Questions to Ask Your Real Estate Broker Before Buying Your Home

When deciding on a new home, you will have to consider many things before making the purchase. Feel free to address any concerns about the property with your agent, but make sure to have the following questions at the top of your list so you can make the move to your new dream house.

Did the current or previous owner add structures or improvements without approval or permit?

If the current or previous owner added any improvements, renovations or structures without approval or permit from the governing authorities, you would have to know about it because you may, depending on where the property is located, be subject to a violation that can range from a monetary fine to complete removal of the improvement and restoration of prior characteristic or condition of the home.

Where are the boundary lines and are there any issues?

A fence around the property does not necessarily mean those are its boundaries. Before you purchase, you will want to make sure that you have legal access to the property as well as the land that the house sits on and what rights to access the property others may have. A plat of survey and a surveyor can help you define boundaries, access rights and what kind of improvements you can add to the home once you have bought it.

Are there any property tax exemptions?

In Cook County, the common exemptions are the Homeowner, Senior Citizen and Senior Freeze and each has its own qualifications. Depending on the date of sale, if current owner qualified for any exemptions then you will be able to apply for the same exemptions and they would be only for the tax years the current owner met the requirements. Thereafter, you should apply for all exemptions that you qualify for.   

How are the property taxes determined?

The answer depends on what the taxable market value the local assessor has proposed for the home and comparable properties in the neighborhood.

and, What can be done about the Property Taxes?

The first step, contact Dimitrios P. Trivizas, Ltd. for your free consultation.