Section Newsletter Articles on Real Property

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.
Editor’s note By Gary R. Gehlbach Real Estate Law, March 2007 This issue presents a look inside the workings of the Real Estate Law Section Council, the members of which are listed in this publication.
FSIA applied retroactively and subsequent commercial use of expropriated property does not qualify for the “commercial exception” By Paul J. Carrier International and Immigration Law, March 2007 The Second Circuit ruled that the U.S. courts did not have subject matter jurisdiction over claims of Jewish persons and entities for the return of real property taken by Polish authorities shortly after the Second World War.
Letter to the Editor By Ronald J. Guild Real Estate Law, March 2007 Please accept a friendly response from a past editor.
Mentors: You can learn a lot from crash dummies and other ruminations By William J. Anaya Real Estate Law, March 2007 As a young lawyer, one of my mentors nominated me to the Illinois State Bar Association’s Real Estate Law Section Council.
Solving the problem of the over-inclusive deed By Robert Duffin and Myles Jacobs Real Estate Law, March 2007 In the fact situation presented last month, the trustee suggested that the deed be rerecorded to delete any reference to the metes and bounds description in order to solve the ambiguity. All too often this approach is used and causes many problems.
Ethical and professional concerns By Robert Duffin and Myles Jacobs Real Estate Law, February 2007 Two scenarios that challenge practitioners' ethics.
Land split considerations: The Plat Act By Howard Samson Real Estate Law, February 2007 Note: This article is an excerpt from and adaptation of a comprehensive article by Mr. Samson, in which the author addresses, in addition to the Plat Act, county and municipal plat provisions, general county and municipal zoning provisions, affirmations and disavowals, broker’s representations, inadvertent consolidation, access, and other land-split matters.
Pay yourself in residential real estate transactions By Peter R. Olson Real Estate Law, February 2007 The author lists 10 factors whereby you can directly fatten your client’s checkbook during your next real estate transaction.
Real estate investment in Romania By Sorina Tira International and Immigration Law, January 2007 It is a fact! Romania will become a member of the European Union on January 1, 2007.
Update from the 94th General Assembly By James K. Weston Real Estate Law, November 2006 The General Assembly concluded the Spring 2006 Session in May, over a month after the initially announced end of session, April 7.
A comparison of the new Multi-Board Residential Real Estate Contract 4.0 (Year 2006 version) with the 3.0 version By Joseph R. Fortunato Real Estate Law, August 2006 In this outline the author attempts to review and contrast the Multi-Board Residential Real Estate Contract 4.0, approved or soon to be approved throughout the Chicago area, with the Multi-Board Residential Real Estate Contract 3.0, the so-called “Common Contract” currently in use.
Title, legal, ethical and other real estate issues By Robert Duffin and Myles Jacobs Real Estate Law, May 2006 On a periodic basis, this newsletter will present real issues encountered by real estate attorneys.
How to reduce the real estate taxes on your home By Katherine A. Amari Young Lawyers Division, April 2006 Homeowners may contest their real estate taxes with the local taxing officials; the Cook County Assessor’s Office and the Cook County Board of Review.
Supreme Court decides that title insurers are not in the business of supplying information when they issue title commitments and title insurance policies By J. Michael Williams Real Estate Law, April 2006 On January 20, 2006, the Illinois Supreme Court unanimously ruled that title companies in Illinois are not liable for negligent misrepresentation when, in the course of issuing title commitments and title insurance policies, they do not disclose liens, restrictions, or other title matters affecting the real property in question.
What is a title company’s product? By Greg C. Anderson Real Estate Law, April 2006 Gertrude Stein wrote “[A] rose is a rose is a rose.” The Illinois Supreme Court’s unanimous opinion in First Midwest Bank v. Stewart Title Guaranty Company can be summed up in a similar fashion: “A title commitment/policy is a title commitment/policy is a title commitment/policy.”
Application of the Construction Statute of Limitations By Margery Newman Real Estate Law, March 2006 In Prate Installations, Inc., v. Thomas, the Illinois Second District Court of Appeals held that the four-year limitations period contained in the Construction Statute of Limitations, 735 ILCS 5/13-214(a), cannot be used by a homeowner as an affirmative defense to an action by a contractor for non-payment under a construction contract.
A casenote: First Midwest Bank v. Stewart Title Guaranty Company By Shekar Adiga Real Estate Law, February 2006 The court in First Midwest Bank, N.A. v. Stewart Title Guaranty Company, held that the issuance of a title commitment is not the sale of information concerning the state of title and therefore did not fall within the negligent misrepresentation exception to the Moorman Doctrine.
Reconsidering environmental considerations in commercial real estate transactions—2006: New alternatives and new opportunities for clients By William J. Anaya Environmental Law, February 2006 Environmental cleanup liability has been a consideration in commercial real estate transactions for the past two and one-half decades, but the law’s response to that stimulus has changed significantly in just the past few years.
Special Service Areas and Special Assessment Areas—A growing trend in financing of public improvements for new construction By Christian Spesia Real Estate Law, February 2006 In the late 1990s, two changes in the law combined to create an easier, cheaper source of capital that developers can utilize to fund various public purpose infrastructure improvements in residential and other developments.
Buyer’s remedies in the fraudulent sale of residential property By Donald A. LoBue General Practice, Solo, and Small Firm, December 2005 The courts continue to expand buyers’ remedies regarding the purchase of homes.
The doctrine of merger: Real estate contracts and tax prorations By Steven B. Bashaw Real Estate Law, November 2005 The law in Illinois is well settled that the doctrine of merger provides that in the absence of an express provision otherwise in a contract, all agreements between a buyer and seller of real estate that are not “collateral and independent” of the deed merge into the deed when it is delivered to the buyer at closing and cannot thereafter be a basis for a cause of action.
Legislative update By James K. Weston, Sr. Real Estate Law, November 2005 The General Assembly adjourned its Spring Session at the last minute of May, only a few days after its original scheduled end.
The Series LLC: new Illinois law provides avenue for asset protection By Ted M. Niemann, Sr. and Melinda S. Madison Real Estate Law, November 2005 Asset protection is a concern to many real estate clients. In various situations, asset protection is not only beneficial but often necessary for businesses to thrive and survive or for investments to truly pay off.
Unresolved issues concerning tenancy by the entirety By Richard F. Bales Real Estate Law, February 2005 Since 1990 married couples have had the option of owning their marital home as tenants by the entirety (735 ILCS 5/12-112; 750 ILCS 65/22; 765 ILCS 1005/1c).