Section Newsletter Articles on Real Property
What is a “right of first refusal”?
By Gary R. Gehlbach
Real Estate Law,
December 2006
Occasionally, a client will ask that I prepare a “right of first refusal,” or a “right of last refusal,” or a “last right of refusal,” or a “right of first and last refusal,” or some variation on this notion.
2006 legislative report
By Marylou Lowder Kent
Real Estate Law,
November 2006
Several new acts relating to the practice of real estate law, passed by the Legislature during the 2006 session of the 94th General Assembly, have now been signed by the Governor and have become law.
The Carbon Monoxide Alarm Detector Act
By Gary R. Gehlbach
Real Estate Law,
November 2006
Effective January 1, 2007, the Carbon Monoxide Alarm Detector Act (PA 94-0741, HB 5284) requires that every dwelling be equipped with an approved carbon monoxide alarm within 15 feet of every room used for sleeping purposes.
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 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.
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.
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.
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
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).
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