycling guide.
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by Michael H Wasserman
Tragedy in Sunrise, Florida and now Waukesha, Wisconsin.
Authorities ordered the emergency evacuation of another condominium building late last week. Deemed to be at risk of imminent collapse. Structural and life safety problems noted after a wind storm sheared some exterior elements off a couple of years ago. Led to a balcony reconstruction project, which in turn revealed far worse structural deterioration. Of a building (only) 50 years old. 80 or so people forced to leave their homes with no advance warning.
Fannie Mae’s October lender letter tightened lending guidelines in buildings with too much deferred maintenance. Inadequate reserves. Associations lacking the political will to take on the challenges of funding and orchestrating necessary structural and safety repairs.
Whether they are brought to light by municipal inspections or the associations own investigations or capital reserve studies. Fannie will not loan money into buildings with structural defects or deficiencies until they are made habitable. Not until the work is complete. And paid for.
Fannie Mae is calling on its lenders and their appraisers to ferret these buildings out. To shut off the money supply for loans into those associations. Once problems are identified, no acquisition loans. Not even loans already in the pipeline. No re-fi’s. Owners will be “stuck” with the inevitable special assessments and will have fewer avenues to raise funds by selling or pulling out home equity.
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by Michael H. Wasserman
Flippers. Wholesalers. I-buying fin-tech disrupters. Publicly traded REITS. Private equity firms. Boot-strap investors. All out on the prowl for opportunities.
It's never been easier for Chicago area owners to sell homes directly. But should you? What can possibly go wrong? Read on to learn the unpleasant truth, and the things you can do to make the most of these no-broker deals.
It may start with a series of unsolicited offers. Out of the blue. First a letter. Then another. (Look – this one's on yellow stationary!) A note left in the mailbox. A knock at the door. Maybe the allure of those ads on tv and the net. That billboard you keep driving past. Same deal.
"We'd like to buy your house. Just us. No middlemen. No realtors. You won't have to pay anyone's commission. We can pay all cash. Close in two weeks if you want. What do say"?
The money sure would be nice. More house than you need. Getting harder to keep it up. Money is tight. Need a fresh start. Almost seems too good to be true. Or maybe luck is smiling down, finally.
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A pervasive problem for some in contemporary society splits us into two camps. They read the same things you do. They take wildly different views of what those writings mean. They are not easily persuaded by reason or the advice of experts. They acknowledge legal obligations, but still want to “do their own thing,” often to the detriment of others they engage with.
You know who I am talking about...
You know who I am talking about...
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The disasterous 2021 building collapse in Miami calls to light a critical challenge for all condo owners, including owners here in Chicago. Who decides if repairs and who pays? Hint: the owners.
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by Michael H. Wasserman
It turns out that ink color really does matter. At least it does for Kane County recordings. This alert from one of our favorite title companies today:
**It has just come to our attention that Kane County will charge an additional $22 if deeds are signed
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by Michael H. Wasserman
The sun sets majestically over your new vacation home. Your attention focuses on the gentle wind blowing thru the trees. The blissful payoff for a long long week at work. The calm evaporates when you open the letter – a cease and desist order from a neighbor’s lawyer. You are directed to stay off their property, which puzzles you. You’ve never once set foot on their land, barely even know which place is theirs.
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Set aside any discussion of climate change or COVID for a moment. It’s winter. It’s Chicago. It snows. As a homeowner, you owe it to your friends, family, neighbors and delivery people to keep the sidewalks free of snow and ice.
In truth, it’s not just neighborly to shovel—it’s the law. Municipal Code of Chicago (4-4-310 and 10-8-180), to be exact. So, before you claim dibs on your parking spot, make sure you’re doing your share of snow removal on the side walk.
Here’s the lowdown on snow removal in Chicago:
You must shovel as soon as possible after snow falls—seven days a week. There is no “weekend” exceptionSnow that falls between 7:00 am and 7:00 pm must be cleared by 10:00 pm Snow that falls between 7:00 pm and 7:00 am must be cleared by 10:00 amYou must clear at least a five-foot wide path on all sidewalks adjacent to your property, including any crosswalk rampsDon’t pile your snow into the right-of-way, bus stop, parking spaces, bike lanes or Divvy stationsWhat if you don’t shovel?
