Understanding real estate legal topics is essential for buyers, sellers, and homeowners navigating today's market. In this video, the Vittoria Logli Team sits down with Chicago real estate attorney Zack Sims to discuss key legal issues impacting real estate transactions across Chicago, the North Shore, and Northern Cook County.

Inflation and Real Estate Transactions

One of the most significant issues affecting real estate today is inflation. While inflation is often associated with everyday expenses, it also impacts real estate transactions in less obvious ways. Buyers are experiencing higher closing costs, including lender fees, title insurance, and other transaction related expenses. In many cases, closing costs have increased by ten percent or more.

Inflation also affects homeowners associations and condo associations. Rising costs for landscaping, snow removal, insurance, and staffing often lead to increased monthly assessments or potential special assessments. Buyers purchasing condos or townhomes should carefully review HOA budgets, financial statements, and meeting minutes to ensure the association remains financially stable.

Cook County Property Tax Reassessment

Another important topic is Cook County property tax reassessment. Northern Cook County properties were reassessed in 2025, resulting in significant increases in assessed values across the North Shore. While some homeowners have seen assessed values rise substantially, these increases do not directly translate to the same percentage increase in property tax bills. Tax bills are calculated using assessed value, tax rates, equalization factors, and applicable exemptions.

During real estate transactions, attorneys play a critical role in negotiating property tax prorations. In reassessment years, tax credits and escrow agreements are commonly used to protect both buyers and sellers until final tax bills are issued. Homeowners should also consider appealing property taxes annually and applying for available exemptions, including homeowner, senior, senior freeze, and veteran exemptions.

Estate Planning and Real Estate

Estate planning has become increasingly relevant in real estate. More buyers are choosing to purchase homes in revocable trusts, including younger families. Holding title in a revocable trust can help avoid probate, protect assets, and provide long term planning benefits while maintaining full control of the property.

Solar Panels and Real Estate Transactions

The final topic discussed is solar panels and real estate transactions. Solar panels can provide long term savings but also introduce legal considerations. Buyers should determine whether solar systems are owned outright or leased. Leased systems may require payoff or assignment prior to closing. Attorney review of solar agreements, warranties, and maintenance obligations is essential before completing a transaction.

For buyers and sellers in Chicagoland, the North Shore, and Northern Cook County, working with experienced real estate professionals is essential when navigating these legal topics.

Contact Top Real Estate Agents Vittoria Logli Team
847-810-8438