Private parties can bring suit for violations of § 13-72-030 of the Chicago Municipal CodeJanuary 2016Illinois Law Update, Page 18Plaintiffs 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 ForeclosureBy Adam WhitemanJanuary 2016Article, Page 46When 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Repealed housing development regulationsDecember 2015Illinois Law Update, Page 18The Development Authority repealed outdated programs pertaining to single-family mortgage purchases. 47 Ill.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 rulesBy Matthew HectorNovember 2015LawPulse, Page 14The 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.
New rules for guarantee funds under the Home Equity Assurance ActJuly 2015Illinois Law Update, Page 18Under 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.
Prescriptive easements do not require exclusive possessionDecember 2014Illinois Law Update, Page 572On 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 EstateBy Mark S. MathewsonNovember 2014Column, Page 554Like it or not, it's common for one agent to represent both buyer and seller.