Liens, Tenancies, and DeathBy Richard F. BalesTrusts and Estates, March 2021The interaction between liens, tenancy, and death has different effects on real estate, depending on the type of lien, tenancy, and ownership.
Liens, tenancies, and deathBy Richard F. BalesReal Estate Law, September 2018The interaction between liens, tenancy, and death has different effects on real estate, depending on the type of lien, tenancy, and ownership.
The resulting loss exception to the Defective Workmanship Exclusion: Are you covered?By Adam B. WhitemanConstruction Law, September 2015The First District recently issued an opinion that may help insureds determine whether they will be able to get insurance coverage for damage resulting from a cause which itself is excluded from coverage.
Case review: Castillo v. Department of Human Rights, et al.By Michael J. MaslankaReal Estate Law, July 2015The case of Castillo v. Department of Human Rights, et al., deals with illegal discrimination in the rental of an apartment under the Illinois Human Rights Act.
A guide to repairing broken condominiumsBy Richard F. BalesReal Estate Law, July 2012An overview of Sections 16, 15, and 14.5 of the Condominium Property Act, which can be very effective in rescuing troubled condominium projects.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, January 2012In both disciplinary matters discussed here, the attorney sent postcards to prospective clients indicating he would handle real estate transactions for a set fee without disclosing that he would also receive title insurance premiums and, in the earlier case, fees for surveys, both from companies in which he had an ownership interest. Moreover, his ownership interest in those entities was not disclosed.
Transfer on Death Instruments and title insurance: Two significant problemsBy Douglas M. KarlenReal Estate Law, January 2012The Transfer on Death Instrument Act is new, complex, and untested. It presents to title insurers numerous issues that may be difficult to resolve. The discussion that follows highlights two of these issues: (1) insuring subsequent purchasers when title is derived through a TODI and (2) insuring title when a recorded TODI is not timely or properly accepted by its beneficiaries.
The 2011 ALTA/ACSM Land Title Survey StandardsBy Richard F. BalesReal Estate Law, December 2011The 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.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, December 2011In 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.
Navigating mechanics liens through hostile “ground lease” territoryBy Phillip R. Van NessReal Estate Law, October 2011Most 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.
Using a probate citation for recovering real estate & more…By Philip E. KoenigTrusts and Estates, October 2011An overview of Citations for Recovery of property, who may bring a citation proceeding and what property may be recovered in such a proceeding, as well as some sample pleadings.
The Civil Union Act and the execution and preparation of real estate documentsBy Richard F. BalesReal Estate Law, September 2011The 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?
Protecting clients from danger in a 1031 Safe HarborBy Jack H. TibbettsReal Estate Law, June 2011The 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.
Tax increment financing: A public financing tool for private redevelopmentBy Nancy HyzerReal Estate Law, May 2011The first in a series of articles exploring the creation and evolution of tax increment financing utilized by municipalities and developers over the past 34 years throughout the State of Illinois.
A means to avoid probate when real estate is involved?By Emily R. VivianReal Estate Law, April 2011An explanation of the Transfer on Death Instrument (TODI) and the ISBA's proposed Illinois Residential Real Property Transfer on Death Instrument Act.
Case law update: Real estate contractsBy Steven B. Bashaw & Joseph R. Fortunato, Jr.Real Estate Law, January 2011Recent cases of interest to real estate practitioners.
The use of receiverships for managing troubled assetsBy Samuel H. LevineCommercial Banking, Collections, and Bankruptcy, December 2010Receiverships are something that all lenders should consider in managing distressed real estate. Lenders should also consider creative ways for receivers to manage distressed assets to meet the needs of a particular asset.
Commercial real estate foreclosures in Illinois—They’re not always the sameBy Thomas M. LombardoCommercial Banking, Collections, and Bankruptcy, November 2009With the proliferation of real estate foreclosures in these difficult economic times, many experienced practitioners are finding themselves involved in some aspect of foreclosure litigation for the first time.
Transfer on death designations and title to real estateBy Werner GruberElder Law, July 2009Various methods exist to transfer property outside probate upon one’s death. One such tool, developed for use with bank accounts, involves a pay-on-death (POD) designation. Another tool, developed for use with securities, involves a transfer-on-death (TOD) designation.
H.B. 4050 back in the spotlightBy James K. Weston, Sr.Real Estate Law, June 2007The Illinois Department of Financial and Professional Regulation (“IDFPR”), as the overseer of the Predatory Lending Database Pilot Program Act better known as “HB 4050,” has published a new Rule for the reimplementation of that law.
Significant changes in real estate transfer taxes explainedBy Todd M Turner & Stephen J. BochenekReal Estate Law, February 2005Public Act 93-657 (SB 1883), effective June 1, 2004, amended the Real Estate Transfer Tax Law (35 ILCS 200/31-1 et seq.).
A comparison of single-family residential contract formsBy Steven P. ZimmermanReal Estate Law, December 2004The landmark case of Chicago Bar Association v. Quinlan and Tyson, Inc., 34 Il.2d 116, 214 N.E.2d 771 (1966), continues to define the right of licensed brokers and their agents (collectively, real estate licensees) to prepare real estate contracts on forms customarily used in the community while prohibiting these real estate licensees from engaging in other actions which would constitute the unauthorized practice of law.