New rules for guarantee funds under the Home Equity Assurance ActJuly 2015Illinois Law Update, Page 18Under the Home Equity Assurance Act, a governing commission and program which is coined by referendum under this Act, will maintain a "guarantee fund" to pay costs of administering the program and protecting members under the limitations and procedures of the Act.
Prescriptive easements do not require exclusive possessionDecember 2014Illinois Law Update, Page 572On September 18, 2014, the Illinois Supreme Court held that the "exclusivity" element for prescriptive easements does not require exclusive possession for the statutory period, overruling contrary first district cases.
Dual Agency in Real EstateBy Mark S. MathewsonNovember 2014Column, Page 554Like it or not, it's common for one agent to represent both buyer and seller.
“Residential real estate” redefined for transfer on death instrumentsOctober 2014Illinois Law Update, Page 472Residential condominium units as well as parking units or units specified by a declaration to be allocated to a specific residential condominium unit now fall under the penumbra of "residential real estate" in the Illinois Residential Real Property Transfer on Death Instrument Act.
Property tax bills going digitalJuly 2014Illinois Law Update, Page 320Upon written request from a property owner, township and county tax collectors may now email property owners their tax bills.
Condo unit owners can’t withhold paymentBy Janan HannaJune 2014LawPulse, Page 266Condo unit owners may not withhold assessments even if the condo association fails to make repairs and perform maintenance, a divided Illinois Supreme Court rules.
New real estate appraiser licensing requirementsFebruary 2014Illinois Law Update, Page 68The Illinois Department of Financial and Professional Regulation adopted amendments regarding real estate appraiser licensing. 68 Ill. Adm. Code 1455 (eff. Dec. 31, 2013).
New application requirements for title insurance agent registrationJanuary 2014Illinois Law Update, Page 16Applicants for registration as title insurance agents will now have new requirements as part of their application. Whether the applicant is a person, firm, or other type of business organization, they must submit a signed and notarized affidavit affirming that the applicant, or any member, officer, or manager thereof, has never been convicted of or pled guilty to a felony, or a misdemeanor related to thievery or dishonesty.
No license needed to perform valuation waiversJanuary 2014Illinois Law Update, Page 16Employees of the Illinois Department of Transportation ("IDOT") without a state real estate appraisal license may now perform valuation waivers if they have: (1) completed at least forty-five hours of course work in real estate appraisal; and (2) have had at least two years of experience in a field "closely related to real estate."
Additional fees for recording a document affecting a real property interest. PA 098-0005August 2013Illinois Law Update, Page 392To record a document affecting a real property interest, not including documents solely related to easements for water, sewer, electricity, gas, telephone, or other public services, the filer of the document (excluding a state agency, local government, or school district) will be charged $1 per document by the recorder. 55 ILCS 5/3-5018.
Fracking Comes to IllinoisBy Leonard S. Kurfirst and Colin P. O’DonovanAugust 2013Article, Page 404What exactly is fracking? How big an impact might it have in Illinois? This article reviews the process and the new state law.