Section Newsletters

Articles From Philip J. Vacco

Case Summary: Chicago Title Land Tr. Co. v. Sara Watkin, 2025 IL App (1st) 241354 By Philip J. Vacco Real Estate Law, March 2026 An Illinois appellate court ruled that even if the statute of limitations prevents enforcement of a promissory note or mortgage foreclosure, the mortgage lien itself does not automatically disappear and can remain a cloud on the property’s title. Under Illinois law, the lien continues until 20 years after the debt’s maturity unless the mortgagee fails to take required actions to extend it under Section 13-116. As a result, old mortgage liens may still affect property titles even when the underlying debt can no longer be legally enforced.
Case Summary: Poundstone v. Cook, 2025 IL App (3rd) 240322 By Philip J. Vacco Real Estate Law, April 2025 In the last couple of years, Illinois courts have released several decisions arising from the discovery of post-closing defects and whether the seller breached the seller's obligation to properly disclose the same. These decisions have typically revolved either around the issue of awarding legal fees to the prevailing party or the determination of whether the evidence was sufficient to establish that the seller had actual knowledge of the alleged defect. The case of Poundstone vs. Cook is another such case that transactional attorneys should become familiar with, because it examines the reasonableness of the seller's claim that the repairs the seller made actually addressed the problems.
The New Multi-Board 8.0 Residential Real Estate Contract By Philip J. Vacco Real Estate Law, January 2025 While some technical issues with the 7.0 contract have been addressed, other issues have been created which will provide plenty of fodder for the legal profession to justify its continued involvement in residential real estate transactions. This article highlights some of these issues.
1 comment (Most recent January 22, 2025)
The NAR Settlement: Will Buyers Really Be Forced to Pay Their Agent? By Philip J. Vacco Real Estate Law, June 2024 The recent settlement reached with the National Association of Realtors over alleged antitrust practices has some individuals heralding the end of high sales commissions, but a closer examination reveals that the death of the seller-based commission model may be a bit exaggerated.
In re Application of the County Treasurer v. DG Enterprises By Philip J. Vacco Real Estate Law, August 2023 The appellate court was asked to determine whether the circuit court erred when it vacated its earlier order granting a petition for a tax deed in In re Application of the County Treasurer v. DG Enterprises.
Haven’t Got a C.L.U.E.? By Philip J. Vacco Real Estate Law, July 2022 There are several situations in which a buyer may be ineligible to secure homeowner's coverage, which can derail a real estate transaction quickly.
The Unintentional Demise of a Sales Agreement: A Cautionary Tale of the 7.0 Multi-Board Real Estate Sales Agreement By Philip J. Vacco Real Estate Law, December 2021 A look at one of the flaws of the 7.0 Multi-Board Residential Real Estate Contract.
1 comment (Most recent December 15, 2021)
From the Chair By Philip J. Vacco Real Estate Law, June 2021 A note from the outgoing chair, Philip J. Vacco.
The ‘Multi-Board Residential Real Estate Contract 7.0’ By Philip J. Vacco Real Estate Law, February 2019 The new version of the Multi-Board Residential Real Estate Contract includes significant changes that real estate attorneys need to be aware of to expertly guide their clients through the transactional real estate process.
Title insurance fees O.K. By Philip J. Vacco Real Estate Law, August 2017 A closer look at the appellate court’s rationale behind its decision in Chultem v. Ticor Title Ins. Co.
Anthony P. Tummelson v. Elizabeth Ann White, 2014 IL App (4th) 150151, December 30th, 2015 By Philip J. Vacco Real Estate Law, March 2016 Would a transfer of funds from one cohabitant to another for the purpose of making mortgage payments, as well as other monthly obligations, be considered a gift or a contribution to the property?
1010 Lake Shore Association v. Deutsche Bank National Trust Company: The re-animation of an extinguished lien By Philip J. Vacco Real Estate Law, September 2014 A call for the Illinois Legislature to review the language used in section 9(g)(3) of the Illinois Condominium Act to determine whether the First District Appellate Court's recent interpretation is achieving the intended consequences.
1 comment (Most recent September 17, 2014)
Kalkman v. Nedved, IL App. 3d (120 800) (2013) By Philip J. Vacco Real Estate Law, October 2013 This recent decision from the Third District Appellate Court stands to remind every buyer that the common law doctrine of caveat emptor is still alive and well in the Land of Lincoln.
2 comments (Most recent October 8, 2013)
Putting the short into short sales By Philip J. Vacco Commercial Banking, Collections, and Bankruptcy, January 2013 Effective November 1, 2012, Fannie Mae’s and Freddie Mac’s new and improved preforeclosure sales program will officially be known as “Standard Short Sale/HAFA II.
Putting the short into short sales By Philip J. Vacco Real Estate Law, October 2012 Effective November 1, 2012, Fannie Mae’s and Freddie Mac’s new and improved preforeclosure sales program will officially be known as “Standard Short Sale/HAFA II.

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