PACE program shows why the Anti-Predatory Database is needed

Realty Check

By Erica Minchella

Erica Crohn Minchella, is the head of the boutique real estate firm of Minchella & Associates, Ltd., handling residential and commercial real estate transactions and litigation such as foreclosure defense, quiet title, and partition actions. erica@ecminchellalaw.com

Posted August 3, 2021 11:28 AM

When I go through figures during a purchase transaction, I tell buyers that the $50-$150 fee that they pay for the anti-predatory lending certificate is required by the state of Illinois before a deed can be recorded. Mostly, this fee applies to Cook County residential real estate transactions.In the past, when we get to the actual certificate in the loan package during a closing, I sarcastically tell buyers that they paid “x” dollars for that single sheet. After learning about the Federal Government’s PACE-sponsored loan …

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