2001 (and early 2002) Real estate case law update
In Hidden Grove Condominium Association v. Katherine Crooks, 318 Ill.App.3d 945, 744 N.E.2d 305, 253 Ill.Dec. 23, a condominium homeowner alleged that the late charges her association levied upon her for failure to pay her January assessment until October were unreasonable and constituted an unenforceable penalty.
We've determined that this publication has at least one reader, and he's John O'Rourke, an attorney in Chicago. Mr. O'Rourke has responded to a couple of articles that appeared in our March issue on the AMCORE Bank v. Hahnaman-Albrecht, Inc., case.
A real estate lawyer may sound like an attorney who has limited him or herself to a narrow scope of practice, but as the articles here demonstrate, there's quite a range of concentrations within our diverse area of practice.
This issue starts with a practice tip by Jordan Shifrin. With more than 50 percent of new residential construction since the 1980s involving homeowners' associations, what are the responsibilities of the buyers' attorneys?
Before you dive into this issue, try the following quiz:
Attorney Phil Ward of Sterling, truly a dean of real estate practitioners in Illinois (Phil was Chair of the Real Estate Law Section Council many years ago when I was first privileged to become involved), was instrumental in drafting the Illinois Mortgage Foreclosure Law.
This edition of the Real Property newsletter includes three very interesting topics.
The success of this newsletter depends on the efforts and dedication of the members of the Real Estate Law Section Council as well as the readers.
Legal notice for foreclosure sale public auction real estate
At the premises I, Lyle Dirks, having been designated by the Circuit Court of the Fourteenth Judicial Circuit, Whiteside County, Illinois in the case entitled Sterling Federal Bank, F.S.B., a Corporation v. Dennis O. Walrath, Sandra K. Walrath, and Mortgage Electronic Registration Systems, Inc., case No. 02 CH 7 ST as sale officer, to conduct the sale, will sell the following described property at public auction to the highest qualified bidder.
Letter to the editor
The articles in your March issue by Dick Bales and Steve Bashaw focusing on AMCORE Bank v. Hahnaman-Albrecht, Inc. and the issue of the scope of authority granted an agent by a power of attorney were well reasoned, nicely written and of course absolutely legally sound.
A message from the chair
Thank you for taking the time to read the Real Property newsletter. This newsletter is a product of the Real Estate Section Council of the Illinois State Bar Association.
Mortgage defense 101
Lenders frequently assign or transfer their loans. Sometimes they are securitized. Sometimes the servicer seeks to foreclose.
A primer on construction issues for the construction lender
Too often, the construction lender treats the construction loan as it would treat any other commercial loan, without anyone with significant background in the vagaries of the construction industry ready to "pull the plug" should the loan become "out of balance."
Q & A: Illinois real estate transfer tax
The psychic wounds have now healed and the baleful tears now dried. The passing of the "Green Sheet" into the Great Beyond, however much a shock it was, is sufficiently behind us.
Real estate law practice key points (December, 2001—January, 2002)
The Illinois Condominium Property Act (765 ILCS 605/1 et seq.), specifically provides that in the event of a default by a unit owner in the payment of assessments, the association has the right to maintain an action for possession as set forth in the Forcible Entry and Detainer article of the Code of Civil Procedure (765 ILCS 605/9.2; Article IX Code of Civil Procedure, 735 ILCS 5/9/101 et seq.)