Around Chicago we’ve had many days with rain. While the amounts were small it has kept the conditions for mold very favorable. Mold occurs naturally in nature and is necessary for the decomposition of organic material like leaves and dead trees. It’s when the mold invades the house that problems occur.

Most people with seasonal and pet allergies are also sensitive to mold. Mold can cause runny noses, red eyes and rashes even in those without allergies. Some molds are dangerous and contain mycotoxins that are toxic. If you have a large area of mold, say more than ten square feet, or is particularly dark and thick should be evaluated by a professional.

If you are going to tackle it on your own it’s good to be careful. Know the material you are dealing with. ANYTHING porous like drywall or carpeting should be completely removed, bagged securely and thrown out. Mold cannot be removed from porous material. The surface can be cleaned but mold growing inside will reappear. Hard surfaces like plaster walls, cement or tile can be cleaned. With tile pay extra attention to the grout and use a stiff brush. Let cleaning solution set on here longer.

Your best bet for cleaning and eradication is bleach. It is harsh and always works in a well ventilated area, use a fan for air circulation. Always wear rubber gloves. While the bleach itself is no more than an eye and skin irritant, the mold spores disturbed from cleaning can make you ill. The EPA recommends using vent less eye protection and a N-95 respirator. These are available at hardware stores and online.

For small areas milder solutions are often effective. Simple white vinegar and 3% hydrogen peroxide can be effective and less harsh than bleach. You need to use these solutions full strength for best results, spray on and let soak in. Rinse with clear water. 

The best way to deal with mold is to prevent it. Make sure all areas remain dry. Provide good ventilation in all rooms and floors of your house. Keep outside drains clear, clean debris and vegetation around foundation. Use fans and vents in kitchen and bath. I keep a bottle of cleaner spray with bleach in the bath. I spray down the shower curtains and wall lightly every few days. Change towels frequently. Always remember, moisture is essential for mold growth. Remove it and no more mold!

KATHLEEN WEAVER-ZECH & DEAN’S TEAM CHICAGO

Every home purchase transaction should be initiated with an earnest deposit to the seller. In fact, it’s rare for sellers to accept offers without a deposit. This monetary offering essentially tells the sellers that buyers are serious about purchasing the home, and shows their willingness to meet all of the clauses detailed in the contract.

If the offer is accepted by the seller, the deposit will be put towards the down payment and any closing costs. The money is kept in escrow, and is given back to the buyer if any one of the clauses cannot be met within the allotted time specified in the contract.

How Much Should Be Put Towards a Deposit?

Many industry experts agree that putting anywhere between 2% to 5% towards the purchase price of a home is acceptable. However, the actual amount depends on how hot the market happens to be in the area. If, for instance, the market is somewhat sluggish, buyers can realistically put down as little as 1%. On the other hand, sizzling markets where homes are flying off the shelf will demand much higher deposit amounts. Many bids have been won as a result of the highest deposit amount.

If buyers plan on putting in a large deposit, the lender may want to verify where these monies are coming from. The deposit can essentially be any dollar figure that the buyer is comfortable offering, and what the seller is willing to accept. In general, the deposit amount should reflect both the purchase price of the home, the state of the current market, and the length of time that has been requested for closing. The more time asked for, the bigger the deposit will usually be.

How Are Deposits Made?

Once the buyer and seller have both signed the purchase agreement, the buyer will provide the deposit either in the form of a money order or certified check, which is then placed in an escrow account held by the real estate brokerage of choice. The check is therefore made out to the brokerage, not the seller.

The money is kept safe in these escrow accounts, as state laws have stringent regulations about how these monies are handled and managed. Under no circumstances are these funds ever to be deposited into the business bank account of a broker.

During the time that these funds are sitting in the escrow account, they generate interest. If the interest amount is over $5,000, the buyer will need to fill out IRS Form W-9 in order to receive the interest. Once the deal is finalized, the deposit is released from the escrow account and applied towards the down payment.

Can the Seller Keep the Deposit if the Deal Falls Through?

If a liquidated damage clause is included in the purchase agreement (which it should), the seller can keep a certain portion of the deposit if certain conditions are met. This clause basically states that if the buyer falls through on the contact, the seller can keep the lesser of the earnest deposit or 3% of the purchase price.

An “earnest deposit” is often confused with “liquidated damages” in a real estate contract.  While the earnest deposit can be any dollar amount, the seller’s liquidated damages clause only allows the seller to keep a certain amount up to a maximum of 3% of the sales price in the state of California.