Failure to abide is punishable by fines, ranging from $50 to $500 per day on a case-by-case basis, as determined by City Administrative Hearings judges. Business fines can go up to $1,000/day.
Here’s why you really should shovel
Law aside, we’re a walking city—clearing the walkway is the nice thing to do. When you shovel, you make a path for kids getting to school, pet owners walking pets, people with disabilities, seniors and those with mobility challenges. And don’t forget about your USPS, UPS, Fed-Ex and Amazon deliverers—be sure to clear the path to your front door and mail box.
On the Other Hand....
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By Michael Wasserman
Whew. Real estate buyers, sellers and professionals all exhaled with relief last Friday. After lobbying from the mortgage industry, the Treasury Department has deemed Internal Revenue Service clerks (who process lending forms) as "essential" employees. Which means they can get back to
Whew. Real estate buyers, sellers and professionals all exhaled with relief last Friday. After lobbying from the mortgage industry, the Treasury Department has deemed Internal Revenue Service clerks (who process lending forms) as "essential" employees. Which means they can get back to
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Chicago is an ever-changing demographic kaleidoscope. Ethnic migrations, land-use transformations, and varying degrees of economic prosperity all stir the real estate pot and eventually touch every corner of the city.
So, how does a home buyer or real estate investor know where to find the best opportunities for property appreciation in Chicago?
So, how does a home buyer or real estate investor know where to find the best opportunities for property appreciation in Chicago?
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In real estate, one would think a final pre-closing walk through is pretty straightforward: Is the house still standing? Are the sellers belongings removed? Are the shower heads and appliances still in place? Are there new holes in the walls or broken windows? Yet our law firm sees SO MUCH 11th hour drama!
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Selling or buying a home in Chicago? Hiring the right real estate agent can make a huge difference. So, how do you find a good fit?
Most folks ask friends for their recommendations for agents—and you can ask us too. Yet once you land on a name (or more), it comes down to asking the right questions.
Most folks ask friends for their recommendations for agents—and you can ask us too. Yet once you land on a name (or more), it comes down to asking the right questions.
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Discrimination is an ugly, pervasive problem. Even in real estate. Americans have come a long way over the course of history, but we still have work to do, especially in Chicago. I can think of at least three areas that need work: the undervaluing of many minority-owned properties, the over-taxing of Cook County's poorer neighborhoods, and the bias against minority homebuyers in automated mortgage underwriting.
As with any problem, these topics need needs to be examined, talked about and understood until we find effective solutions…and can
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It’s exciting to find a home to buy and have a signed contract in hand. This is when most home buyers start thinking about the fun stuff, like remodeling and decorating. Yet many forget one important step: securing homeowners insurance—a misstep that could derail the deal.
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At our firm, music is a big part of our team's lives. We enjoy concerts and festivals, and always play tunes in the office. Further, we believe there's a strong connection between school achievement and musical aptitude. Our team is quite pleased to support a charity that introduces music to Chicago's underserved kids while potentially building Chicago's music scene.
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Working thru divorce, foreclosure, domestic violence, discrimination claims (and really, most legal matters) often involves complex procedures, strict timelines, and—of course—tons of paperwork. Jumping thru all the right hoops can be exasperating...more-so for folks on limited incomes and even worse for those in rural areas. Have no fear, Illinois Legal Aid Online is here.
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One thing we don’t love about Chicago is its literacy problem. Our city has one of the lowest adult literacy rates in the country. Thankfully, Reading in Motion works hard to reverse this trend by helping our youngest students learn to read in some
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By Michael Wasserman
In 2017, the FBI reported that wire transfer fraud was up 480% in real estate transactions. It’s a frightening number.
Yet more and more, I’ve heard that real estate lawyers won’t discuss transfer instructions with clients—that they leave it
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Before you decide to remodel (or sign on the dotted line), know your rights—and the limitations—provided under the Illinois Home Repair and Remodeling Act (HRRA).
