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Illinois Bar Journal

 

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Articles on Real Estate Law

Borrower not entitled to set-off on deficiency judgment when bank resells house for more than purchase amount September 2016 Illinois Law Update, Page 18 On June 28, 2016, the Second District of the Illinois Appellate Court held that borrowers could not receive a set-off against a deficiency judgment when the bank purchased their home at auction after a foreclosure and subsequently sold it for a higher amount.
From the Discussions - How can I preserve my client’s mortgage insurance? September 2016 Article, Page 45 Q. My client is on the mortgage for her home but not on the deed - only her now-deceased husband is. How can I preserve the mortgage insurance after his death?
Reasonable description of land is sufficient for condemnation September 2016 Illinois Law Update, Page 18 On June 30, 2016, the Appellate Court of Illinois held that the circuit court did not err in finding that the Illinois State Toll Highway Authority was authorized to condemn land around I-90.
Condominium Act bills make life simpler for condo board members By Matthew Hector August 2016 LawPulse, Page 12 Among other proposed changes, the legislation would allow condominium boards to hold closed meetings in a wider set of circumstances.
Lawyers who offer mortgage modification help can be sued for redlining By Matthew Hector June 2016 LawPulse, Page 12 A recent first district ruling holds that redlining discrimination actions can be brought against lawyers and others who purport to provide loan modification assistance.
Condominium managerial boards may conduct meetings electronically and may ratify emergency actions May 2016 Illinois Law Update, Page 16 Under these amendments to the Condominium Property Act, condominium association bylaws must now permit board members to participate in any meeting of the board of managers (the "Board") either in person or by use of any acceptable technological means.
Overturning Mendelson: Bill would forbid conveying real estate to trust without deed By Matthew Hector May 2016 LawPulse, Page 10 Proposed legislation would amend the Trusts and Trustees Act to require that all transfers of property into a trust be evidenced by a written conveyance and acceptance by the trustee.
Condominium purchaser in foreclosure sale must pay subsequent common expenses to association to extinguish lien resulting from prior owner’s failure to pay March 2016 Illinois Law Update, Page 26 On December 3, 2015, the Illinois Supreme Court held that the mortgagee purchasing a condominium in a foreclosure sale failed to confirm the extinguishment of the condominium association's lien, which was created when the prior unit owner did not make common expense payments.
New pilot program requires documents to be recorded against a property in foreclosure by judicial order only February 2016 Illinois Law Update, Page 18 Under this new section to the Counties Code, counties with over 3,000,000 people must establish a pilot program that permits documents to be recorded against a property in foreclosure by judicial order only.
Proposed amendments to the Real Estate License Act of 2000 February 2016 Illinois Law Update, Page 18 The Department proposed amendments to the Real Estate License Act of 2000 clarifying the educational requirements for transferring licensees.
Give home-buyer clients a reality check about inspections January 2016 Article, Page 33 Make sure your clients know up front the limited scope of home inspections so they don't blame you when they can't recover for undisclosed defects.
Private parties can bring suit for violations of § 13-72-030 of the Chicago Municipal Code January 2016 Illinois Law Update, Page 18 Plaintiffs sued LAB Townhomes alleging: (1) breach of the implied warranty of habitability; (2) fraud; (3) negligence; (4) breach of section 13-72-030 of the Chicago Municipal Code's prohibition against misrepresenting material facts in the course of marketing and selling real estate; and (5) breach of a fiduciary duty.
The Right of Redemption in a Mechanics Lien Foreclosure By Adam Whiteman January 2016 Article, Page 46 When a property subject to only a mechanics lien is sold at a sheriff's sale, the law grants an owner six months after the sale to redeem. Note this when drafting final orders in a foreclosure case.
Repealed housing development regulations December 2015 Illinois Law Update, Page 18 The Development Authority repealed outdated programs pertaining to single-family mortgage purchases. 47 Ill. Adm. Code 220 and 250 (eff. July 24, 2015).
House can be transferred to trust without deed, appellate court rules By Matthew Hector November 2015 LawPulse, Page 14 The Illinois Appellate Court in Mendelson held that when a trust instrument lists a house as part of the trust, the house belongs to the trust even if the deed was not formally transferred there. Critics worry the ruling could put unsuspecting purchasers at risk.
Can a trustee convey title to real property using a warranty deed instead of trustee’s deed? October 2015 Article, Page 22 Can a trustee convey title using a warranty, not a trustee's, deed?
Using Letters of Intent in Commercial Real Estate Negotiations By Stephen J. Siegel October 2015 Article, Page 42 When you're negotiating commercial real estate transactions, letters of intent can help define significant points of agreement before a formal contract is signed. But use them with care.
New renewal timeline for residential mortgage licenses September 2015 Illinois Law Update, Page 18 The Residential Mortgage License Act of 1987 has been amended, establishing a uniform renewal deadline and striking fee assessments for noncompliance.
New Residential Real Estate ‘Consummation’ Rules By Timothy A. Slating September 2015 Article, Page 24 New regulations will have a big impact on real estate lawyers.
New rules for guarantee funds under the Home Equity Assurance Act July 2015 Illinois Law Update, Page 18 Under the Home Equity Assurance Act, a governing commission and program which is coined by referendum under this Act, will maintain a "guarantee fund" to pay costs of administering the program and protecting members under the limitations and procedures of the Act.
Probate and ‘Underwater’ Real Estate: The Promise of LaPlume By Fredric Bryan Lesser and Jeffrey P. O’Kelley June 2015 Article, Page 24 A groundbreaking appellate case holds that probate courts can sell an estate's "underwater" real property free and clear of all liens, including mortgage liens.
Buyer Beware: Advising Condominium Owners in Illinois By Damon Ritenhouse May 2015 Article, Page 24 Pointers for representing condo owners and prospective purchasers, particularly in light of the Illinois Supreme Court's recent Spanish Court ruling.
Real estate bills raise concerns among ISBA section councils By Matthew Hector May 2015 LawPulse, Page 10 Pending Illinois House and Senate bills could adversely affect condominium owners and contractors, among others.
Real estate owners may bring an action to extinguish an omitted subordinate interest on the property February 2015 Illinois Law Update, Page 18 A holder of a certificate of sale on a piece of real estate, or any person who acquired title to a piece of real estate pursuant to 735 ILCS 5/15-1509, now has a right to file a strict foreclosure complaint upon discovering the real estate is subject to an omitted subordinate interest.
The Top 10 Things to Do Before Your First Residential Real Estate Transaction By Heather M. Fritsch February 2015 Article, Page 22 Hoping to represent home sellers and buyers? Taking these steps at the outset will help you get off to a smooth start.
Limits on condominium managerial board access to courts are void January 2015 Illinois Law Update, Page 16 The Condominium Property Act is amended to protect certain rights of condominium managerial boards.
Prescriptive easements do not require exclusive possession December 2014 Illinois Law Update, Page 572 On September 18, 2014, the Illinois Supreme Court held that the "exclusivity" element for prescriptive easements does not require exclusive possession for the statutory period, overruling contrary first district cases.
Dual Agency in Real Estate By Mark S. Mathewson November 2014 Column, Page 554 Like it or not, it's common for one agent to represent both buyer and seller.
Requirements for broker price opinions and comparative market analyses November 2014 Illinois Law Update, Page 524 This new section of the Real Estate License Act of 2000 adds requirements for broker price opinions and comparative market analyses.
When Home Is Not So Sweet: Suing for Defective Residences By James W. Springer November 2014 Article, Page 546 What options are available to someone who buys a defective home? Here's an overview of various Illinois statutes and common law causes of action for disappointed home buyers.
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