How Can Buyers Get Their Deposit Back if the Deal Falls Through?

If the deal is not completed for whatever reason, a cancellation fee is typically garnished from the deposit, and the rest stays in escrow. The deposit holder will determine whether or not the buyer will be getting that money back as per the terms of the contract. Ideally, the purchase agreement will detail how a refund should be dealt with.

Typically, if conditions in the contract cannot be met within the allotted time frame, the buyer should be able to get the deposit money back. If however, the clause expiry date comes and goes and the buyer has not fulfilled the promises made, the seller may be able to keep the deposit. 

The Bottom Line

Deposits aren’t just some arbitrary dollar figure thrown out there. These offerings keep buyers on track to fulfill their obligations and promises according to the purchase agreement. Not only do deposits help start the real estate transaction, they also protect the seller should the buyer ever default on the real estate contract.

Homeowners must have property insurance to protect their homes from damage, theft, or liability. Lenders will likely not even approve you for a mortgage if you don’t take out a policy. Homeowner’s insurance might seem like another pesky bill to have to pay, but many shoppers aren’t fully aware of certain factors that can cause these premiums to go up.

The following are some of the biggest factors that come into play to cause insurance premiums to rise.

1. Pets

Your furry friend may be bringing you and your family oodles of joy and company, but did you know certain pets can increase your homeowner’s insurance premiums? Any animals on the premises that are considered to be likely to cause some sort of harm to others or damage to the property can result in an uptick your insurance payments.

Dogs have long been liabilities, and are among the biggest threats, depending on the type. Such breeds include pitbulls, Rottweilers, and Huskys. In fact, about one-third of all homeowner’s insurance claims are due to dog bites. However, some insurance providers are open to offering discounts on policies if you send your dog to obedience school, or take the dog to a Canine Good Certificate program.

2. Location

Properties that are situated near coastlines or in hurricane-prone areas generally come with more expensive insurance premiums compared to those that are further away from such characteristics. The reasons are obvious: the chances of damage from flooding or windstorms are a lot higher for these homes in these areas. Not only are the premiums more expensive, homeowners with properties located in these types of areas may also have to take out additional policies for flooding or windstorm insurance.

3. Old Age

Even if your aging home was built using solid craftsmanship and materials, it’s getting old, and along with age comes a lot of wear and tear. Not only that, the building codes from back when your home was constructed likely don’t match up with today’s more stringent codes. As a result, insurance providers probably don’t see your home as sturdy as a brand new house in the neighborhood. In this case, you can expect your insurance premiums to be a little more expensive.

In addition, insurance providers will estimate the true cost of rebuilding a home if it is ever damaged and needs to be reconstructed. If your home is considered difficult to replace or repair, or is estimated to be more expensive to replace, insurance rates can be higher. Things such as plaster walls, intricate crown moldings, stained-glass windows, and other traits that are not likely seen in modern homes are usually more expensive to replace. 

4. Pools

A swimming pool in your backyard may increase the value of your home (depending on the neighborhood), but it can also cause your insurance premiums to spike. Characteristics like these warrant additional liability coverage in case someone gets hurt or even drowns as a result of this feature. If you have a variety of special traits, including a pool, hot tub, or trampoline, you might want to consider getting an ‘umbrella policy’ that will offer you protection if anyone is hurt as result of any one of these features and decides to sue.

5. Frequency of Claims

The more insurance claims you’ve made in the past, the more likely you’ll be to take out more additional claims in the future. That’s precisely how insurance companies look at their clients. Even if the claims you’ve made in the past had to do with previous homes you’ve lived in, they still count. The more claims you’ve got on the books, the higher you can expect your insurance premiums to be.

6. Neighborhood Crime Rates

The more prone your home is to damage, theft, or other situation, the more money insurance providers will likely collect from you. If your home is located in an area with a high crime rate, it’s considered very vulnerable to crime. Even if you or your home have never been the victims of a crime, you’ll still have to pay up as a result of other happenings in your neighborhood. The reason for this is because insurance providers decide on their rates based on collective risk; if the neighborhood you live in is considered high risk for crime, then more claims have likely been filed by others in the area, which will affect your rates.

The Bottom Line

Do yourself a favor and become educated on homeowner’s insurance, and the factors that can drive your rates up, as well as those that can bring them down. Insurance companies use plenty of factors to establish your home insurance rates. Make sure you shop around and get quotes from a few insurance companies so that you’re not paying any more than you need to.

