Two Great ISBA Member Benefits Sponsored by
ISBA Mutual Lawyers Malpractice Insurance
view counter
A Value of $1,344, Included with Membership
Free CLE
view counter
Fastcase
view counter

Real Estate Law

Transfer the Marital Home During, Not After, Divorce — Here's Why

Posted on February 7, 2018 by Mark S. Mathewson

Making sure the family house gets properly transferred in a divorce should be high on every lawyer's to-do list, according to Adam Whiteman in the ISBA's November 2017 Real Property newsletter. That means seeing to it that "the property gets quitclaimed and recorded as necessary and…the mortgage is refinanced or…some other agreement is put in place to remove the non-owning spouse from any mortgage that encumbers the property," he writes. Waiting till the divorce is over is asking for trouble.

A few of his tips:

New Law Protects Real Estate Purchasers Who Buy on Contract

Posted on October 4, 2017 by Mark S. Mathewson

Most home purchases, unless they are cash deals, involve a mortgage loan. Since the real estate market crashed in 2008, a lesser-used path towards home ownership has been on the rise - owner financing. Also known as an installment contract, owner financing allows a buyer to live in a home while paying the seller the purchase price over time.

However, the practice is ripe for abuse because the purchaser doesn't actually own the home until the balance is paid in full. That means the Illinois Mortgage Foreclosure Law - and its protections for homeowners - doesn't apply in the event of a default. A simple eviction action is all it takes to divest the would-be purchaser of what may be a significant financial investment. On August 25, 2017, Governor Rauner approved Public Act 100-0416, also known as the Installment Sales Contract Act, which is designed to provide protection for purchasers.

According to a March 2017 report by The Chicago Reader (http://bit.ly/2ulgc2X), installment sales contracts are seeing a resurgence in Cook County, particularly in poorer communities that were hit hard by the foreclosure crisis. According to the Reader, Illinois law doesn't require that these contracts be recorded or otherwise registered with the state, which makes it difficult to know just how many exist.

CLE - Enforcing Illinois' Eviction Laws: A Basic Guide to Landlord Remedies and Tenant Rights – Live Webcast

Posted on September 26, 2017 by Sara Anderson

Are you aware of the statutes and ordinances affecting the rights of both landlords and tenants? Do you know how Illinois’ Landlord and Tenant Act and local ordinances are enforced? Are you ready to handle your next eviction case? Join us on October 11, 2017 for this one-hour live webcast that offers a basic guide to landlord remedies and tenant rights. Real estate lawyers, general practitioners, and new attorneys who are likely to represent clients with landlord or tenant concerns – particularly those practicing in the Chicago area – who attend this online program will better understand: the statutory processes for eviction; the landlord’s Duty of Habitability; the tenant’s rights and recourse for unlawful eviction; and the tenant’s options when a lack of habitability exists. The program includes potential scenarios and the litigation claims/defenses each side has against the other.

The program is presented by the ISBA Real Estate Law Section and qualifies for 1.0 hour MCLE credit.

Click here for more information and to register.

CLE: Environmental Due Diligence in the Era of President Trump – Live Webcast

Posted on July 27, 2017 by Sara Anderson

Do you advise clients on the liability considerations involving real estate or business operations? Then you won’t want to miss this opportunity to hear from a seasoned environmental law attorney as he discusses environmental due diligence under the new administration. Attorneys with all levels of practice experience who attend this online seminar on September 14, 2017 will better understand: how to manage the risks associated with environmental considerations; the role of the government in these cases; the doctrine of caveat empter and its role under the administration; how tort liability and environmental law intersect; statutory environmental cleanup liability under state and federal law; and how the new Administration’s proposed changes to environmental liability and regulations might affect your client.

The seminar is presented by the ISBA Real Estate Law Section and qualifies for 0.75 hour MCLE credit.

Click here for more information and to register.

CLE: Real Estate Law Update 2016

Posted on October 10, 2016 by Morgan Yingst

Stay up to date on current developments and trends in the real estate law arena with this full day seminar that offers a look at new legislation and case law, as well as best practices tips resulting from actual ARDC cases and discussions on a potpourri of interesting short topics! The program is available in Bloomington on October 27, 2016 and in Lombard on November 2, 2016. Commercial real estate attorneys, residential estate lawyers, and general practitioners with basic practice experience who attend this program will better understand: the recent case law developments and real estate legislation that can impact your client; the ethical issues raised by recent ARDC decisions; whether or not to recommend a trust in connection with real estate transactions; how to advise clients on homeowner and commercial real estate insurance policies; what to do when the seller fails to vacate the premises; damages to property that occur immediately prior to closing; contractor mechanic’s lien priority issues; and more!

Quick Takes for Your Practice: Misconceptions associated with the use of the multi board 6.1 real estate sales agreement

Posted on September 1, 2016 by Chris Bonjean

Illinois attorney Phil Vacco discusses the common misconceptions associated with using version 6.1 of the multi-board residential real estate sales agreement.

Quick Takes for Your Practice: Real Estate Form Changes - 2015

Posted on November 4, 2015 by Chris Bonjean

Attorney Ralph Schumann provides an update on changes coming to Real Estate Law.

Real estate bills raise concerns among ISBA section councils

Posted on April 30, 2015 by Mark S. Mathewson

A number of real estate bills are pending before Illinois' General Assembly, and while some are noncontroversial, others have raised concerns among ISBA section council members. Several House bills would amend the Illinois Condominium Act, and the Senate bills would alter foreclosure law and, in some cases, could affect the rights of mechanics lien claimants. Find out more in the May Illinois Bar Journal.

Basic Residential Real Estate: From Contract to Closing

Posted on October 27, 2014 by Chris Bonjean

As the first title in the ISBA’s new Practice Ready Series, this book was specifically written to be a must-have resource for new attorneys and any others new to residential real estate transactions. It walks you through each stage of a common transaction, from the moment a client contacts your office to the essential steps you must take after the transaction closes.

The book centers on and provides in-depth discussion of the use of the new Multi-Board Residential Real Estate Contract 6.0, one of the most widely used contracts of its kind in Illinois. It includes a 130-page appendix with sample copies of the common documents you will encounter in a residential real estate transaction – client letters, the Multi-Board Residential Real Estate Contract 6.0, contingency letters, financing documents, title company documents, closing documents, and many others. Order your copy today at www.isba.org/store/books/basicresidentialrealestate and don’t risk seeing these documents for the first time at your first closing!

Pages