The HRRA gives homeowners civil remedies against reckless contractors. It’s extra protection
The HRRA gives homeowners civil remedies against reckless contractors. It’s extra protection
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| Remember to empty and rinse every item. Image from Recycle By City. |
As many of my clients are new to Chicago, I’m often asked about recycling, typically as we sit around the closing table finalizing purchases. And, since there are updated rules and schedules, I thought I’d jot down a quick overview and links to Chicago’s nifty recycling guide. Plus a cool quiz.
Chicago’s path towards city-wide residential recycling has been littered with missteps and good ideas gone bad. The infamous “blue bag” program was introduced more than two decades ago (1995). It was confusing, messy and largely ineffective.
Thankfully, in 2007 Chicago popped the blue bags and rolled out its Blue Cart Residential Recycling Program. Even that was slow to gain traction. It took another seven years before residents of every neighborhood in the city had access to the bright blue carts and consistent pick-up service.
Who gets a blue cart?
The Blue Cart program provides bi-weekly recycling services to single-family homes and multi-unit buildings with four or fewer units. If your home is eligible and you don’t have a blue cart, call 311 or your ward office to request one.
When is pick up?
Recycling is picked up every other week. Which week? Check out Chicago’s 2018 recycling schedule.
What goes into the blue cart?
Many everyday household items. The important thing is to empty and rinse every item. Otherwise the item just ends up in the landfill.
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Paying property tax bills before the end of the 2017 may help some owners save on their federal income tax liabilities.
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One hundred reviews ago, our firm didn’t take Yelp seriously. We knew word of mouth was important, and that Yelp was an easy way for people to leave reviews about pizza joints, taverns and such. But then Yelp grew. As did our reviews. And they were mostly good.
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Our real estate law firm loves Chicagoland. We live here; we work, cycle and play here. Most of us grew up here. We give back to our community here too through “Thanks to You,” our charitable program. With great pride and gratitude, we have delivered more than $48,000
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Let’s say about 100 years ago, a family planted an oak tree on the edge of their property. Over generations it’s grown into a magnificent tree that provides summer shade, autumn color and a swing for the neighborhood kids. You probably even liked the tree when you bought
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When it comes to identity theft, credit card spending is only the tip of the iceberg. Not only are thieves using stolen information togo shopping on your Visa card, they are scamming medical insurance, falsifying citizenship / immigration status and travelling and using false (your) credentials.
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Identity thieves hit a major credit reporting agency—hard. Millions of consumers’ confidential identity information has been compromised.
Equifax, one of the big three credit reporting agencies announced that a massive security breach took place earlier this year. Offenders accessed data sets of 143
Equifax, one of the big three credit reporting agencies announced that a massive security breach took place earlier this year. Offenders accessed data sets of 143
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I am happy to announce my affiliation with Heroes Home Advantage, a real estate program designed to reward military veterans and those serving our country on active duty, with fire or police departments, teachers
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There are a couple of things ALL home owners should know about their abodes. The wonderful Art of Manliness blog hits this point very well in a recent post identifying spots in the home that every owner should be familiar with for safety and maintenance
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Imagine a quiet evening on the deck of your new home when—out of nowhere—a noisy drone begins hovering around your property, almost certainly snapping photos or video. It’s like Space Invaders meets Gladys Kravitz. So what do you do?
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You read that right, A 480 percent increase according to a May 2017 PSA from the FBI. Its Internet Crime Complaint Center (IC3). Scammers are targeting wire transfers with alarming frequency. As state law mandates the use of wire transfers for most real estatetransactions, it's vital that every buyer, seller and professional be vigilant to prevent fraud.
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We’ve updated mhwasserman.com to be user- and mobile-friendlier.
From streamlining the look and including reviews to adding photos of our team, we’ve made it easier to help sellers, buyers and brokers understand how we get them to the closing table on time, as planned.
From streamlining the look and including reviews to adding photos of our team, we’ve made it easier to help sellers, buyers and brokers understand how we get them to the closing table on time, as planned.
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I’m so very happy to welcome attorney John Aylesworth to the practice. He joined us in February 2017 and our clients and colleagues have been reaping the benefits of his good counsel all springand summer.
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