Section Newsletter Articles on Real Property

Update regarding First-Time Homebuyer Tax Credit By Emily R. Vivian Real Estate Law, April 2009 As part of the American Recovery and Reinvestment Act of 2009, the first-time homebuyer credit is extended to principal residences purchased before December 1, 2009.
The Doctrine of Merger: A vanishing rule Agricultural Law, March 2009 The Merger Doctrine still sees use in the state, although like many common law rules its position has changed over the years. As recently as 2008, the Illinois Supreme Court dealt with a case primarily focused on the doctrine, Czarobski v. Lata, 882 NE2d 536 (Ill 2008).
Need for a survey, a war story By Thomas Dalton Real Estate Law, February 2009 Everyone knows that as practitioners, we are oftentimes faced with a vast array of people in the real estate transactional practice who are not the normal residential homebuyers. 
Phase I Environmental Site Assessments: The familiar stranger By Phillip R. Van Ness Real Estate Law, February 2009 An attorney charged with guiding his or her Illinois client through a Phase I doesn’t have to understand the science behind it (although that surely won’t hurt). But he or she does have to know whether the Phase I at least prima facie appears to comport with the essential elements of a valid Phase I. At this point, it may be advisable to secure the services of an environmental lawyer, but even a non-technically trained lawyer can put together a checklist that greatly increases the odds that the client will have a Phase I it can rely on.  
Evaluating bulk sales liability in real estate transactions By Larry N. Woodard Real Estate Law, January 2009 This article is intended to provide a real estate attorney with basic information to quantify the risk of bulk sales liability to its purchaser client so both the client and attorney can evaluate the legal and business ramifications in purchasing real estate with potential bulk sale burdens.
Using title insurance to avoid probate or ancillary administration By Christopher M. Tietz Real Estate Law, January 2009 The author provides a sample Affidavit for Title Insurance that he prepared himself, which can be very useful in both accelerating the closing of an estate and reducing the attendant costs.
Legislative report By James K. Weston, Sr. and MaryLou Lowder Kent Real Estate Law, December 2008 The second year of the 95th General Assembly was again one of the most active periods in legislative history.
A tax on real estate transfers pursuant to divorce—In Chicago now and coming soon to a municipality near you!! By Barbara Downs Family Law, November 2008 On October 6, 2008 the City of Chicago Finance Committee voted unanimously to support Alderman Burke’s proposed ordinance to exempt transfers of the marital home pursuant to a divorce or legal separation judgment from payment of the Chicago Real Estate Property Transfer Tax.
Essentials for a smooth closing: Part II—Condominium resales By Joel L. Chupack Real Estate Law, October 2008 The closing of a condominium resale entails additional considerations and a lot more interfacing with other entities than exist with the typical single-family home resale.
Navigating the short sale By Adam B. Whiteman Real Estate Law, October 2008 Your client has fallen behind in his mortgage payments and is served with a foreclosure complaint.
Recent decisions in real estate tax cases By Timothy E. Moran State and Local Taxation, October 2008 Two recent cases of interest to practitioners.
A tax on real estate transfers pursuant to divorce—In Chicago now and coming soon to a municipality near you!! By Barbara Downs Family Law, October 2008 We recently had a horrendous case involving the enforcement of the Chicago Real Estate Transfer Tax in an old divorce case. First, some background.
Editor’s note By Gary R. Gehlbach Real Estate Law, August 2008 For several decades I have steadfastly declined to prepare an installment contract for deed, only rarely and begrudgingly relenting.
Essentials for a smooth real estate closing By Tracie R. Porter Real Estate Law, August 2008 In order for a smooth closing to occur, all parties involved must be aware of their responsibilities for the closing, including what documents to bring or to send to the closing, what conditions need to be met prior to and at closing, and what the expectations are of the other parties involved in the transaction.
