Can a Trustee Execute a Warranty Deed?By Richard F. BalesReal Estate Law, November 2024A trustee of an institutional land trust will never execute a warranty deed. A trustee of a personal trust can execute a warranty deed, but the benefits of such a deed seem to be questionable.
Genie in the Bottle: Rule 137 SanctionsBy Donald Hyun Kiolbassa & Emily HolmesReal Estate Law, November 2024In the case of Palmquist v. Livingston, the appellate court helps us understand the ways Illinois Supreme Court Rule 137 (eff. Jan. 1, 2018) can get you in trouble.
Legislative UpdateBy Paul PetersonReal Estate Law, November 2024A summary of legislative updates relevant to real estate law practitioners.
Review of Agency (And No Agency) Under the Illinois Real Estate License ActBy Victoria MunsonReal Estate Law, November 2024In Illinois, real estate licensees operate under the presumption of designated agency. As stated in the Illinois Real Estate License Act, at 225 ILCS 454, a licensee is presumed to be the agent of the client with whom they are working.
ALERT!!Real Estate Law, October 2024Illinois has developed a rental assistance program for fiscal year 2025.
The Boy Who Cried Wolf: A Look Into Preliminary Injunction Law in IllinoisBy Donald Hyun Kiolbassa & Emily HolmesReal Estate Law, October 2024The preliminary injunction is an important arrow in the quiver of the powers of the judiciary. A preliminary injunction gives the judge the power to stop a party from an action while the parties are waiting on a final judgment.
Case Summary: Werner v. Auto-Owners Insurance CompanyBy James CreppelReal Estate Law, October 2024In Werner v. Auto-Owners Insurance Company, the Seventh Circuit U.S. Court of Appeals affirmed the district court’s finding that a homeowner’s insurable interest, after a judicial sale but before confirmation of the sale, is limited to the value of the homeowner's temporary right of possession.
Prometheus and the Gift of Fire: In re SyedBy Donald Hyun Kiolbassa & Emily HolmesReal Estate Law, October 2024The court in In re Syed was faced with the challenge of choosing between two good choices. The court should either respect a judgment of eviction or uphold Chapter 13 bankruptcy rules.
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.
