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Cook County real estate attorney home closing

The coronavirus pandemic has impacted the lives of everyone in the United States in a variety of ways. Those who have been lucky enough to avoid getting sick or losing their job are still likely to feel the effects of COVID-19, both in their daily lives and their plans for the future. If you are considering buying or selling a home in Illinois, you will need to be aware of certain issues that may affect you, and you will want to take the right steps to protect yourself and make sure you can complete your transaction successfully.

Legal, Financial, and Other Issues Affecting Real Estate Transactions

One of the first things that home buyers and sellers need to be aware of right now is that they may need to take steps to protect the safety of themselves and others and avoid the risks of contracting or spreading infections. Social distancing concerns have led to restrictions on in-person visits to a home, and in many cases, buyers may be limited to virtual visits or video tours conducted by a real estate agent. Buyers may also be unable to be present for home inspections or appraisals, and they will need to rely on professionals to ensure that any defects are identified and addressed properly.

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Cook County real esate attorney lease modification

The ongoing COVID-19 crisis has affected many individuals, families, and businesses, and it has caused financial struggles for both landlords and tenants. Some residential tenants have experienced job losses, and many businesses have been required to close or scale back their operations. When residential or commercial tenants are unable to pay rent, this can put landlords in a difficult position, since they may be unable to meet their own financial obligations. 

Typically, landlords are able to pursue evictions when tenants do not meet their rent requirements or otherwise violate the terms of a lease. However, the state of Illinois has placed a moratorium on evictions, and this prohibition has been repeatedly extended as the pandemic continues to affect people throughout the state. Most recently, Governor J.B. Pritzker issued an executive order extending this moratorium through January 9, 2021, and additional extensions may be made if they are determined to be necessary. For landlords who are currently unable to evict tenants who have not paid rent, other options may be available, including making lease modifications that can provide protections and benefits for both landlords and tenants.

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