The Spring Session of the 92nd General Assembly has concluded, although at the time this note is being prepared, the Veto Sessions are pending.
Recognizing the sometimes considerable harm realized by consumers when those without law degrees provide legal advice, ISBA President Herb Franks is emphasizing protecting the public from the unauthorized practice of law in his tenure as president.
This issue features articles addressing representing third-party bidders at foreclosure sales, complying with the Residential Real Property Disclosure Act, and the impact of Revised Article 9 on real estate transactions.
This issue of the Real Property newsletter includes Tim Atchison's detailed discussion of various types of fraud, particularly flips.
This issue could not be more timely. The first article by John C. Murray discusses the doctrines of equitable and conventional subrogation.
We are fortunate to have articles in this newsletter from experienced real estate practitioners who are known authorities on the topics about which they have written.
IRS issues long awaited reverse exchange rules
During the one-year period between the promulgation of the 1990 proposed exchange regulations and the issuance of the final regulations in April of 1991, the IRS solicited comments in regard to allowing pure reverse exchange transactions.
Lease renewal rules have been clarified
The determination of whether a lease is automatically renewed by a tenant continuing to holdover by agreement has been clarified by a new Illinois law.
“Mortgagee in possession”—watch your language
Prepared forms do not always have necessary language. A recent case in our circuit concerning a mortgagee asking the court to be placed in possession during foreclosure proceedings reminds all of us of the need to read documents very carefully.
Privacy versus confidentiality
By 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.
Real estate case law update
Note: those in attendance at the November 2000 ISBA Real Estate Section Law Ed SeriesSeminar received a packet of materials that included a Case Law Update consisting of 66 pages of case summaries compiled by Steven Bashaw from his monthly real estate publication, Keypoints.
The reverse exchange: “parking” breeds a new acronym
Finally, when the client calls who is ready to acquire a parcel of real estate before he or she has a buyer for the property he or she is selling, and the client insists on avoiding capital gain with a trade for like-kind property, we can structure the exchange with confidence.