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.
County recorders can investigate fraud, bill providesBy Adam W. LaskerJuly 2013Lawpulse, Page 330The controversial bill would empower recorders to red-flag deeds and other documents that appear fraudulent. Wary real estate practitioners have a wait-and-see attitude.
Home rule rules, says the Illinois Supreme CourtBy Adam W. LaskerJune 2013Lawpulse, Page 278Ordinances enacted by home rule municipalities trump state statutes unless the state expressly exercises exclusive control, the supreme court rules in a condo case.
Court clarifies standards for confirmation of levy salesApril 2013Illinois Law Update, Page 176On January 22, 2013, the Illinois Appellate Court, First District, held that a levy sale of an undivided half-interest in a single-family home for $120,000 less than its appraised value was not unconscionable or unjust.
Real Estate and Avoiding Probate: The Case for Land TrustsBy David J. LanciottiFebruary 2013Article, Page 86While both land trusts and transfer on death instruments allow residential real estate to transfer outside probate, the land trust has important advantages for some clients, this author argues.
Real Estate and MalpracticeBy Karen ErgerDecember 2012Column, Page 662Real estate law now generates more claims than any other practice area.
Eminent Domain: A New Valuation TimetableBy James M. Wagner and Patrick J. KellySeptember 2012Article, Page 486A recent case holds that compensation must reflect the value of the property when the payment is made, not earlier when the condemnation complaint was filed.
New cases every real-estate lawyer should readBy Adam W. LaskerSeptember 2012Lawpulse, Page 458Real-estate practitioners should be sure to read recent decisions on the duty of title insurers, the content of mortgage documents, and recording of deeds and mortgages.
Three Title Insurance Traps for Real Estate LawyersBy Michael J. RooneyMarch 2012Article, Page 146Closing protection letters, the Form DS-1 disclosure, and key 2010 revisions to the Rules of Professional Conduct are potential pitfalls for real estate lawyers.