Legal notice for foreclosure sale public auction real estateReal Estate Law, October 2002At the premises I, Lyle Dirks, having been designated by the Circuit Court of the Fourteenth Judicial Circuit, Whiteside County, Illinois in the case entitled Sterling Federal Bank, F.S.B., a Corporation v. Dennis O. Walrath, Sandra K. Walrath, and Mortgage Electronic Registration Systems, Inc., case No. 02 CH 7 ST as sale officer, to conduct the sale, will sell the following described property at public auction to the highest qualified bidder.
Response to article pertaining to third party purchaser at judicial foreclosure salesBy Phillip H. Ward, Jr.Real Estate Law, October 2002Messrs. Moody and Potter's thorough article on representing a potential third party purchaser at a foreclosure sale (Real Property newsletter, October 2001), furnishes an excellent argument for their firm (and many others) to change its sale procedure.
Will the collapse of Enron end the synthetic lease?By Jack H. TibbettsReal Estate Law, October 2002The collapse of Enron raises the issue of the propriety of using synthetic leases to keep the cost of purchasing real estate from the corporate reports of profit. The synthetic lease is used to purchase property by financing it as a lump sum payment in the future and paying the interest on the loan during the current years.
Editor’s noteReal Estate Law, April 2002A real estate lawyer may sound like an attorney who has limited him or herself to a narrow scope of practice, but as the articles here demonstrate, there's quite a range of concentrations within our diverse area of practice.
The effective use of arbitration in real estate disputesBy Stanley P. SklarReal Estate Law, April 2002Do you remember the movie, "Network" in which the anchor commentator screams from a window that "he won't take it anymore?"
Enforceablilty of intercreditor agreements in bankruptcyBy John C. MurrayReal Estate Law, April 2002A recent Illinois bankruptcy court decision, In re 203 N. LaSalle Street Partnership, 246 B.R. 325 (Bankr. N.D. Ill. 2000), deals specifically with the rights of parties to an intercreditor agreement.
A primer on construction issues for the construction lenderBy Stanley P. SklarReal Estate Law, April 2002Too often, the construction lender treats the construction loan as it would treat any other commercial loan, without anyone with significant background in the vagaries of the construction industry ready to "pull the plug" should the loan become "out of balance."
Summary of FCC satellite dish regulations affecting condominium/homeowner associationsBy Allan GoldbergReal Estate Law, April 2002The Telecommunications Act of 1996 directed the Federal Communications Commission ("FCC") to issue regulations that prohibit restrictions that impair a viewer's ability to receive video programming services through devices designed for over-the-air reception of television broadcast signals, multichannel multipoint distribution service, or direct broadcast satellite services.
A message from the chairReal Estate Law, March 2002Thank you for taking the time to read the Real Property newsletter. This newsletter is a product of the Real Estate Section Council of the Illinois State Bar Association.
Powers of attorney, guaranties and third party protectionBy Steven B. BashawReal Estate Law, March 2002Last month Dick Bales "beat me to the punch" with his views on AMCORE Bank N.A. v. Hahnaman-Alrecht, Inc. (2nd Dist., November 14, 2001), .
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.
