Important note to real estate practitionersBy Edward J. Jarot, Jr.Real Estate Law, June 1999Real estate attorneys should be aware that recent legislation which will have a potentially dramatic impact on the relationships and responsibilities among parties to Illinois land trusts is rapidly on its way to becoming Illinois law.
Pre-petition distribution of cash by a mortgagor: a fraudulent transfer?By John C. MurrayReal Estate Law, June 1999If a debtor is a general or limited single-asset partnership and has made a cash distribution to its partners prior to filing bankruptcy while real estate taxes due on the property remain unpaid, the secured creditor may be able to assert that such action by the debtor constitutes a fraudulent transfer under state or federal law.
Illinois land trusts—troubled timesBy Paul A. MeintsReal Estate Law, May 1999Anyone who has used an Illinois land trust for gifting in the last 30 years or so should make a concerted effort to study all of the land trust documents before the donor-client dies.
Landowner liability to travelers for off-property personal injuryBy Donald L. Shriver & Donald P. ShriverReal Estate Law, May 1999This article presents a review of current Illinois law concerning the circumstances under which a landowner may become liable in tort for injuries to persons traveling on adjacent roadways caused by conditions or substances on the owner's property when the injury occurs off of the owner's property or when the injury is caused by an object leaving the owner's property.
Me? A spinster?By Edward F. StanulaReal Estate Law, May 1999I recently had a discussion with a client regarding the use of the term spinster to describe her marital status in a mortgage.
Senior citizens may be denied privilege to appeal adverse rulings on homestead exemptionsBy Carl H. StoweElder Law, April 1999Senior citizens who receive adverse rulings on applications for exemption upon the real property used as a home, such as the Senior Citizens Homestead Exemption (35 ILCS 200/15-170) or the Senior Citizens Homestead Exemption Assessment Freeze (35 ILCS 200/15-172) may find that they are unable to obtain review of such denial through the court.
Revisiting real estate taxes in bankruptcyBy Timothy E. MoranCommercial Banking, Collections, and Bankruptcy, February 1999Jurisdiction for the bankruptcy court to review and revise prior years' (pre-petition) tax liabilities, including ad valorem real estate taxes, derives from section 505 of the Bankruptcy Code (11 USC section 505).
Trends in real estate commissions: Podolsky & Associates, L.P. v. Discipio, 297 Ill. App. 3d 1014, 697 N.E. 2d 840 (1st Dist. 1998)By Deanne Fortna JonesReal Estate Law, February 1999In a case of first impression, the Illinois appellate court held that a seller can avoid paying brokerage commissions by waiting until the expiration of an exclusive brokerage listing agreement to sell listed property to a buyer not procured by the broker, but known to the seller prior to the agreement's termination, providing the seller's actions are in good faith.
Case summariesReal Estate Law, January 1999Plaintiffs claimed entitlement to a six percent finder's fee from defendants for procuring a buyer for defendants' landfill business pursuant to an alleged oral contract between the parties. Plaintiffs' four count complaint sought recovery under theories of breach of contract, promissory estoppel, quantum meruit and unjust enrichment.
Tax deed trap rescue for redemptorsBy Frederick R. DempseyReal Estate Law, January 1999Mortgage lenders, property owners and--not infrequently--their legal counsel, have long considered the Property Tax Code provisions governing tax deed procedures to be fraught with peril--and with good reason.
