Publications

Section Newsletter Articles on Real Property

Is your client’s money safe? What constitutes secure funds for your clients in a 1031 exchange? By Stephen A. Wayner and Christopher Princis Real Estate Law, January 2008 For attorneys whose clients invest in properties, safety of funds is a fundamental aspect of a 1031 Exchange strategy.
Legislative report 95th General Assembly • Spring 2007 Session By James K. Weston, Sr. Real Estate Law, January 2008 The General Assembly Spring 2007 Session continues as this is written.
E-alert—Rental equipment liens By Margery Newman Real Estate Law, December 2007 On August 17, 2007, Governor Rod Blagojevich signed into law an amendment to the Illinois Mechanics Lien Act, Section 1.2 permitting liens for equipment rental.
Editor’s note By Gary R. Gehlbach Real Estate Law, December 2007 A reader of this publication recently posed this question: “I have some clients who hold a life estate in some farm land on which is a farm house which they rent out.
Legislation of interest to real estate practitioners: 2007 Session of the 95th General Assembly By Marylou Lowder Kent Real Estate Law, December 2007 To view Public Acts in their entirety, please go to the Illinois General Assembly Web site (http://www.ilga.gov).
Answers to the June issue Practical Problems By Robert Duffin and Myles Jacobs Real Estate Law, November 2007 The June issue raised two practical problems in residential real estate transactions.
Editor’s note By Gary R. Gehlbach Real Estate Law, November 2007 The typical illicit use of the first of the nine Plat Act exemptions (“The division …of land into…tracts of 5 acres or more…which does not involve any new streets or easements of access”) is a split of land that does, in fact, involve an access easement, expressed or implied.
ISBA Ethics Advisory Opinion 94-1 Real Estate Law, November 2007 This opinion is also available at http://www.isba.org/sites/default/files/ethicsopinions/94-01.pdf.
ISBA Opinion 94-1: The essential role of the lawyer in real estate transactions By Peter J. Birnbaum and Stephen J. Bochenek Real Estate Law, November 2007 In July of 1994, the ISBA Professional Conduct Committee issued Opinion 94-1.
Legislative update: Ten new Public Acts that affect general practice By J.A. Sebastian General Practice, Solo, and Small Firm, November 2007 The following is a summary of recent legislative action of interest to members of the ISBA General Practice, Solo, and Small Firm Section.
Editor’s note By Gary R. Gehlbach Real Estate Law, October 2007 The Plat Act (765 ILCS Act 205) is a much-used source of reference and a guide for many real estate projects for my clients.
Illinois practitioners beware: Florida Documentary Stamp Tax and Intangible Tax By Lu-Ann Dominguez and Michael S. Schimmel Real Estate Law, October 2007 Over the past decade the number of multi-state real estate transactions throughout the United States has significantly increased.
Overview of attorney review cases By Joseph R. Fortunato, Jr. Real Estate Law, October 2007 Contract forms have contained clauses described variously as “Attorney Approval,” “Attorney Modification,” “Attorney Disapproval” and “Attorney Review.”
When a foreclosure sale preempts mortgagor’s right to sell By Gary R. Gehlbach Commercial Banking, Collections, and Bankruptcy, October 2007 In Household Bank, FSB, v. Lewis et al., the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.
Editor’s note By Gary R. Gehlbach Real Estate Law, September 2007 Summer vacation is over so it’s back to work, although I don’t recall a busier summer in the office.
Liability for construction claims By Margery Newman Real Estate Law, September 2007 The construction industry is rife with situations in which one party may become liable to or for another party in the construction process.
Severing a tripartite joint tenancy By Gary R. Gehlbach Real Estate Law, September 2007 In law school we learned about the creation of joint tenancies and the four unities: time, title, interest and possession.
When a foreclosure sale preempts mortgagor’s right to sell By Gary R. Gehlbach Real Estate Law, September 2007 In Household Bank, FSB, v. Lewis et al., 311 Ill.Dec. 677, 869 N.E.2d 351, the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.
Does size matter? Homestead and Tenancy by the entirety By Richard F. Bales Real Estate Law, August 2007 Are there limits to the size and nature of a married couple’s homestead that can be owned as tenants by the entirety?
Editor’s note By Gary R. Gehlbach Real Estate Law, August 2007 Some of you may remember Mike Rooney, who was (and still is) quite involved in real estate matters, especially title matters and professionalism.
Related-party exchange approved By Gary R. Gehlbach Real Estate Law, August 2007 In the August 2006 issue of this publication, I outlined a procedure for a related party tax-deferred exchange, actually sanctioned by Congress (Vol. 52, No. 1).
Case law update By Samuel H. Levine Real Estate Law, July 2007 Recent cases of interest to real property practitioners.
Editor’s note By Gary R. Gehlbach Real Estate Law, July 2007 This mid-summer issue features several articles that the readers will, hopefully, find informative.
The Series LLC By Jason Barickman Real Estate Law, July 2007 Business owners, particularly those owning rental real estate or small businesses, often organize limited liability companies (LLCs) to own assets and insulate them from personal liability.
Vacation homes and Section 1031 By Gary R. Gehlbach Real Estate Law, July 2007 Section 1031 of the Internal Revenue Code and the Regulations promulgated thereunder rather clearly provide that eligible property must be “held for productive use in a trade or business or for investment.”
Attorney General Opinion restricts county recorders By Howard Samson Real Estate Law, June 2007 In the portion of this author’s article on land split considerations dealing with the Plat Act, which appeared in the February 2007 issue of this newsletter, it was stated that the Attorney General’s office was in the process of determining “whether the provisions of 765 ILCS 205/5a are broad enough to allow a county Recorder to require” that a Plat Act affidavit accompany every submitted deed, even one wherein the legal description was an undivided lot in an existing subdivision.
Editor’s note By Gary R. Gehlbach Real Estate Law, June 2007 In the last issue of this publication (April 2007, Vol. 52, No. 8) I suggested misgivings about the routine use of the general warranty deed and the casual reference to the quitclaim deed as a panacea for all real property ills.
Practical problems in residential transactions By Myles Jacobs and Robert Duffin Real Estate Law, June 2007 Two realistic scenarios that practitioners must be aware of.
Editor’s note By Gary R. Gehlbach Real Estate Law, April 2007 The unauthorized practice of law is alive and not so well, causing problems for many unsuspecting consumers.
Letter to the Editor By Darrell Dies Real Estate Law, April 2007 As a solo practitioner from central Illinois, I enjoyed reading the March 2007 ISBA Real Property newsletter and wanted to briefly comment on a couple points.