Section Newsletter Articles on Real Property

Essentials for a smooth closing: Part II—Condominium resales By Joel L. Chupack Real Estate Law, October 2008 The closing of a condominium resale entails additional considerations and a lot more interfacing with other entities than exist with the typical single-family home resale.
Navigating the short sale By Adam B. Whiteman Real Estate Law, October 2008 Your client has fallen behind in his mortgage payments and is served with a foreclosure complaint.
Recent decisions in real estate tax cases By Timothy E. Moran State and Local Taxation, October 2008 Two recent cases of interest to practitioners.
A tax on real estate transfers pursuant to divorce—In Chicago now and coming soon to a municipality near you!! By Barbara Downs Family Law, October 2008 We recently had a horrendous case involving the enforcement of the Chicago Real Estate Transfer Tax in an old divorce case. First, some background.
Editor’s note By Gary R. Gehlbach Real Estate Law, August 2008 For several decades I have steadfastly declined to prepare an installment contract for deed, only rarely and begrudgingly relenting.
Essentials for a smooth real estate closing By Tracie R. Porter Real Estate Law, August 2008 In order for a smooth closing to occur, all parties involved must be aware of their responsibilities for the closing, including what documents to bring or to send to the closing, what conditions need to be met prior to and at closing, and what the expectations are of the other parties involved in the transaction.
Final regs concerning funds used during § 1031 Exchanges of Like-Kind Property By Emily R. Vivian Real Estate Law, August 2008 After issuing several proposed regulations, the IRS has now issued final regulations concerning the treatment of income earned on like-kind exchange funds before the transaction has closed.
From the Chair By Gary R. Gehlbach Real Estate Law, July 2008 Perversely relishing the stress and frustration that every day (indeed, every hour or every few minutes) seems to bring, I secretly confess that I love the practice of law.
Public Act 095-0691: A mortgage crises remedy? By Kenneth E. Davies Real Estate Law, July 2008 This article will discuss the highlights of Public Act 095-0691 and will try to pose the basic question: How much of this new law is designed to solve the problems of the present and the past and how much of the new law is nothing more than a knee jerk reaction to a problem brought on by over-exuberate lenders and consumers?
Random thoughts on tenancy by the entirety By Richard F. Bales Real Estate Law, July 2008 Attorneys who represent home owners in mortgage foreclosure proceedings will routinely parse their clients’ real estate documentation, looking for defects or issues that they can use for their advantage. It seems clear that tenancy by the entirety might be a new (and potentially lethal) weapon in the arsenals of these attorneys.
Editor’s note By Gary R. Gehlbach Real Estate Law, June 2008 Congratulations! With considerable support from highly qualified authors, we have now published 12 issues this fiscal year, a record!
Letter to the editor By Mary Lin Nicholson Real Estate Law, June 2008 My first reaction was how can the ward’s guardian be both her aunt and her niece?
A problem, a solution and a new malpractice standard? By Michael J. Rooney Real Estate Law, June 2008 As an ongoing Michigan case illustrates, any attorney who allows a client, whether seller or buyer, to close with a title agent (instead of with the title insurance company) without insisting upon a CPL for the client ought to be held liable for malpractice.
Recent procedural developments in real property taxation By Jacqueline Gianneschi State and Local Taxation, June 2008 Recent cases of interest to real estate tax practitioners.
Editor’s note By Gary R. Gehlbach Real Estate Law, May 2008 Most of us remember the remark of the gentleman pointing to the man in the casket and remarking: “Brothers and sisters I have none.
Editor’s note By Gary R. Gehlbach Real Estate Law, April 2008 The March 2008 issue of this newsletter featured an article by Adam Whiteman about the Illinois Home Repair and Remodeling Act and recent appellate decisions addressing the impact of that Act.
New changes to IRC rules on vacation-second homes and 1031 Exchanges By Stephen A. Wayner and Claudia Kiernan Real Estate Law, April 2008 Most tax practitioners serve clients who own vacation-second homes.
No more appraisals ordered by mortgage brokers after 12/31/08 By Carol Klima Martin Real Estate Law, April 2008 During the recent slowdown in the real estate market, we have been hearing a lot about “predatory loans” and “inflated values.”
Vacation homes and Section 1031 By Gary R. Gehlbach Real Estate Law, April 2008 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.”
Does size matter? Homestead and Tenancy by the entirety By Richard F. Bales Commercial Banking, Collections, and Bankruptcy, March 2008 An update to the author's original article that appeared in the February 2005 issue of Real Property.
Editor’s note By Gary R. Gehlbach Real Estate Law, March 2008 The Bar Association’s fiscal year is July 1 through June 30, and this newsletter, as well as the other ISBA publications, follow this cycle.
Residential contractors (and subcontractors) BEWARE! The Home Remodeling and Repair Act prevents mechanic’s liens on a residence when there is an oral contract for work that exceeds $1,000 By Adam B. Whiteman Real Estate Law, March 2008 In January of 2000, a law went into effect that makes it unlawful for any person engaged in the business of home repairs and remodeling to remodel or make repairs or charge for remodeling or repair work over $1,000 without first obtaining a signed contract or work order.
Short sales: a primer By Gary R. Gehlbach Real Estate Law, March 2008 With the housing market severely distressed in some areas and mortgage foreclosures at record highs, the role of the real estate attorney has expanded.
2007 Amendments to ILCS 770 60/23 – The Public Lien Act – Public Act 095-0274 By Julius Shapiro Real Estate Law, February 2008   The following is a brief summary of the changes that became law. The changes, except for the definition of unit of local government as set forth hereinafter, apply to both the state and local governmental work.
Editor’s note By Gary R. Gehlbach Real Estate Law, February 2008 The ISBA/CBA Joint Committee on Ethics 2000 has developed and presented new Rules of Professional Conduct to the Illinois Supreme Court.
Life Estate Transaction legal considerations By Alan E. Stumpf Real Estate Law, February 2008 Frequently a lawyer is contacted by a client proposing various types of life estate and gift transactions for real estate.
Should a utility company be responsible for property taxes on a utility easement? By Francis W. O’Malley Real Estate Law, February 2008 Most properties are encumbered by easements of utilities or regulated entities, such as gas, power or telecommunications easements.
Supreme Court settles dispute between appellate districts By Gary R. Gehlbach Real Estate Law, February 2008 As reported in my Editor’s note in the February 2007 issue (Vo. 52, No. 6), the issue of whether a real estate tax proration merges with the deed has depended on the appellate district.
Editor’s note By Gary R. Gehlbach Real Estate Law, January 2008 In case you missed Marylou Lowder Kent’s excellent summary of recently passed Illinois legislation (December 2007, Vol. 53, No. 6), Jim Weston has provided another summary.
General overview of hotel acquisitions in Illinois By Tal Izraeli Real Estate Law, January 2008 An overview of the many issues unique to hotel deals as opposed to a “vanilla” real estate deal.