The doctrine of merger: Real estate contracts and tax prorations
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.
An early autumn miscellany
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.
As of about a month ago, the Governor had signed 677 new laws! Tracking the numerous bills, submitting them to the appropriate ISBA section councils and committees for positions, presenting the organized bar’s positions on these bills, and then providing the members with the status of new laws, consitute a major task of the ISBA.
With apologies for the tardiness of this issue (which, if timely submitted, would have featured a late summer miscellany rather than an early autumn miscellany), this issue presents a wide range of topics, with the hope that readers will find several of interest.
One of the unintended benefits of editing this publication (and, indeed, most publications with any pretense toward erudition) is expanding my vocabulary.
Jack Murray, one of the most prolific real estate authors in Illinois and perhaps the nation and a frequent contributor to this publication, has teamed with Greg Thorpe in presenting an article that clarifies the subtle distinction between an equitable mortgage and a sale-leaseback.
This issue features the annual report of IRELA, the Illinois Real Estate Lawyers Association, and two timely articles, one on the recent amendments to the Illinois Real Estate Transfer Tax Law and amendments to the Department of Revenue's rules, and the other on many of the unresolved issues with tenancies by the entirety.
The General Assembly adjourned its Spring Session at the last minute of May, only a few days after its original scheduled end.
The new statutory Residential Tenants’ Right to Repair Act
The ISBA Real Estate Law Section Council this year worked with legislative leaders and their staff to draft a new statute to create a limited right for residential tenants to deduct from rent the cost of repairs required by the lease or law.
Quiet title (not the library, silly)
Title to real property is typically not loud, but nonetheless even a quiet dispute over title can be resolved by an action to quiet title.