New real estate and related legislationBy James K. Weston, Sr.Real Estate Law, December 2001After the conclusion of the Spring Session of the 92nd Illinois General Assembly, Governor George Ryan signed 494 bills into law.
Editor’s notesReal Estate Law, October 2001This issue features articles addressing representing third-party bidders at foreclosure sales, complying with the Residential Real Property Disclosure Act, and the impact of Revised Article 9 on real estate transactions.
A seller’s lot: real estate sales under the Illinois Residential Real Property Disclosure ActBy Mark G. Hanley & Mark C. ZimmermanReal Estate Law, October 2001In general, the Illinois Residential Real Property Disclosure Act (hereinafter "the disclosure act") requires a seller of a residential property to disclose to a prospective buyer any material defects in the property of which the seller has actual knowledge.
And the money keeps rolling out in fraud directionsBy Timothy P. AtchisonReal Estate Law, June 2001Incidents of fraud, forgery and identity theft continue to plague the real estate industry and, if anything, are increasing.
Editor’s notesReal Estate Law, June 2001This issue of the Real Property newsletter includes Tim Atchison's detailed discussion of various types of fraud, particularly flips.
Real estate case law updateBy Steven B. Bashaw & Joseph R. Fortunato, Jr.Real Estate Law, June 2001Note: those in attendance at the November 2000 ISBA Real Estate Section Law Ed SeriesSeminar received a packet of materials that included a Case Law Update consisting of 66 pages of case summaries compiled by Steven Bashaw from his monthly real estate publication, Keypoints.
Equitable and “conventional” subrogation in IllinoisBy John C. MurrayReal Estate Law, April 2001Whenever a title insurer pays a claim, it will ask the claims handler to consider possibilities for recovery from someone who may have been unjustly enriched.
Real estate Web sitesBy Elizabeth RobertsonReal Estate Law, April 2001Last Revised February 10, 2001, Steven B. Bashaw
Insuring vacated rights-of-way after Chavda v. WolakBy Richard F. BalesReal Estate Law, March 2001Public Act 90-179 (effective July 23, 1997) amended the Illinois Municipal Code. As amended, 65 ILCS 5/11-91-1 provides as follows:
Lease renewal rules have been clarifiedBy Jack H. TibbettsReal Estate Law, March 2001The determination of whether a lease is automatically renewed by a tenant continuing to holdover by agreement has been clarified by a new Illinois law.
“Mortgagee in possession”—watch your languageBy Thomas F. HartzellReal Estate Law, March 2001Prepared forms do not always have necessary language. A recent case in our circuit concerning a mortgagee asking the court to be placed in possession during foreclosure proceedings reminds all of us of the need to read documents very carefully.
IRS issues long awaited reverse exchange rulesBy Martin S. EdwardsReal Estate Law, January 2001During the one-year period between the promulgation of the 1990 proposed exchange regulations and the issuance of the final regulations in April of 1991, the IRS solicited comments in regard to allowing pure reverse exchange transactions.
The reverse exchange: “parking” breeds a new acronymBy Gary R. GehlbachReal Estate Law, January 2001Finally, when the client calls who is ready to acquire a parcel of real estate before he or she has a buyer for the property he or she is selling, and the client insists on avoiding capital gain with a trade for like-kind property, we can structure the exchange with confidence.
Underwriting covenants, conditions and restrictionsBy Richard F. BalesReal Estate Law, January 2001"Covenants, conditions, and restrictions" (hereafter CC&Rs) is a generic term for privately-created rules and regulations that frequently govern the use and improvement of real property.
Attorney approval provisions—the good faith requirementBy Richard W. KuhnReal Estate Law, October 2000The current trend of Illinois case law gives an attorney broad discretion under most standard form attorney-approval clauses, subject only to the notion of "good faith."
The need of homebuyers and sellers for independent counselBy Stanley B. BalbachReal Estate Law, August 2000The profession has a duty to inform the members of the public as to when they have a problem deserving of the services of a lawyer.
Cook County expands incentives for real estateBy Iris E. SholderState and Local Taxation, July 2000The Cook County Board of Commissioners, on recommendation of the Cook County Assessor, recently adopted amendments to the Cook County Real Property Classification Ordinance, which expand the availability and benefits of several of the existing tax incentives.
“FLIP!” Not just another four-letter wordBy Lynn W. WilburnReal Estate Law, June 2000In the last two or three years, but especially within the last year, illegal flip real estate transactions (FLIPS) have virtually exploded in numbers around the country.
Robinson v. MalkBy Thomas HomburgerReal Estate Law, June 2000In November, 1999, the Illinois Appellate Court sent a strong message to landlords, reminding them of public policy and court precedent dating back to the 1800s, and warning of dire consequences if a landlord takes matters into his own hands by depriving a tenant of leased premises through extra-legal means.
Saving for a rainy day; The developer’s fiduciary duty to fund capital reservesBy Jordan I. Shifrin & Laurence B. HirschReal Estate Law, June 2000The idea of saving up for a rainy day is hardly a new concept. Ever since the days of receiving an allowance, we have been trained to stash a little something away just in case
1999 key real estate legislationBy Marylou Lowder KentReal Estate Law, May 2000HB 0902: Real Estate License Act of 2000
HB 2632: Land Sales Registration Act of 1999
Real Estate Transfer Tax Law: implementation of Public Act 91-555By Karen Alice KloppeState and Local Taxation, April 2000Public Act 91-555, which amends the Real Estate Transfer Tax Law, takes effect on January 1, 2000. (See 35 ILCS 200/31-1 through 31-70.) This act makes changes in the content of transfer declarations and authorizes the use of electronically produced transfer declarations approved by the department.
Practical aspects concerning the creation of air parcelsBy Richard F. BalesReal Estate Law, February 2000For more than thirty-five years Illinois real estate attorneys have worked with the Illinois Condominium Property Act as an alternative to the plat of subdivision.
1998-1999 Real estate case law updateReal Estate Law, January 2000Where buyers purchased property subject to an easement to maintain railroad tracks, and they were aware that the railroad's drainage ditches alongside of the tracks encroached beyond the actual easement, the encroachment ripened into a prescriptive easement over time.
