Real estate for retirement? Now you canBy Ronald J. GuildReal Estate Law, March 2002Investment grade commercial real estate can now be viewed as an acceptable vehicle for purchase in IRA or 401(k) accounts.
Wetland regulation since the demise of the “Migratory Bird Rule”—more muddy water?By William J. AnayaReal Estate Law, March 2002* The Corps of Engineers' authority under the federal Clean Water Act was clearly limited by the U.S. Supreme Court in Solid Waste Agency of Northern Cook County v. United States Army Corps of Engineers, 531 U.S.159, 121 S. Ct. 675 (2001), but, one year later, the regulatory boundaries are less clear now than before.
Editor’s noteReal Estate Law, February 2002This issue starts with a practice tip by Jordan Shifrin. With more than 50 percent of new residential construction since the 1980s involving homeowners' associations, what are the responsibilities of the buyers' attorneys?
Practice tip: Avoid malpractice—is there an association?By Jordan I. ShifrinReal Estate Law, February 2002Many attorneys representing a buyer in the purchase of a new home neglect to inform their client when there are recorded covenants disclosing an obligation to pay assessments.
Real estate law practice key points (December, 2001—January, 2002)By Steven B. BashawReal Estate Law, February 2002The Illinois Condominium Property Act (765 ILCS 605/1 et seq.), specifically provides that in the event of a default by a unit owner in the payment of assessments, the association has the right to maintain an action for possession as set forth in the Forcible Entry and Detainer article of the Code of Civil Procedure (765 ILCS 605/9.2; Article IX Code of Civil Procedure, 735 ILCS 5/9/101 et seq.)
New real estate and related legislationBy James K. Weston, Sr.Real Estate Law, December 2001After the conclusion of the Spring Session of the 92nd Illinois General Assembly, Governor George Ryan signed 494 bills into law.
Editor’s notesReal Estate Law, October 2001This issue features articles addressing representing third-party bidders at foreclosure sales, complying with the Residential Real Property Disclosure Act, and the impact of Revised Article 9 on real estate transactions.
A seller’s lot: real estate sales under the Illinois Residential Real Property Disclosure ActBy Mark G. Hanley & Mark C. ZimmermanReal Estate Law, October 2001In general, the Illinois Residential Real Property Disclosure Act (hereinafter "the disclosure act") requires a seller of a residential property to disclose to a prospective buyer any material defects in the property of which the seller has actual knowledge.
And the money keeps rolling out in fraud directionsBy Timothy P. AtchisonReal Estate Law, June 2001Incidents of fraud, forgery and identity theft continue to plague the real estate industry and, if anything, are increasing.
Editor’s notesReal Estate Law, June 2001This issue of the Real Property newsletter includes Tim Atchison's detailed discussion of various types of fraud, particularly flips.
Real estate case law updateBy Steven B. Bashaw & Joseph R. Fortunato, Jr.Real Estate Law, June 2001Note: those in attendance at the November 2000 ISBA Real Estate Section Law Ed SeriesSeminar received a packet of materials that included a Case Law Update consisting of 66 pages of case summaries compiled by Steven Bashaw from his monthly real estate publication, Keypoints.
Equitable and “conventional” subrogation in IllinoisBy John C. MurrayReal Estate Law, April 2001Whenever a title insurer pays a claim, it will ask the claims handler to consider possibilities for recovery from someone who may have been unjustly enriched.
Real estate Web sitesBy Elizabeth RobertsonReal Estate Law, April 2001Last Revised February 10, 2001, Steven B. Bashaw
Insuring vacated rights-of-way after Chavda v. WolakBy Richard F. BalesReal Estate Law, March 2001Public Act 90-179 (effective July 23, 1997) amended the Illinois Municipal Code. As amended, 65 ILCS 5/11-91-1 provides as follows:
Lease renewal rules have been clarifiedBy Jack H. TibbettsReal Estate Law, March 2001The determination of whether a lease is automatically renewed by a tenant continuing to holdover by agreement has been clarified by a new Illinois law.
“Mortgagee in possession”—watch your languageBy Thomas F. HartzellReal Estate Law, March 2001Prepared forms do not always have necessary language. A recent case in our circuit concerning a mortgagee asking the court to be placed in possession during foreclosure proceedings reminds all of us of the need to read documents very carefully.
IRS issues long awaited reverse exchange rulesBy Martin S. EdwardsReal Estate Law, January 2001During the one-year period between the promulgation of the 1990 proposed exchange regulations and the issuance of the final regulations in April of 1991, the IRS solicited comments in regard to allowing pure reverse exchange transactions.
The reverse exchange: “parking” breeds a new acronymBy Gary R. GehlbachReal Estate Law, January 2001Finally, when the client calls who is ready to acquire a parcel of real estate before he or she has a buyer for the property he or she is selling, and the client insists on avoiding capital gain with a trade for like-kind property, we can structure the exchange with confidence.
Underwriting covenants, conditions and restrictionsBy Richard F. BalesReal Estate Law, January 2001"Covenants, conditions, and restrictions" (hereafter CC&Rs) is a generic term for privately-created rules and regulations that frequently govern the use and improvement of real property.
Attorney approval provisions—the good faith requirementBy Richard W. KuhnReal Estate Law, October 2000The current trend of Illinois case law gives an attorney broad discretion under most standard form attorney-approval clauses, subject only to the notion of "good faith."
The need of homebuyers and sellers for independent counselBy Stanley B. BalbachReal Estate Law, August 2000The profession has a duty to inform the members of the public as to when they have a problem deserving of the services of a lawyer.
Cook County expands incentives for real estateBy Iris E. SholderState and Local Taxation, July 2000The Cook County Board of Commissioners, on recommendation of the Cook County Assessor, recently adopted amendments to the Cook County Real Property Classification Ordinance, which expand the availability and benefits of several of the existing tax incentives.
“FLIP!” Not just another four-letter wordBy Lynn W. WilburnReal Estate Law, June 2000In the last two or three years, but especially within the last year, illegal flip real estate transactions (FLIPS) have virtually exploded in numbers around the country.
Robinson v. MalkBy Thomas HomburgerReal Estate Law, June 2000In November, 1999, the Illinois Appellate Court sent a strong message to landlords, reminding them of public policy and court precedent dating back to the 1800s, and warning of dire consequences if a landlord takes matters into his own hands by depriving a tenant of leased premises through extra-legal means.
Saving for a rainy day; The developer’s fiduciary duty to fund capital reservesBy Jordan I. Shifrin & Laurence B. HirschReal Estate Law, June 2000The idea of saving up for a rainy day is hardly a new concept. Ever since the days of receiving an allowance, we have been trained to stash a little something away just in case
