Title, legal, ethical and other real estate issuesBy Robert Duffin & Myles JacobsReal Estate Law, May 2006On a periodic basis, this newsletter will present real issues encountered by real estate attorneys.
How to reduce the real estate taxes on your homeBy Katherine A. AmariYoung Lawyers Division, April 2006Homeowners may contest their real estate taxes with the local taxing officials; the Cook County Assessor’s Office and the Cook County Board of Review.
Impact of proposed tax reform on the real estate marketBy Martin R. Press & Michael S. SchimmelReal Estate Law, April 2006A Presidential Panel announced proposals earlier this year that could ultimately affect the prices of real estate in the United States, especially luxury high-rise condos in Illinois.
What is a title company’s product?By Greg C. AndersonReal Estate Law, April 2006Gertrude Stein wrote “[A] rose is a rose is a rose.” The Illinois Supreme Court’s unanimous opinion in First Midwest Bank v. Stewart Title Guaranty Company can be summed up in a similar fashion: “A title commitment/policy is a title commitment/policy is a title commitment/policy.”
Application of the Construction Statute of LimitationsBy Margery NewmanReal Estate Law, March 2006In Prate Installations, Inc., v. Thomas, the Illinois Second District Court of Appeals held that the four-year limitations period contained in the Construction Statute of Limitations, 735 ILCS 5/13-214(a), cannot be used by a homeowner as an affirmative defense to an action by a contractor for non-payment under a construction contract.
Illinois Snow Act encourages safety, not liabilityBy Thomas RaleighReal Estate Law, March 2006In a recent Illinois appellate decision, the court held that a paved walkway on residential property constitutes a “sidewalk” under the Illinois Snow and Ice Removal Act (the Act), 745 ILCS 75/2 (2000).
A casenote: First Midwest Bank v. Stewart Title Guaranty CompanyBy Shekar AdigaReal Estate Law, February 2006The court in First Midwest Bank, N.A. v. Stewart Title Guaranty Company, held that the issuance of a title commitment is not the sale of information concerning the state of title and therefore did not fall within the negligent misrepresentation exception to the Moorman Doctrine.
The doctrine of merger: Real estate contracts and tax prorationsBy Steven B. BashawReal Estate Law, November 2005The law in Illinois is well settled that the doctrine of merger provides that in the absence of an express provision otherwise in a contract, all agreements between a buyer and seller of real estate that are not “collateral and independent” of the deed merge into the deed when it is delivered to the buyer at closing and cannot thereafter be a basis for a cause of action.
Legislative updateBy James K. Weston, Sr.Real Estate Law, November 2005The General Assembly adjourned its Spring Session at the last minute of May, only a few days after its original scheduled end.
The Series LLC: new Illinois law provides avenue for asset protectionBy Ted M. Niemann, Sr. & Melinda S. MadisonReal Estate Law, November 2005Asset protection is a concern to many real estate clients. In various situations, asset protection is not only beneficial but often necessary for businesses to thrive and survive or for investments to truly pay off.
An early autumn miscellanyBy Gary R. GehlbachReal Estate Law, October 2005As fall begins, we look forward to reports from the Internal Revenue Service about changes in the standard mileage rate, the annual gift tax exclusion, the special use valuation rate (which, incidentally, plays a role in farmland assessed valuations), and other minutiae. In this issue we have some early answers and projections.
Food for thought: land law and public policyBy Howard SamsonReal Estate Law, June 2005Long ago, the social philosopher and economist Henry George proposed a "Single Tax" that shifted the incidence of taxation entirely onto ground rent.
Unresolved issues concerning tenancy by the entiretyBy Richard F. BalesReal Estate Law, February 2005Since 1990 married couples have had the option of owning their marital home as tenants by the entirety (735 ILCS 5/12-112; 750 ILCS 65/22; 765 ILCS 1005/1c).
The 7 percent assessment cap creates uncertainty in residential real estate closingsBy John K. NorrisState and Local Taxation, August 2004I'm back," and with those often-heard remarks still ringing, let us revisit an issue that our Section Council was involved in during the past year: Public Act 93-715 is the embodiment of three bills that the Section collectively opposed.
HUD’S “Final Rule” on its proposal to amend RESPABy Joseph R. Fortunato, Jr.Real Estate Law, June 2004In the summer of 2002, the U.S. Department of Housing and Urban Development (HUD) issued a proposed rule that would have revamped the Real Estate Settlement Procedures Act of 1974 (RESPA).
Real property tax advantages of a Class L (Landmark) designationBy Karen DimondState and Local Taxation, June 2004Under the Cook County Real Assessment Classification Ordinance, non-residential property that has been designated a landmark building or a contributing building in a historic or landmark district may be eligible for a "Class L" designation.
New legislation concerning utilities and rights-of-wayBy Richard F. BalesReal Estate Law, May 2004Generally speaking, a public utility has the right to install underground utilities in a statutory dedicated road. Such underground installations are regarded as being within the easement for highway purposes, in favor of the public.
Road conveyancing after BennoBy Howard SamsonReal Estate Law, May 2004The real estate attorney who rightfully considers himself a skilled practitioner is still, from time to time, heard to bemoan the intricacies of certain areas of his specialty.
10 things every buyer needs to close a commercial real estate loanBy R. Kymn HarpReal Estate Law, March 2004For 25 years, I have represented borrowers and lenders in commercial real estate transactions. During this time it has become apparent that many Buyers do not have a clear understanding of what is required to document a commercial real estate loan.
Expansion of the Transfer TaxBy Dana M. NaumanReal Estate Law, March 2004The Illinois Real Estate Transfer Tax has been amended by Public Act 93-0657, which now imposes the tax when a controlling interest in a real estate entity is transferred.
Illinois Supreme Court finds municipal demolition statute constitutionalBy Jack H. TibbettsReal Estate Law, March 2004The Illinois Supreme Court on February 20, 2004 reversed the Illinois Second District Appellate Court and found the Illinois statute contained at 65 I.L.C.S. 5/11-31-1 constitutional.
