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
1999 key real estate legislationBy Marylou Lowder KentReal Estate Law, May 2000HB 0902: Real Estate License Act of 2000
HB 2632: Land Sales Registration Act of 1999
Real Estate Transfer Tax Law: implementation of Public Act 91-555By Karen Alice KloppeState and Local Taxation, April 2000Public Act 91-555, which amends the Real Estate Transfer Tax Law, takes effect on January 1, 2000. (See 35 ILCS 200/31-1 through 31-70.) This act makes changes in the content of transfer declarations and authorizes the use of electronically produced transfer declarations approved by the department.
Practical aspects concerning the creation of air parcelsBy Richard F. BalesReal Estate Law, February 2000For more than thirty-five years Illinois real estate attorneys have worked with the Illinois Condominium Property Act as an alternative to the plat of subdivision.
1998-1999 Real estate case law updateReal Estate Law, January 2000Where buyers purchased property subject to an easement to maintain railroad tracks, and they were aware that the railroad's drainage ditches alongside of the tracks encroached beyond the actual easement, the encroachment ripened into a prescriptive easement over time.
Important note to real estate practitionersBy Edward J. Jarot, Jr.Real Estate Law, June 1999Real estate attorneys should be aware that recent legislation which will have a potentially dramatic impact on the relationships and responsibilities among parties to Illinois land trusts is rapidly on its way to becoming Illinois law.
Pre-petition distribution of cash by a mortgagor: a fraudulent transfer?By John C. MurrayReal Estate Law, June 1999If a debtor is a general or limited single-asset partnership and has made a cash distribution to its partners prior to filing bankruptcy while real estate taxes due on the property remain unpaid, the secured creditor may be able to assert that such action by the debtor constitutes a fraudulent transfer under state or federal law.
Illinois land trusts—troubled timesBy Paul A. MeintsReal Estate Law, May 1999Anyone who has used an Illinois land trust for gifting in the last 30 years or so should make a concerted effort to study all of the land trust documents before the donor-client dies.
Landowner liability to travelers for off-property personal injuryBy Donald L. Shriver & Donald P. ShriverReal Estate Law, May 1999This article presents a review of current Illinois law concerning the circumstances under which a landowner may become liable in tort for injuries to persons traveling on adjacent roadways caused by conditions or substances on the owner's property when the injury occurs off of the owner's property or when the injury is caused by an object leaving the owner's property.
Me? A spinster?By Edward F. StanulaReal Estate Law, May 1999I recently had a discussion with a client regarding the use of the term spinster to describe her marital status in a mortgage.
Senior citizens may be denied privilege to appeal adverse rulings on homestead exemptionsBy Carl H. StoweElder Law, April 1999Senior citizens who receive adverse rulings on applications for exemption upon the real property used as a home, such as the Senior Citizens Homestead Exemption (35 ILCS 200/15-170) or the Senior Citizens Homestead Exemption Assessment Freeze (35 ILCS 200/15-172) may find that they are unable to obtain review of such denial through the court.
Revisiting real estate taxes in bankruptcyBy Timothy E. MoranCommercial Banking, Collections, and Bankruptcy, February 1999Jurisdiction for the bankruptcy court to review and revise prior years' (pre-petition) tax liabilities, including ad valorem real estate taxes, derives from section 505 of the Bankruptcy Code (11 USC section 505).
Trends in real estate commissions: Podolsky & Associates, L.P. v. Discipio, 297 Ill. App. 3d 1014, 697 N.E. 2d 840 (1st Dist. 1998)By Deanne Fortna JonesReal Estate Law, February 1999In a case of first impression, the Illinois appellate court held that a seller can avoid paying brokerage commissions by waiting until the expiration of an exclusive brokerage listing agreement to sell listed property to a buyer not procured by the broker, but known to the seller prior to the agreement's termination, providing the seller's actions are in good faith.
Case summariesReal Estate Law, January 1999Plaintiffs claimed entitlement to a six percent finder's fee from defendants for procuring a buyer for defendants' landfill business pursuant to an alleged oral contract between the parties. Plaintiffs' four count complaint sought recovery under theories of breach of contract, promissory estoppel, quantum meruit and unjust enrichment.
Tax deed trap rescue for redemptorsBy Frederick R. DempseyReal Estate Law, January 1999Mortgage lenders, property owners and--not infrequently--their legal counsel, have long considered the Property Tax Code provisions governing tax deed procedures to be fraught with peril--and with good reason.
