Articles on Real Property

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 & 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.
HUD’S “Final Rule” on its proposal to amend RESPA By Joseph R. Fortunato, Jr. Real Estate Law, June 2004 In 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) designation By Karen Dimond State and Local Taxation, June 2004 Under 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-way By Richard F. Bales Real Estate Law, May 2004 Generally 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 Benno By Howard Samson Real Estate Law, May 2004 The 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 loan By R. Kymn Harp Real Estate Law, March 2004 For 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 Tax By Dana M. Nauman Real Estate Law, March 2004 The 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 constitutional By Jack H. Tibbetts Real Estate Law, March 2004 The 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.
Partition/co-ownership/co-habitation By Bernard Wydajewski General Practice, Solo, and Small Firm, January 2004 Your client states she is ready to end her relationship with her boyfriend. They purchased a home together 10 years ago as joint tenants. But now she wants out and he won't give her a "fair share." What is her "fair share" and how do you obtain it?
Dueling surveyors: Post-appellate issues of Hasselbring v. Lizzio By Richard F. Bales Real Estate Law, October 2003 I have always been interested in water law and the various issues surrounding riparian rights.
Federal preemption of state prepayment-penalty statutes: Back to the future? By John C. Murray Real Estate Law, October 2003 Federal associations have, for many years, been able to include prepayment penalty clauses in commercial loan documents and enforce such clauses according to their terms, regardless of any state law to the contrary (including equitable principles). C.F.R. §§ 545.2 and 545.34(c), as amended at 49 F.R. 43044 (1984), authorize a federal association to include a prepayment penalty clause in any loan it makes and to enforce such a clause in accordance with its terms regardless of any state law-including equitable principles in a foreclosure action-that purports to prohibit the collection of a prepayment penalty under certain circumstances.
Insurer uses termites to pursue home seller By Gary R. Gehlbach Real Estate Law, October 2003 Evidence that sellers of a residence concealed active termite infestation was sufficient for the buyers' homeowners' insurance company to collect from the sellers.
Lien cuisine- A cornucopia of recent mechanics lien and construction law cases By Samuel H. Levine Real Estate Law, October 2003 The current Mechanics Lien Act was adopted in 1903. This year we are celebrating its 100th anniversary. Despite the mechanics lien law's age, it is still evolving.
New laws from the 93rd General Assembly, 2003 Spring Session By James K. Weston, Sr. Real Estate Law, September 2003 H 1584: Condominium Act amended to permit absentee voting as an alternative to proxies. Numerous rules pertaining to the implementation of the changes are promulgated. [P. A. 93-0243; effective January 1, 2004].
Revenue ruling limits related party exchanges By Suzanne Goldstein Baker Real Estate Law, September 2003 A Revenue Ruling issued by the Internal Revenue Service on November 26, 2002, added a 10-penny nail to the coffin of a certain type of tax-deferred exchange among related parties.
Issues relating to toxic mold By Margery Newman Real Estate Law, August 2003 Frequently, in the construction industry, a "hot issue" overtakes the industry. The latest "hot issue" is mold-related lawsuits relating to residential and office buildings.
Practice tips By Donald L. Shriver Real Estate Law, August 2003 On March 20, 2003, the Fourth District Appellate Court of Illinois decided Rothers Construction, Inc. v. Centurion Industries, Inc., et al., 272 Ill.Dec. 105, 786 NE2d 644.
The standard of review for granting or denying special use permits significantly changed By Jack H. Tibbetts Real Estate Law, August 2003 The Illinois Supreme Court has in two recent cases changed the standard for review of the granting of a special use permit to administrative review and left the standard of review for zoning variances as de novo review.
Brief analysis and comment on Hogan v. Adams, a case under the Illinois Residential Real Property Disclosure Act By Elizabeth A. Urbance Real Estate Law, June 2003 This article reviews and analyzes the facts and some of the lessons to be learned from a recent decision of the Appellate Court for the Fourth District in Illinois.
Marital property acquired before marriage: The purchased “in contemplation of marriage” rule By Thomas J. Kasper Family Law, April 2003 During the pre-nuptial bliss, one or both of the parties to be married may not be concerned with how title is held to the residence they purchased before the marriage.
Personal real estate and its uses in saving taxes By Robert Weber Trusts and Estates, March 2003 Which 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 2003 1. a, c 2. b, c 3. a, c
The new and improved Multi-Board Residential Real Estate Contract By Joseph R. Fortunato Real Estate Law, February 2003 Transactional 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."
Revival of a clause requiring rent payment in gold? Only with a lease amendment By David S. Horwitch Real Estate Law, February 2003 On March 21, 2002, the Illinois Appellate Court, Fourth Division, decided Nebel, Inc. v. The Mid-City National Bank of Chicago, an appeal from the Circuit Court of Cook County, Illinois.
A short quiz Real Estate Law, February 2003 1. 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 property By Gary R. Gehlbach Commercial Banking, Collections, and Bankruptcy, February 2003 In 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 Wysocki General Practice, Solo, and Small Firm, January 2003 In July, 2002 H.U.D. proposed major revisions to the Real Estate Settlement and Procedure Act (RESPA).

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