Section Newsletter Articles on Real Property

Update from the 94th General Assembly By James K. Weston Real Estate Law, November 2006 The General Assembly concluded the Spring 2006 Session in May, over a month after the initially announced end of session, April 7.
Assignability of special use permits By Gary R. Gehlbach Real Estate Law, October 2006 In the counties and municipalities in which I practice, it is routine for many property uses to be permissible uses under a certain zoning classification, provided that the governing body grants a special use permit.
Letter to the Editor By Phillip H. Ward Real Estate Law, October 2006 I read with interest the first “scenario” of Duffin and Jacobs in the May 2006 Newsletter involving an incorrect legal description.
Lis pendens notices By Bradley W. Small Commercial Banking, Collections, and Bankruptcy, October 2006 When it comes to parties with competing interests in real estate, the lis pendens notice plays an integral part in establishing priority of such interests.
A little bit of this, a little bit of that By Gary R. Gehlbach Real Estate Law, October 2006 The late Harold Levine argued convincingly in this publication against the perils of attorney approval clauses.
A comparison of the new Multi-Board Residential Real Estate Contract 4.0 (Year 2006 version) with the 3.0 version By Joseph R. Fortunato Real Estate Law, August 2006 In this outline the author attempts to review and contrast the Multi-Board Residential Real Estate Contract 4.0, approved or soon to be approved throughout the Chicago area, with the Multi-Board Residential Real Estate Contract 3.0, the so-called “Common Contract” currently in use.
A related party exchange that should work By Gary R. Gehlbach Real Estate Law, August 2006 There apparently is a useful exception to an exception that will allow related parties to engage in an exchange that is tax-deferred under Internal Revenue Code section 1031.
Title, legal, ethical and other real estate issues By Robert Duffin and Myles Jacobs Real Estate Law, May 2006 On a periodic basis, this newsletter will present real issues encountered by real estate attorneys.
How to reduce the real estate taxes on your home By Katherine A. Amari Young Lawyers Division, April 2006 Homeowners 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 market By Martin R. Press and Michael S. Schimmel Real Estate Law, April 2006 A 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.
Supreme Court decides that title insurers are not in the business of supplying information when they issue title commitments and title insurance policies By J. Michael Williams Real Estate Law, April 2006 On January 20, 2006, the Illinois Supreme Court unanimously ruled that title companies in Illinois are not liable for negligent misrepresentation when, in the course of issuing title commitments and title insurance policies, they do not disclose liens, restrictions, or other title matters affecting the real property in question.
What is a title company’s product? By Greg C. Anderson Real Estate Law, April 2006 Gertrude 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 Limitations By Margery Newman Real Estate Law, March 2006 In 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 liability By Thomas Raleigh Real Estate Law, March 2006 In 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 Company By Shekar Adiga Real Estate Law, February 2006 The 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.
Reconsidering environmental considerations in commercial real estate transactions—2006: New alternatives and new opportunities for clients By William J. Anaya Environmental Law, February 2006 Environmental cleanup liability has been a consideration in commercial real estate transactions for the past two and one-half decades, but the law’s response to that stimulus has changed significantly in just the past few years.
Special Service Areas and Special Assessment Areas—A growing trend in financing of public improvements for new construction By Christian Spesia Real Estate Law, February 2006 In the late 1990s, two changes in the law combined to create an easier, cheaper source of capital that developers can utilize to fund various public purpose infrastructure improvements in residential and other developments.
Buyer’s remedies in the fraudulent sale of residential property By Donald A. LoBue General Practice, Solo, and Small Firm, December 2005 The courts continue to expand buyers’ remedies regarding the purchase of homes.
The doctrine of merger: Real estate contracts and tax prorations By Steven B. Bashaw Real Estate Law, November 2005 The 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 update By James K. Weston, Sr. Real Estate Law, November 2005 The 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 protection By Ted M. Niemann, Sr. and Melinda S. Madison Real Estate Law, November 2005 Asset 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 miscellany By Gary R. Gehlbach Real Estate Law, October 2005 As 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 policy By Howard Samson Real Estate Law, June 2005 Long 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 entirety By Richard F. Bales Commercial Banking, Collections, and Bankruptcy, April 2005 A look at potential landmines.
Unresolved issues concerning tenancy by the entirety By Richard F. Bales Real Estate Law, February 2005 Since 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).
Another arrow in the quiver of those seeking adverse possession: A casenote: Johan Dwyer v. William R. Love and Jody Romano Love By Laurence F. Johnson Real Estate Law, December 2004 The Dwyer family owned real estate in Winnebago County, Illinois continuously from 1956.
Intercreditor agreements in mezzanine financing: advice for mezzanine lender’s counsel By David Neboyskey Real Estate Law, November 2004 Over the past several years, a new means of secured financing has risen to prominence in the financial marketplace.
Commercial real estate contract preparation checklist By Herbert J. Klein Business Advice and Financial Planning, October 2004 Following is a checklist in preparing or reviewing a commercial real estate contract:
Real estate transactions and bulk sales requirements By Ted M. Niemann and Melinda S. Madison Real Estate Law, September 2004 Bulk sales laws are designed to eliminate fraud in certain credit transactions.
The 7 percent assessment cap creates uncertainty in residential real estate closings By John K. Norris State and Local Taxation, August 2004 I'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.


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