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Newsletter articles from 2011
The 2011 ALTA/ACSM Land Title Survey Standards
The 2011 ALTA/ACSM land title survey standards are the culmination of two years of work by a committee made up of land surveyors, attorneys who represent lenders, and title company attorneys.
The Civil Union Act and the execution and preparation of real estate documents
The Civil Union Act brings many new challenges to real estate practitioners. For example: How should parties to a civil union be described in deeds and other documents? How should the issue of homestead be addressed in these documents? Can parties to a civil union own their home as tenants by the entirety, and if so, how should they be described in the deed?
Country roads: Who owns them?
After searching the records at the courthouse and at the county superintendent’s office, the sellers’ attorney should be able to determine whether the road or roads in question were established by statute or by a dedication that conforms with the Illinois Plat Act.
Death of the mechanic’s lien?
As a result of LaSalle Bank National Association v. Cypress Creek I, LP, the mechanic’s lien no longer provides protection to contractors.
Navigating mechanics liens through hostile “ground lease” territory
Most real estate practitioners are well acquainted with the common “Ground Lease” and the even more common Mechanics’ Lien. But reconciling these stalwart fixtures of real property law can pose practical problems which are magnified in the current real estate market.
Protecting clients from danger in a 1031 Safe Harbor
The IRS regulation 2010-14 is a welcome safe harbor for solving some of the confusion and taxation issues when a Qualified Intermediary in a 1031 exchange files for bankruptcy protection or is subject to a receivership proceeding.
Real estate ethics corner
In re Shaveda Monique Scott involved a five-count complaint against an attorney for failing to disclose her financial interest stemming from her role as a registered title insurance agent when representing clients in six transactions and for violating the rules regarding conflicts of interest by improperly representing both buyers and seller in four of those matters.