2002 Articles

2001 (and early 2002) Real estate case law update By Steven B. Bashaw May 2002 In Hidden Grove Condominium Association v. Katherine Crooks, 318 Ill.App.3d 945, 744 N.E.2d 305, 253 Ill.Dec. 23, a condominium homeowner alleged that the late charges her association levied upon her for failure to pay her January assessment until October were unreasonable and constituted an unenforceable penalty.

2002 real estate legislation of interest By Marylou Lowder Kent December 2002 Governor George Ryan has completed action on all legislation passed by the Illinois General Assembly last spring.

Answers to quiz: December 2002 1. d 2. e 3. c 4. b, d & e 5. b 6. d

Editor’s note July 2002 We've determined that this publication has at least one reader, and he's John O'Rourke, an attorney in Chicago. Mr. O'Rourke has responded to a couple of articles that appeared in our March issue on the AMCORE Bank v. Hahnaman-Albrecht, Inc., case.

Editor’s note April 2002 A 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.

Editor’s note February 2002 This 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?

Editor’s notes By Gary Gehlbach December 2002 Before you dive into this issue, try the following quiz:

Editor’s notes October 2002 Attorney Phil Ward of Sterling, truly a dean of real estate practitioners in Illinois (Phil was Chair of the Real Estate Law Section Council many years ago when I was first privileged to become involved), was instrumental in drafting the Illinois Mortgage Foreclosure Law.

Editor’s notes By Richard W. Kuhn May 2002 This edition of the Real Property newsletter includes three very interesting topics.

Editor’s notes By Gary R. Gehlbach March 2002 The success of this newsletter depends on the efforts and dedication of the members of the Real Estate Law Section Council as well as the readers.

The effective use of arbitration in real estate disputes By Stanley P. Sklar April 2002 Do you remember the movie, "Network" in which the anchor commentator screams from a window that "he won't take it anymore?"

Effectively handling federal tax liens in your real estate transaction By Kathleen M. Lach July 2002 A federal tax lien on the credit report of your seller in a real estate transaction does not necessarily signify that your deal is doomed.

Electronic closings: a cure for the closing nightmare By Beth Brush & Eleanor Sharpe July 2002 Have you ever had a day that was so packed with appointments that what looked like a healthy business became a living nightmare?

Enforceablilty of intercreditor agreements in bankruptcy By John C. Murray April 2002 A 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.

Excerpts from minutes of meeting of Real Estate Law Section Council By Laurence F. Johnson December 2002 Gary Gehlbach encouraged Council Members to prepare articles and suggested that articles on the new Mortgage Release Act and on the new farm tenancy case may be appropriate.

Homeowners insurance contingency for existing home contracts By John H. Stockman October 2002 With the financial issues currently being experienced by homeowners' insurers, many of the largest insurers are in the process of changing their underwriting standards.

Legal notice for foreclosure sale public auction real estate October 2002 At 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.

Letter to the editor July 2002 The articles in your March issue by Dick Bales and Steve Bashaw focusing on AMCORE Bank v. Hahnaman-Albrecht, Inc. and the issue of the scope of authority granted an agent by a power of attorney were well reasoned, nicely written and of course absolutely legally sound.

A message from the chair March 2002 Thank 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.

Mortgage defense 101 By Harold I. Levine December 2002 Lenders frequently assign or transfer their loans. Sometimes they are securitized. Sometimes the servicer seeks to foreclose.

Perfecting and enforcing a security interest in an option to purchase real estate By John C. Murray February 2002 If an entity acquires an option from the owner of a parcel (or parcels) of real estate to purchase such real estate, what interest does it actually own?

Powers of attorney from the title company perspective following AMCORE Bank v. Hahnaman-Alrecht By Richard F. Bales March 2002 AMCORE Bank v. Hahnaman-Alrecht, Inc., et al., No. 2-00-1462, a second district case, contains some valuable lessons for real estate attorneys who are fond of using powers of attorney.

Powers of attorney, guaranties and third party protection By Steven B. Bashaw March 2002 Last 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), .

Practice tip: Avoid malpractice—is there an association? By Jordan I. Shifrin February 2002 Many 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.

A primer on construction issues for the construction lender By Stanley P. Sklar April 2002 Too 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."

Q & A: Illinois real estate transfer tax By Howard Samson May 2002 The psychic wounds have now healed and the baleful tears now dried. The passing of the "Green Sheet" into the Great Beyond, however much a shock it was, is sufficiently behind us.

Query: How many co-owners does it take to terminate an oral year-to-year farm tenancy? By Laurence F. Johnson December 2002 Remember those times you've faced the question of how many co-owners it takes to terminate an oral year-to-year farm tenancy?

Real estate for retirement? Now you can By Ronald J. Guild March 2002 Investment grade commercial real estate can now be viewed as an acceptable vehicle for purchase in IRA or 401(k) accounts.

Real estate law practice key points (December, 2001—January, 2002) By Steven B. Bashaw February 2002 The 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.)

Response to article pertaining to third party purchaser at judicial foreclosure sales By Phillip H. Ward, Jr. October 2002 Messrs. 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.