Photo: meunierd / Shutterstock.com

LINCOLN SQUARE

This year marks the 10th Anniversary Tour of Midnight Circus’ partnership with the Welles Park Advisory Council to bring cutting edge, live circus performers to parks around the city to raise funds for local park improvements. The troupe of performers had been inspired to bring this style of performance to the U.S. after witnessing similar kinds of theatrics in parks and piazzas in Italy and France, and have been doing so since 2007. This weekend, 10/8 and 10/9, the Midnight Circus will perform at Hamlin Park (3035 N. Hoyne Ave.) at 2:00 p.m. and 5:00 p.m. both Saturday and Sunday. But we’re expecting an even bigger turn out, and possible sellout, for next weekend’s blowout performance which takes place where it all started 10 years ago at Welles Park (2333 W. Sunnyside Ave.). This will also be the final set of performances for the season from Friday 10/14 through Sunday 10/16. Friday’s show starts at 7:00 p.m. with Saturday and Sunday shows at 2:00 p.m. and 5:00 p.m. Get your tickets here before they sell out.

LAKEVIEW

There’s new burger joint to discover that prides itself on organic, homemade and fair trade ingredients. Bareburger is a franchise that began in Brooklyn, New York in 2009 and now has several locations across NY, NJ, CT, OH, Philadelphia, and now Chicago at 3357 N. Lincoln Ave. It opened on October 3rd and offers an extensive menu of appetizers, sides, vegetables, and alternatives to beef burgers. We don’t just mean veggie burgers (black bean, quinoa, sweet potato & rice) but also turkey, duck, bison, elk, and wild boar burgers! As if that weren’t enough to get your head swimming in choices, there’s also brisket, falafel, fried chicken, organic shakes, and so many vegetable options that this is bound to be a burger joint to satisfy vegetarians and omnivores alike.

PORTAGE PARK

Here’s a cool and useful idea making its way to Portage Park. The former Air-Mite Devices Inc. manufacturing plant at 4739 W. Montrose Ave. is working on converting into a do-it-yourself car repair shop by the founders of Gearhead Workspace. It will be a 10,000 square-foot space for members or hourly/daily renters to work on their vehicles instead of the hassle and danger of working on the street or in their own garages. There will be 12 lift bays for easily accessing the underside of your car with specialty tools available for rental use. A retail space will have standard parts available for purchase or to be ordered for your specific needs. The Gearhead support team will be on hand if you need some professional help and classes will be offered to pass along valuable knowledge. Early memberships and donations are being accepted to help the concept get off the ground. Dealing with Zoning Appeal issues have stalled the project as they try to include the rear surface lot at 4720 W. Pensacola as part of the automotive shop which is required to have a lot within 100ft of the main entrance. In the meantime, Gearhead Workspace hopes to sublet lift bay space from nearby auto shops to beta test the project. Alderman John Arena is on their side and hopefully this zoning difficulty will be resolved so we can see this great idea move forward.

LOOP

The final installment of Chicago Loop Alliance’s urban alleyway parties, known as Activate, is coming up next Thursday, 10/13, 5:00 p.m. at Sullivan Center Alley (16 E. Monroe St., between State St. and Wabash Ave.). The final party is the culmination of the Celebration of the Senses that Activate has been  exploring through the summer season. This 21+ event will revisit the best elements of the past 5 parties that showcased artists’ conceptualizations of touch, sound, smell, sight, and taste. There will also be a live animal exhibition from the Brookfield Zoo and more. Drinks will be available for cash purchase only and, as always, your first drink is free when you follow the link above to RSVP ahead of time.

NAPERVILLE

The Mayor’s Office of Naperville is looking for residents to fill vacant volunteer positions on their Sister Cities Commission board and the Advisory Commission on Disabilities. The Sister Cities Commission aims to “foster international understanding and friendship by forging personal links through city-to-city affiliations.” This 15-member board is looking for two new members with backgrounds in education, finances, or special events and must commit to 7:00 p.m. meetings on the second Wednesday of every month. The Advisory Commission on Disabilities “is an advisory commission to assist, inform and advise the administrative and elected officials of the City on all matters pertaining to discrimination against individuals with disabilities.” They are seeking three to four new members who can commit to attending quarterly 6:30 p.m. meetings, starting in 2017, on the first Wednesday of February, March, August and November. Interested individuals should email trotze@naperville.il.us to apply and visit www.naperville.il.us for more information.

CATHY MALLERS & DEAN’S TEAM CHICAGO