Final regs concerning funds used during § 1031 Exchanges of Like-Kind Property By Emily R. Vivian Real Estate Law, August 2008 After issuing several proposed regulations, the IRS has now issued final regulations concerning the treatment of income earned on like-kind exchange funds before the transaction has closed.
From the Chair By Gary R. Gehlbach Real Estate Law, July 2008 Perversely relishing the stress and frustration that every day (indeed, every hour or every few minutes) seems to bring, I secretly confess that I love the practice of law.
Public Act 095-0691: A mortgage crises remedy? By Kenneth E. Davies Real Estate Law, July 2008 This article will discuss the highlights of Public Act 095-0691 and will try to pose the basic question: How much of this new law is designed to solve the problems of the present and the past and how much of the new law is nothing more than a knee jerk reaction to a problem brought on by over-exuberate lenders and consumers?
Random thoughts on tenancy by the entirety By Richard F. Bales Real Estate Law, July 2008 Attorneys who represent home owners in mortgage foreclosure proceedings will routinely parse their clients’ real estate documentation, looking for defects or issues that they can use for their advantage. It seems clear that tenancy by the entirety might be a new (and potentially lethal) weapon in the arsenals of these attorneys.
Editor’s note By Gary R. Gehlbach Real Estate Law, June 2008 Congratulations! With considerable support from highly qualified authors, we have now published 12 issues this fiscal year, a record!
Letter to the editor By Mary Lin Nicholson Real Estate Law, June 2008 My first reaction was how can the ward’s guardian be both her aunt and her niece?
A problem, a solution and a new malpractice standard? By Michael J. Rooney Real Estate Law, June 2008 As an ongoing Michigan case illustrates, any attorney who allows a client, whether seller or buyer, to close with a title agent (instead of with the title insurance company) without insisting upon a CPL for the client ought to be held liable for malpractice.
Recent procedural developments in real property taxation By Jacqueline Gianneschi State and Local Taxation, June 2008 Recent cases of interest to real estate tax practitioners.
Editor’s note By Gary R. Gehlbach Real Estate Law, May 2008 Most of us remember the remark of the gentleman pointing to the man in the casket and remarking: “Brothers and sisters I have none.
Editor’s note By Gary R. Gehlbach Real Estate Law, April 2008 The March 2008 issue of this newsletter featured an article by Adam Whiteman about the Illinois Home Repair and Remodeling Act and recent appellate decisions addressing the impact of that Act.
New changes to IRC rules on vacation-second homes and 1031 Exchanges By Stephen A. Wayner and Claudia Kiernan Real Estate Law, April 2008 Most tax practitioners serve clients who own vacation-second homes.
No more appraisals ordered by mortgage brokers after 12/31/08 By Carol Klima Martin Real Estate Law, April 2008 During the recent slowdown in the real estate market, we have been hearing a lot about “predatory loans” and “inflated values.”
Vacation homes and Section 1031 By Gary R. Gehlbach Real Estate Law, April 2008 Section 1031 of the Internal Revenue Code and the Regulations promulgated thereunder rather clearly provide that eligible property must be “held for productive use in a trade or business or for investment.”
Does size matter? Homestead and Tenancy by the entirety By Richard F. Bales Commercial Banking, Collections, and Bankruptcy, March 2008 An update to the author's original article that appeared in the February 2005 issue of Real Property.
Editor’s note By Gary R. Gehlbach Real Estate Law, March 2008 The Bar Association’s fiscal year is July 1 through June 30, and this newsletter, as well as the other ISBA publications, follow this cycle.
Residential contractors (and subcontractors) BEWARE! The Home Remodeling and Repair Act prevents mechanic’s liens on a residence when there is an oral contract for work that exceeds $1,000 By Adam B. Whiteman Real Estate Law, March 2008 In January of 2000, a law went into effect that makes it unlawful for any person engaged in the business of home repairs and remodeling to remodel or make repairs or charge for remodeling or repair work over $1,000 without first obtaining a signed contract or work order.


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