Legal Question in Real Estate Law in Illinois

real estate agent and friend

can a real estate agent and friend by 9 homes in same town with friends name as owner occupied on all of them? His friend has his own home.

Asked on 5/18/09, 1:48 pm

1 Answer from Attorneys

Thomas Moens Moens Law Offices, Chartered

Re: real estate agent and friend

I'm not sure exactly what you are asking, but an individual can have only one principal residence. If they are getting financing, and representing to the lender that the properties are owner occupied, someone(s) is committing fraud. Likewise, if they are representing to the county that the properties are owner occupied, there is likely fraud involved.

Read more
Answered on 5/18/09, 2:07 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois