The Mortgage Rescue Fraud ActBy James K. WestonJanuary 2007Column, Page 52This law, effective January 1, is designed to protect soon-tobe-forclosed landowners from a "rescue" scam.
Surpluses from foreclosure sales do not go to the purchaserJanuary 2007Illinois Law Update, Page 14On November 13, 2006, the Illinois Appellate Court, Second District, reversed and remanded the decision of the Circuit Court of McHenry County, holding the circuit court abused its discretion by distributing a portion of the surplus funds from a sheriff's auction to the winner of that auction.
Asked and AnsweredDecember 2006Column, Page 682Must Homebuilders Give Buyers an Express Warranty?
Confidentiality rules created for predatory lending databaseNovember 2006Illinois Law Update, Page 584The Residential Real Property Disclosure Act (Act) required that the Department of Financial and Professional Regulation (Department) establish a database for its Predatory Lending Database Pilot Program (Database Program).
New rules on openness and evidence adoption in property tax hearingsNovember 2006Illinois Law Update, Page 584The Property Tax Appeals Board (Board) has amended sections 1910.67 and 1910.90 to 86 Ill Adm Code 1910 to reflect that although property tax appeal hearings are generally open to the public, the board or its officers can now close all or parts of hearings in order to protect private information from being disclosed.
Another look at attorney approval clausesBy Helen W. GunnarssonOctober 2006LawPulse, Page 518Attorney-proposed changes to real estate contracts containing attorney-approval clauses should not be viewed as counteroffers that terminate the agreement, a law prof opines.
Attorney title agents must disclose agencyBy Helen W. GunnarssonJuly 2006LawPulse, Page 338In real estate transactions, be sure to apprise clients when you also serve as an agent to the title company. In fact, you might want to do so in writing at the outset.
Religious freedom recognized by Condominium Property Act PA 094-0729June 2006Illinois Law Update, Page 284Section 18.4 of the Condominium Property Act (765 ILCS 605/1 et seq) has been amended to expand the powers and duties of the boards of managers for condominium associations while also recognizing the right of property owners to exercise their religious beliefs.
Procedures for appealing to PTAB adjustedMay 2006Illinois Law Update, Page 230In order to clarify existing procedures and add a new deadline extension for submitting rebuttal evidence, the Property Tax Appeal Board has amended and added to Part 1910 of Title 86, 86 Ill Adm Code 1910, effective February 15, 2006.