Editor’s noteBy Gary R. GehlbachReal Estate Law, May 2008Most of us remember the remark of the gentleman pointing to the man in the casket and remarking: “Brothers and sisters I have none.
Editor’s noteBy Gary R. GehlbachReal Estate Law, April 2008The March 2008 issue of this newsletter featured an article by Adam Whiteman about the Illinois Home Repair and Remodeling Act and recent appellate decisions addressing the impact of that Act.
Vacation homes and Section 1031By Gary R. GehlbachReal Estate Law, April 2008Section 1031 of the Internal Revenue Code and the Regulations promulgated thereunder rather clearly provide that eligible property must be “held for productive use in a trade or business or for investment.”
Editor’s noteBy Gary R. GehlbachReal Estate Law, March 2008The Bar Association’s fiscal year is July 1 through June 30, and this newsletter, as well as the other ISBA publications, follow this cycle.
Short sales: a primerBy Gary R. GehlbachReal Estate Law, March 2008With the housing market severely distressed in some areas and mortgage foreclosures at record highs, the role of the real estate attorney has expanded.
Editor’s noteBy Gary R. GehlbachReal Estate Law, February 2008The ISBA/CBA Joint Committee on Ethics 2000 has developed and presented new Rules of Professional Conduct to the Illinois Supreme Court.
Supreme Court settles dispute between appellate districtsBy Gary R. GehlbachReal Estate Law, February 2008As reported in my Editor’s note in the February 2007 issue (Vo. 52, No. 6), the issue of whether a real estate tax proration merges with the deed has depended on the appellate district.
Editor’s noteBy Gary R. GehlbachReal Estate Law, January 2008In case you missed Marylou Lowder Kent’s excellent summary of recently passed Illinois legislation (December 2007, Vol. 53, No. 6), Jim Weston has provided another summary.
Editor’s noteBy Gary R. GehlbachReal Estate Law, December 2007A reader of this publication recently posed this question: “I have some clients who hold a life estate in some farm land on which is a farm house which they rent out.
Editor’s noteBy Gary R. GehlbachReal Estate Law, November 2007The typical illicit use of the first of the nine Plat Act exemptions (“The division …of land into…tracts of 5 acres or more…which does not involve any new streets or easements of access”) is a split of land that does, in fact, involve an access easement, expressed or implied.
Editor’s noteBy Gary R. GehlbachReal Estate Law, October 2007The Plat Act (765 ILCS Act 205) is a much-used source of reference and a guide for many real estate projects for my clients.
When a foreclosure sale preempts mortgagor’s right to sellBy Gary R. GehlbachCommercial Banking, Collections, and Bankruptcy, October 2007In Household Bank, FSB, v. Lewis et al., the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.
Editor’s noteBy Gary R. GehlbachReal Estate Law, September 2007Summer vacation is over so it’s back to work, although I don’t recall a busier summer in the office.
Severing a tripartite joint tenancyBy Gary R. GehlbachReal Estate Law, September 2007In law school we learned about the creation of joint tenancies and the four unities: time, title, interest and possession.
When a foreclosure sale preempts mortgagor’s right to sellBy Gary R. GehlbachReal Estate Law, September 2007In Household Bank, FSB, v. Lewis et al., 311 Ill.Dec. 677, 869 N.E.2d 351, the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.
Editor’s noteBy Gary R. GehlbachReal Estate Law, August 2007Some of you may remember Mike Rooney, who was (and still is) quite involved in real estate matters, especially title matters and professionalism.
Related-party exchange approvedBy Gary R. GehlbachReal Estate Law, August 2007In the August 2006 issue of this publication, I outlined a procedure for a related party tax-deferred exchange, actually sanctioned by Congress (Vol. 52, No. 1).
Editor’s noteBy Gary R. GehlbachReal Estate Law, July 2007This mid-summer issue features several articles that the readers will, hopefully, find informative.
Vacation homes and Section 1031By Gary R. GehlbachReal Estate Law, July 2007Section 1031 of the Internal Revenue Code and the Regulations promulgated thereunder rather clearly provide that eligible property must be “held for productive use in a trade or business or for investment.”
Editor’s noteBy Gary R. GehlbachReal Estate Law, June 2007In the last issue of this publication (April 2007, Vol. 52, No. 8) I suggested misgivings about the routine use of the general warranty deed and the casual reference to the quitclaim deed as a panacea for all real property ills.
Editor’s noteBy Gary R. GehlbachReal Estate Law, April 2007The unauthorized practice of law is alive and not so well, causing problems for many unsuspecting consumers.
Editor’s noteBy Gary R. GehlbachReal Estate Law, March 2007This issue presents a look inside the workings of the Real Estate Law Section Council, the members of which are listed in this publication.
Editor’s noteBy Gary R. GehlbachReal Estate Law, February 2007I’m excited about this issue! Featured are a couple fact patterns from actual transactions, a call to arms for residential practitioners with a top 10 list of suggestions to enhance the economics of the deal, and a comprehensive analysis of the Plat Act exemptions.
Editor’s noteBy Gary R. GehlbachReal Estate Law, January 2007Margery Newman, who concentrates her practice in construction law and related matters, has provided us with a trilogy of articles that, taken together, illustrates an emerging paradigm in which businesses, especially competitors, combine resources to achieve more efficiencies.
Editor’s noteBy Gary R. GehlbachReal Estate Law, December 2006Even in the hinterlands of Northwest Illinois, more and more real estate transactions include surveys.
What is a “right of first refusal”?By Gary R. GehlbachReal Estate Law, December 2006Occasionally, a client will ask that I prepare a “right of first refusal,” or a “right of last refusal,” or a “last right of refusal,” or a “right of first and last refusal,” or some variation on this notion.
The Carbon Monoxide Alarm Detector ActBy Gary R. GehlbachReal Estate Law, November 2006Effective January 1, 2007, the Carbon Monoxide Alarm Detector Act (PA 94-0741, HB 5284) requires that every dwelling be equipped with an approved carbon monoxide alarm within 15 feet of every room used for sleeping purposes.
Editor’s noteBy Gary R. GehlbachReal Estate Law, November 2006Except for the veto sessions, the 94th General Assembly is history.
Assignability of special use permitsBy Gary R. GehlbachReal Estate Law, October 2006In the counties and municipalities in which I practice, it is routine for many property uses to be permissible uses under a certain zoning classification, provided that the governing body grants a special use permit.
Editor’s noteBy Gary R. GehlbachReal Estate Law, October 2006The May 2006 issue of this newsletter featured the first of a series of articles that Bob Duffin and Myles Jacobs have promised, in which they describe an actual scenario that posed a legal dilemma, the solution chosen, and alternative approaches.
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