The so-called Presumptively Void Transfers Act: Yet another trap for the unwaryBy Michael J. RooneyReal Estate Law, October 2016The co-called “Presumptively Void Transfers Act” is allegedly designed to protect the elderly who are feeble in body and/or mind and who are subject to overreaching by a “caregiver.” In this article, the author argues that although that statement of the seeming intent of the Act and the operative section is simple, it is wrong.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, December 2012In re David Andre Bertha involves a complaint filed against an attorney for holding an earnest money escrow in connection with a real estate transaction.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, October 2012In re: Marc Robert Engelmann resulted in disbarment by consent of a lawyer convicted by the federal court in the Southern District of Iowa of conspiracy, bank fraud and wire fraud.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, September 2012Two recent disciplinary cases are instructive beyond the general admonition not to “do bad things” because violations of provisions of the Rules of Professional Conduct other than those prohibiting dishonesty and conduct prejudicial to the administration of justice were cited.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, August 2012An examination of In re: John Walsh, in which a Complaint was filed against Mr. Walsh by the ARDC because he improperly paid two obligations of a title insurance agent LLC with funds from an escrow account of the title insurance agent.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, June 2012In the current real estate market, foreclosure rescue schemes and scams and short-sales abound. Real estate lawyers do well to recognize when they are involved in a transaction that may take one or more “funny” turns that end up not being very humorous for the lawyer.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, May 2012A simple residential leasehold transaction proved troublesome for one Illinois attorney and the Illinois Supreme Court suspended the attorney from the practice of law for 90 days.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, April 2012Do the Rules of Professional Conduct still govern the conduct of the attorney when he or she owns the owns the entity registered as a title insurance agent?
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, March 2012A discussion of the recent disciplinary matter of In re: David Milton Svec.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, February 2012Two recent disciplinary cases share a number of interesting features, though one arose in the Chicago area and one downstate in Lincoln.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, January 2012In both disciplinary matters discussed here, the attorney sent postcards to prospective clients indicating he would handle real estate transactions for a set fee without disclosing that he would also receive title insurance premiums and, in the earlier case, fees for surveys, both from companies in which he had an ownership interest. Moreover, his ownership interest in those entities was not disclosed.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, December 2011In re Shaveda Monique Scott involved a five-count complaint against an attorney for failing to disclose her financial interest stemming from her role as a registered title insurance agent when representing clients in six transactions and for violating the rules regarding conflicts of interest by improperly representing both buyers and seller in four of those matters.
Beyond the title insurance policy: Protecting sellers of Illinois real estateBy Michael J. RooneyReal Estate Law, September 2009For purchasers and lenders, the new Standard CPL may suffice. For sellers, the new Standard CPL needs to be modified as described in this article. In either event, counsel can and should verify that the title agent has been properly registered with the Secretary, authorized to act as escrowee and that such authority has not been revoked or limited prior to the closing.
A problem, a solution and a new malpractice standard?By Michael J. RooneyReal Estate Law, June 2008As an ongoing Michigan case illustrates, any attorney who allows a client, whether seller or buyer, to close with a title agent (instead of with the title insurance company) without insisting upon a CPL for the client ought to be held liable for malpractice.
Trouble, with a capital “T”By Michael J. RooneyReal Estate Law, August 2007There can be some serious pitfalls facing a lawyer who neither knows nor clarifies who the client is and what that client really wants to accomplish.
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