2007 Articles

Mortgage foreclosure redemptions under IMFL By Jeffrey G. Liss December 2007 Note: The following should be substituted for the final two paragraphs of Mr. Liss’ article that appeared in the November 2007 issue of this publication. – ed.

Overview of attorney review cases By Joseph R. Fortunato, Jr. October 2007 Contract forms have contained clauses described variously as “Attorney Approval,” “Attorney Modification,” “Attorney Disapproval” and “Attorney Review.”

Partnering Agreements: how to get along with your adversaries By Margery Newman January 2007 Unlike Teaming Agreements and Joint Venture Agreements, a Partnering Agreement is not just a method of how people work together in the construction industry.

Pay yourself in residential real estate transactions By Peter R. Olson February 2007 The author lists 10 factors whereby you can directly fatten your client’s checkbook during your next real estate transaction.

Practical problems in residential transactions By Myles Jacobs & Robert Duffin June 2007 Two realistic scenarios that practitioners must be aware of.

The Real Estate Law Section Council By Steven P. Zimmerman October 2007 By the time this edition of the Real Property newsletter hits your desk (preferably your computer screen), ISBA’s program year will be well under way.

Related-party exchange approved By Gary R. Gehlbach August 2007 In the August 2006 issue of this publication, I outlined a procedure for a related party tax-deferred exchange, actually sanctioned by Congress (Vol. 52, No. 1).

The scope of an engagement By Myles Jacobs & Robert Duffin June 2007 When one is retained to do legal work for a client, normally the scope of work to be done is reasonably clear.

The Series LLC By Jason Barickman July 2007 Business owners, particularly those owning rental real estate or small businesses, often organize limited liability companies (LLCs) to own assets and insulate them from personal liability.

Severing a tripartite joint tenancy By Gary R. Gehlbach September 2007 In law school we learned about the creation of joint tenancies and the four unities: time, title, interest and possession.

Solving the problem of the over-inclusive deed By Robert Duffin & Myles Jacobs March 2007 In the fact situation presented last month, the trustee suggested that the deed be rerecorded to delete any reference to the metes and bounds description in order to solve the ambiguity. All too often this approach is used and causes many problems.

Teaming Agreements: an agreement to agree By Margery Newman January 2007 Teaming agreements are generally single purpose, temporary business arrangements in which two (2) or more separate companies join together for the specific purpose of obtaining and performing a construction contract.

Trouble, with a capital “T” By Michael J. Rooney August 2007 There can be some serious pitfalls facing a lawyer who neither knows nor clarifies who the client is and what that client really wants to accomplish.

Vacation homes and Section 1031 By Gary R. Gehlbach July 2007 Section 1031 of the Internal Revenue Code and the Regulations promulgated thereunder rather clearly provide that eligible property must be “held for productive use in a trade or business or for investment.”

When a foreclosure sale preempts mortgagor’s right to sell By Gary R. Gehlbach September 2007 In Household Bank, FSB, v. Lewis et al., 311 Ill.Dec. 677, 869 N.E.2d 351, the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.

Who is my client and what are my responsibilities under a power of attorney? By Myles Jacobs & Robert Duffin April 2007 You represent Bill and Mary in a transaction selling to Jack.