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Real Estate LawThe newsletter of the ISBA’s Section on Real Estate Law

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Newsletter articles from 2008

2007 Amendments to ILCS 770 60/23 – The Public Lien Act – Public Act 095-0274 By Julius Shapiro 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 Michael L. English December 2008 The current edition of the Real Estate Section Counsel Newsletter provides a compilation of materials of general interest to the real estate practitioner.
Editor’s note By Michael L. English October 2008 As some of you may know, Gary Gehlbach has been appointed to the position of Chairman of the Real Estate Law Section Council.
Editor’s note By Gary R. Gehlbach August 2008 For several decades I have steadfastly declined to prepare an installment contract for deed, only rarely and begrudgingly relenting.
Editor’s note By Gary R. Gehlbach June 2008 Congratulations! With considerable support from highly qualified authors, we have now published 12 issues this fiscal year, a record!
Editor’s note By Gary R. Gehlbach 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 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.
Editor’s note By Gary R. Gehlbach 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.
Editor’s note By Gary R. Gehlbach February 2008 The ISBA/CBA Joint Committee on Ethics 2000 has developed and presented new Rules of Professional Conduct to the Illinois Supreme Court.
Editor’s note By Gary R. Gehlbach 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.
Essentials for a smooth closing: Part II—Condominium resales By Joel L. Chupack 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.
Essentials for a smooth real estate closing By Tracie R. Porter 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 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 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.
General overview of hotel acquisitions in Illinois By Tal Izraeli January 2008 An overview of the many issues unique to hotel deals as opposed to a “vanilla” real estate deal. 
Guidelines for buyer’s review of new construction contracts By David Vlcek June 2008 While no two new construction contracts are the same, there are enough similarities in new construction contracts commonly used in Illinois to make it possible to provide a set of concrete notes and suggestions to lawyers representing buyers.
Is your client’s money safe? What constitutes secure funds for your clients in a 1031 exchange? By Stephen A. Wayner and Christopher Princis January 2008 For attorneys whose clients invest in properties, safety of funds is a fundamental aspect of a 1031 Exchange strategy.
Legislative report By James K. Weston, Sr. and MaryLou Lowder Kent December 2008 The second year of the 95th General Assembly was again one of the most active periods in legislative history.
Legislative report 95th General Assembly • Spring 2007 Session By James K. Weston, Sr. January 2008 The General Assembly Spring 2007 Session continues as this is written.
Letter to the editor By Mary Lin Nicholson June 2008 My first reaction was how can the ward’s guardian be both her aunt and her niece?
Life Estate Transaction legal considerations By Alan E. Stumpf February 2008 Frequently a lawyer is contacted by a client proposing various types of life estate and gift transactions for real estate.
Navigating the short sale By Adam B. Whiteman October 2008 Your client has fallen behind in his mortgage payments and is served with a foreclosure complaint.
New changes to IRC rules on vacation-second homes and 1031 Exchanges By Stephen A. Wayner and Claudia Kiernan April 2008 Most tax practitioners serve clients who own vacation-second homes.
New construction dilemma / Ethical issue scenario By Robert Duffin and Myles Jacobs December 2008 An owner of a large lot located in a recorded subdivision desires to subdivide the lot into two lots and construct a residence on each lot.
No more appraisals ordered by mortgage brokers after 12/31/08 By Carol Klima Martin April 2008 During the recent slowdown in the real estate market, we have been hearing a lot about “predatory loans” and “inflated values.”
On the Waterfront: An Illinois Water Law Trilogy By Richard F. Bales May 2008 Illinois has had a number of significant “water law” cases in recent years.
President-Elect Obama’s proposed rise in capital gains doesn’t mean you will pay more taxes when you sell your home By Michael S. Schimmel December 2008 Your stocks are worthless and your retirement plan is virtually nonexistent.
A problem, a solution and a new malpractice standard? By Michael J. Rooney 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.
Public Act 095-0691: A mortgage crises remedy? By Kenneth E. Davies 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 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.