Personal real estate and its uses in saving taxesBy Robert WeberTrusts and Estates, March 2003Which asset is usually the single highest valued asset in a person's estate? Real estate; that is, the taxpayer's residence
Answers to quiz:Real Estate Law, February 20031. a, c
2. b, c
3. a, c
The new and improved Multi-Board Residential Real Estate ContractBy Joseph R. FortunatoReal Estate Law, February 2003Transactional practitioners in Chicago and the collar counties may be familiar with a four-page real estate contract form entitled "Residential Real Estate Contract" known colloquially as the "Common Contract."
A short quizReal Estate Law, February 20031. A provision in a lease requiring the rent to be paid in gold is enforceable if:
U.S. Supreme Court rules tax lien effective against half of tenancy by the entirety propertyBy Gary R. GehlbachCommercial Banking, Collections, and Bankruptcy, February 2003In a decision decided April 17, 2002, the United States Supreme Court found that a person's interest in real estate as a tenant by the entirety with his wife was no bar to a federal lien against the husband's interest only.
H.U.D.’s proposed changes to R.E.S.P.A.By Bernard WysockiGeneral Practice, Solo, and Small Firm, January 2003In July, 2002 H.U.D. proposed major revisions to the Real Estate Settlement and Procedure Act (RESPA).
Homeowners insurance contingency for existing home contractsBy John H. StockmanReal Estate Law, October 2002With the financial issues currently being experienced by homeowners' insurers, many of the largest insurers are in the process of changing their underwriting standards.
Real estate financing in the new millenniumBy Stanley P. SklarCommercial Banking, Collections, and Bankruptcy, August 2002Too often, the construction lender treats the construction loan as it would treat any other commercial loan--without anyone with significant background in the vagaries of the construction industry ready to "pull the plug" should the loan become "out of balance."
Electronic closings: a cure for the closing nightmareBy Beth Brush & Eleanor SharpeReal Estate Law, July 2002Have you ever had a day that was so packed with appointments that what looked like a healthy business became a living nightmare?
2001 (and early 2002) Real estate case law updateBy Steven B. BashawReal Estate Law, May 2002In Hidden Grove Condominium Association v. Katherine Crooks, 318 Ill.App.3d 945, 744 N.E.2d 305, 253 Ill.Dec. 23, a condominium homeowner alleged that the late charges her association levied upon her for failure to pay her January assessment until October were unreasonable and constituted an unenforceable penalty.
Q & A: Illinois real estate transfer taxBy Howard SamsonReal Estate Law, May 2002The psychic wounds have now healed and the baleful tears now dried. The passing of the "Green Sheet" into the Great Beyond, however much a shock it was, is sufficiently behind us.
Privacy versus confidentialityBy Robert Duffin & Laurence F. JohnsonReal Estate Law, December 2001By now everyone should be aware of the Gramm-Leach-Bliley Act and the final privacy rule published by the Federal Trade Commission as required by the Act.
Material changes in Illinois’ Uniform Commercial Code—secured transactionsBy Ted M. NiemannReal Estate Law, October 2001Currently, the legislatures of the majority of the states, including Illinois', have passed major changes to Article 9 of the Uniform Commercial Code. Illinois' revisions became effective July 1, 2001.
Sellers beware: buyer’s remedies for defective homesBy Donald A. LoBueGeneral Practice, Solo, and Small Firm, September 2001There have been significant gains in the consumer protection afforded home buyers over the last decade.
Developments under the Real Property Disclosure ActBy Herbert J. KleinBusiness Advice and Financial Planning, June 2001The Residential Real Property Disclosure Act (RRPDA) was first enacted on October 1, 1994. Since that date it has been amended by the legislature and interpreted by several courts.
Dishonest home improvement contractorsthe force is not with youBy Harold I. LevineReal Estate Law, October 2000Although not generally understood, there is a definite relationship between the increase in residential foreclosures and coercive home improvement contracts. Much to the surprise and dismay of property owners, many foreclosures arise out of home improvements contracts.
Joint tenancy property in a probate estateBy Karen Johnson GuildeGeneral Practice, Solo, and Small Firm, August 2000The administration of deceased persons' estates often involves accounts titled in joint tenancy.
The “burn down” guaranty: Yet another trap for the unwary lender?By John C. MurrayReal Estate Law, February 2000On May 26, 1999, the Illinois Appellate Court issued its decision in Bank of America National Trust and Savings Association v. Schulson, 305 Ill. App. 3d 941, 714 N.E. 2d 20 (1999), as modified upon denial of rehearing (June 30, 1999).
Illinois law relating to tree encroachmentsBy Richard F. BalesReal Estate Law, November 1999Most real estate attorneys and title insurers, when discussing issues concerning encroachments as disclosed by a survey, think in terms of buildings, sheds, or fences.
Landowner liability for off-premises injury—a sequelBy Donald L. Shriver & Donald P. ShriverReal Estate Law, September 1999In our previous article, we discussed the duty on landowners for injuries that occur off of the landowner's property,1 and although clear conclusions could not be drawn, several guiding factors emerged.
