Real Estate Law

Senate Bill 1259

Topic: 
Foreclosure short sales in residential real estate
(Silverstein, D-Chicago; Currie, D-Chicago) requires the mortgagee to respond to the mortgagor within 90 days if the mortgagor sends a bona fide written offer to purchase from a third party and requests in writing that the mortgagee approve the sale. A “short sale” is when the mortgaged real estate is being sold for less than the amount owed to the mortgagee on the mortgage note. Failure to accept the offer shall not impair or abrogate in any way the rights of the mortgage or affect the status of the foreclosure proceedings. The 90-day period shall not operate as a stay of the proceedings. It passed out of House Executive yesterday and is poised to be passed by the entire House this week.

Real Estate on Hold

By James K. Weston
April
2009
Column
, Page 206
The real-estate market, still frozen by fear, is producing few opportunities.

Missing Mortgage Funds and a Notary Conflict

By James K. Weston
July
2009
Column
, Page 372
Financial institutions seem to be hoarding bailout money, not lending it.

Real Ethics and Courtesy for Divorce Lawyers

By H. Joseph Gitlin
January
2010
Column
, Page 52
Not all ethical rules appear in the Rules of Professional Conduct.

Is Selling Title Insurance a “Business Transaction”?

By Joseph R. Fortunato & Steven B. Bashaw
January
2010
Column
, Page 50
A reference to the sale of title insurance in the new rules has some lawyers concerned.

The Implied Warranty of Habitability in Illinois: A Critical Review

By Roger L. Price & M. Ryan Pinkston
February
2010
Article
, Page 92
A look at the implied warranty of habitability for Illinois homebuyers from the perspective of counsel for builders and sellers.

ISBA Opinion 10-02 Reins in Real Estate Brokers

By Peter J. Birnbaum
April
2010
Column
, Page 212
This new ethics opinion is good news for real estate lawyers, the author contends.

The Foreclosure Explosion: How Illinois Courts Are Responding

By Joseph R. Fortunato & Steven B. Bashaw
July
2010
Column
, Page 380
How judges, lawyers, and litigants in Chicagoland are responding to the foreclosure crisis.

Wilder Corporation of Delaware v. Thompson Drainage and Levee District

Federal 7th Circuit Court
Civil Court
Indemnity
Citation
Case Number: 
No. 11-1185
Decision Date: 
September 27, 2011
Federal District: 
C.D. Ill.
Holding: 
Affirmed
Dist. Ct. did not err in granting defendant’s motion for summary judgment in action under common law indemnity theory alleging that defendant was required to reimburse plaintiff for damages it incurred when third-party purchaser of plaintiff’s land successfully sued plaintiff for environmental cleanup costs where: (1) in contract with third-party, plaintiff breached warranty that land would be free from contamination; and (2) plaintiff alleged that defendant was source of said contamination. Plaintiff cannot invoke non-contractual indemnity to shift risk that it assumed in contract for sale of land, and plaintiff could have protected itself by including in land contract subrogation clause that would have allowed plaintiff to step in third-party’s shoes as plaintiff in subsequent nuisance lawsuit against defendant to recoup instant cleanup costs.

Active Duty Military: A Special Class of Distressed Homeowners

By Steven B. Bashaw
October
2011
Column
, Page 532
Being forced to sell a home in this economy is a recipe for financial misery.