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

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Newsletter articles from 2009

Alderson v. Fatlan: The Illinois Supreme Court’s riparian rights case By Richard F. Bales February 2009 An analysis of the Alderson v. Fatlan case, in light of the Illinois Supreme Court's recent opinion.
Beware the public way By Donna J. Pugh and Michael Cassata October 2009 To be fully prepared to handle the responsibilities of property maintenance, owners and managers must be aware of public way uses related to their property and the arduous process for obtaining or renewing a permit.
Beyond the title insurance policy: Protecting sellers of Illinois real estate By Michael J. Rooney September 2009 For purchasers and lenders, the new Standard CPL may suffice. For sellers, the new Standard CPL needs to be modified as described in this article. In either event, counsel can and should verify that the title agent has been properly registered with the Secretary, authorized to act as escrowee and that such authority has not been revoked or limited prior to the closing.
Case law update October 2009 A recent case of interest to real estate law practitioners.
Case law update By Adam B. Whiteman September 2009 Summaries of two recent cases of interest to real property attorneys. 
A comparison of the new Multi-Board Residential Real Estate Contract 5.0 (Year 2009 version) with the 4.0 version By Joseph R. Fortunato Jr. December 2009 In this outline I will attempt to review and contrast the Multi-Board Residential Real Estate Contract 5.0, approved or soon to be approved throughout the Chicago area, with the Multi-Board Residential Real Estate Contract 4.0, the so-called “Common Contract” currently in use.
The Cook County Board amends the Cook County Real Property Classification Ordinance By Leonard F. Amari, Vesna Marusic, and Katherine A. Amari April 2009 The changes with the newly adopted ordinance, as it is hoped by the enactors, would reduce the burden on homeowners the significant burden of the cost of government, but, arguably, real estate taxes will still result in property owners experiencing property tax increases. It is imperative to closely follow real property values and file annual assessment challenges to ensure reasonable taxation. Taxpayers have a host of remedies available in their attempt to reduce the assessment on their real property.
Defining the contours of subrogation By Samuel H. Levine June 2009 Four recent cases have addressed the contours of equitable and conventional subrogation in the context of refinancing mortgagees.
Distressed condominium property legislation By Joel L. Chupack October 2009 This is a major piece of litigation, empowering the courts with the heretofore non-existent power to authorize the sale of an entire condominium property. In short, the courts will have the power to appoint a receiver for the condominium property, and if the property is found to be distressed and not viable as a condominium, to de-convert it and sell the property as a whole.
Easing the mortgage foreclosure crisis: A proposed Part 18 to IMFL By Jeffrey G. Liss March 2009 This article suggests an approach that might ease Illinois' situation with respect to some foreclosures, and also offers a detailed draft statute to show how the proposed approach might be implemented.
Editor’s note By Michael L. English June 2009 An introduction to the issue from Editor Michael English.
Editor’s note By Michael L. English April 2009 An introduction to the issue from Editor Michael English. 
Editor’s note By Michael L. English March 2009 An introduction to the issue from Editor Michael English.
Editor’s note By Michael L. English February 2009 An introduction to the issue from Editor Michael English.
Editor’s note By Michael L. English January 2009 An introduction to the issue from Editor Michael English.
Evaluating bulk sales liability in real estate transactions By Larry N. Woodard January 2009 This article is intended to provide a real estate attorney with basic information to quantify the risk of bulk sales liability to its purchaser client so both the client and attorney can evaluate the legal and business ramifications in purchasing real estate with potential bulk sale burdens.
An examination of lease subordination issues in an economic downturn By David J. Alexander April 2009 If negotiating a lease as a tenant, tenant’s counsel or tenant’s broker, be certain that the basic language regarding subordination, non-disturbance and attornment is present and clearly stated so as to ensure that the tenant is adequately protected.
LEED in real estate By Margery Newman September 2009 Leadership in Energy and Environmental Design (“LEED”), also known as green building, is taking hold across the country. According to the National Association of Home Builders “between 40 percent and 50 percent of the homes built in 2010 are expected to be green.” Here's what you need to know.
Legislative update October 2009 A legislative note of interest to real estate law practitioners.
Need for a survey, a war story By Thomas Dalton February 2009 Everyone knows that as practitioners, we are oftentimes faced with a vast array of people in the real estate transactional practice who are not the normal residential homebuyers. 
Negotiating Loan Modifications for Clients By Tracie R. Porter and Michael W. van Zalingen June 2009 Homeowners need to know options are available when they find themselves having difficulty paying their mortgage. Whether the assistance comes through the lender/servicers or the federal government, homeowners need to know when to stay in the game and keep their homes, and when to count their losses and move out of a bad situation. Attorneys who are equipment with the information to help their clients will find that they can still provide real HOPE for continued home ownership for their clients.
Personal observations of 20 years with the Illinois mortgage foreclosure law By Jack H. Tibbetts January 2009 The author provides his insight as a member of the ISBA committee that helped draft the IMFL, and his review of the law 20 years after its adoption.
Phase I Environmental Site Assessments: The familiar stranger By Phillip R. Van Ness February 2009 An attorney charged with guiding his or her Illinois client through a Phase I doesn’t have to understand the science behind it (although that surely won’t hurt). But he or she does have to know whether the Phase I at least prima facie appears to comport with the essential elements of a valid Phase I. At this point, it may be advisable to secure the services of an environmental lawyer, but even a non-technically trained lawyer can put together a checklist that greatly increases the odds that the client will have a Phase I it can rely on.  
Reducing the risks associated with title agent closings By Adam B. Whiteman September 2009 Four suggestions to minimize the risk to seller clients.
Road map to closing on a co-operative apartment By Roberta C. Conwell June 2009 When the real estate practitioner encounters a co-op transaction for the first time, it is not a smooth ride. There are numerous roadblocks that pop up and you have to know how to get around them. This is not the same as selling a house or a condo. In the interest of saving yourself from having to re-invent the wheel, you can use the following roadmap as a starting point in your research.
Update regarding First-Time Homebuyer Tax Credit By Emily R. Vivian April 2009 As part of the American Recovery and Reinvestment Act of 2009, the first-time homebuyer credit is extended to principal residences purchased before December 1, 2009.
Using title insurance to avoid probate or ancillary administration By Christopher M. Tietz January 2009 The author provides a sample Affidavit for Title Insurance that he prepared himself, which can be very useful in both accelerating the closing of an estate and reducing the attendant costs.