Flood plain drowns couple's hopes of raising some cash off land

Q. My wife inherited a fairly large vacant piece of property. We would prefer not to sell it now because of the market but we could really use some cash.

We tried to get a loan against the property but we were told the property is in a flood plain. We're also told that with the property in a flood plain, no one will give us a loan on the property.

My wife remembers her father having plans to develop the property a few years ago and there was no mention then of the property being in a flood plain. How can we check for ourselves if the property is in a flood plain or not?

"factboxtextbold12col" Hire a surveyor to perform a topographic survey. A topographic survey will delineate the elevations on the property every few feet. The survey will also illustrate which, if any, part of the property is located in a flood plain. Almost any licensed surveyor can perform this work for you.

Q. Me and a friend are considering purchasing a property to rehab and sell. My friend has had numerous health issues over the years and my worst fear is for something to happen to him during the project and then having to deal with his wife, who is nuts and is one of those people who knows how to do everything better than you.

Any ideas on how I can set this up so in the unfortunate event something happens to my friend, I can complete the project on my own without interference with his wife?

"factboxtextbold12col" There are numerous ways to accomplish this. The property can be conveyed into a land trust. A land trust agreement is created which indicates each parties interest in the property and could dictate what would occur in the event of your friend's incapacitation or death. The agreement might state that in the event your friend cannot continue with his duties under your agreement, you alone would complete the project and the profits or losses would be divided a certain way.

Another option would be a joint venture agreement. Again, each party's interest in the property is indicated as well as the obligations of each party regarding the work to be done. Finally, the agreement would provide for the disbursement of profits or losses upon the sale of the property. The agreement could further provide for what would occur in the event your friend could not continue in the project.

I strongly suggest you speak to a real estate attorney before proceeding any further on your project.

Q. When can I file a complaint about my real estate taxes?

"factboxtextbold12col" Depending on the county you reside in, usually sometime during the fall you will receive a postcard which will indicate last year's (2008) and this year's (2009) assessed valuation of your property. You then have 30 days to file a complaint, based upon either that the assessed valuation is too high in relation to the property's market value or that the valuation is too high in relation to similar properties in your area.

The mechanics of filing a complaint are fairly simple and most counties have Web sites to walk you through the process. You can also hire an attorney to file the complaint and argue on your behalf, however, most residential property owners seem to be able to handle it themselves.

•Send your questions to Attorney Tom Resnick, 345 N. Quentin Road, Palatine IL 60067, by e-mail to tdr100@hotmail.com or call (847) 359-8983.