Isba.org [2021]

Real Estate Law Illinois State Bar Association

to educate the lay public in the rights and procedures connected with the purchase, leasing and ownership of real estate; and; to cooperate with other groups of professionals and business persons in the real estate area, such as real estate brokers, commercial and bar-related insurance companies, and lenders.

Actived: Just Now

URL: https://www.isba.org/sections/realestate

Your Guide to Buying a Home Illinois State Bar Association

(5 days ago) All real estate brokers in Illinois must be sponsored by a licensed managing broker, which is usually a real estate brokerage company, and thus the broker with whom you work may request you enter into an exclusive agreement with his or her managing broker. Most listing agreements are not subject to the review or modification of your attorney so

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Articles on Real Property Illinois State Bar Association

(1 days ago) The new and improved Multi-Board Residential Real Estate Contract By Joseph R. Fortunato Real Estate Law, February 2003 Transactional practitioners in Chicago and the collar counties may be familiar with a four-page real estate contract form entitled "Residential Real Estate Contract" known colloquially as the "Common Contract."

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CLE: Real Estate Law Transactions 101—Part 1 Illinois

(2 days ago) CLE: Real Estate Law Transactions 101—Part 1 Don’t miss this opportunity on Wednesday, May 5 to expand your understanding of the issues that can arise in your next real estate law transaction – from who should hold the earnest money and the difference between a general warranty deed and special warranty deed, to what constitutes a

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Your Guide to Selling a Home

(6 days ago) every real estate closing is unique. A variety of special circumstances, such as new con-struction, co-operatives, installment sale (also called land sale contracts or articles of agree-ment), seller financing, lease-options, senior/ retirement housing, tax deferred exchanges, multifamily building, land trust, estate …

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Your Guide to a Living Trust Illinois State Bar Association

(5 days ago) Under Illinois law, if you have less than $100,000 in assets (and no real estate) in your name individually, then your executor (or if you do not have a will, then a close relative) can prepare and use a "small estate affidavit" to administer your estate. (See Your Guide to Estate Planning for more information.) Otherwise, your estate will need

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Real estate tax exemptions in Illinois: A primer

(8 days ago) Introduction. The subject of real estate tax exemptions has been in the news lately, particularly the property of hospitals which were not previously required to pay real estate taxes. The issue, whether hospitals are truly charitable and therefore exempt from real estate taxes, was just recently before our Illinois Supreme Court.

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How to Be a Good Closer Illinois State Bar Association

(1 days ago) In baseball and residential real estate practice alike, it often comes down to the last inning when a lights-out closer can make the difference. Here are tips from veteran lawyers about what you might encounter at a real estate closing and how to handle it. The darndest issues can threaten to derail a residential real estate closing.

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Upcoming CLE Illinois State Bar Association

(3 days ago) Family Law. On Site Event, Online. 40.00. Show PMCLE Credits. 40.00. Professionalism, Civility, Legal Ethics 40.00. September 23. Introduction to Boolean (Keyword) on Fastcase 7 (Complimentary Training and CLE Credit for ISBA Members Only) Fastcase.

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Articles on Real Estate Law Illinois State Bar Association

(7 days ago) 2021. Illinois Law Update. , Page 14. On Nov. 18, 2020, the Second District of the Illinois Appellate Court held that full interest in real estate may be transferred without the signature of all owners of the property, provided that a meeting of the minds exists.

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Section Council Roster Illinois State Bar Association

(7 days ago) Philip J. Vacco, Vacco Law Office, Plainfield, Chair; Michael J. Maslanka, Sacks Goreczny Maslanka & Costello PC, Chicago, Vice Chair/Newsletter Editor; Bruno W

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Who really regulates attorneys in Illinois

(5 days ago) Real Estate Tax Assessment reduction matters (and associated attorney representation) involve consideration of the value of a parcel of real estate; 2. Appraisers develop written appraisals that discuss the value of a parcel of real estate; THEREFORE: 3. An attorney who comments on the value of a parcel of real estate in the context of legal

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Real Estate Appraisal Review Illinois State Bar Association

(4 days ago) Mr. Rothbart is a seasoned real estate executive with over 17 years of direct experience in all aspects of commercial and residential real estate. Generally, Mr. Rothbart’s experience includes, but is not limited to, land and property acquisition, zoning and entitlements, development, general contracting, valuation, acquisitions, debt and

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New Residential Real Estate ‘Consummation’ Rules

(7 days ago) What follows is a brief overview of the most significant changes impacting real estate attorneys. For more detailed information, see the resources in the informational sidebars. New forms and terminology. The biggest change to real estate closings is a set of new closing documents.

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Your Guide to Landlord-Tenant Law

(3 days ago) one party occupies the real estate of another with the owner’s consent. No particular words are necessary to create a lease, but generally the terms of a lease include a description of the real estate, the duration of the agreement, the rent, and the time of payment. In …

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Your Guide to Landlord-Tenant Law Illinois State Bar

(8 days ago) The relationship between landlord and tenant arises from an agreement called a lease by which one party occupies the real estate of another with the owner's consent. No particular words are necessary to create a lease, but generally the terms of a lease include a description of the real estate, the duration of the agreement, the rent, and the

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Case law update: Real estate contracts Illinois State

(2 days ago) 1. Real estate contracts; financing, recession and impossibility of performance. YPI 180 N. LaSalle Owner, LLC v. 180 N. LaSalle II, LLC, (1st Dist., July 19, 2010), 1-09-1797, 2010 Ill.App. LEXIS 720, is a case that will first make you wonder “Why didn’t I think of that?,” and then realize “Nah, that won’t work.” At issue was a real estate contract for the purchase of the office

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Your Guide to a Living Trust

(2 days ago) than $100,000 or for one that includes real estate, your property must either be held in a trust or pass directly to a beneficiary by op-eration of a beneficiary designation or pursu-ant to some special type of property owner-ship, such as joint tenancy. You can also avoid probate for residential real estate by using a Transfer on Death Instrument.

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Trustee’s acceptance of a deed in trust Illinois State

(Just Now) Effective January 1, 2017, there is a new statute, 760 ILCS 5/6.5, which requires a written acceptance of a conveyance of real estate by the grantee/trustee.The statute reads as follows: Sec. 6.5 Transfer of property to trust (a) The transfer of real property to a trust requires a transfer of legal title to the trustee evidenced by a written instrument of conveyance and acceptance by the trustee.

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Articles on Fraud Illinois State Bar Association

(9 days ago) Beware out-of-country residential real estate clients bearing cashier's checks. 1 comment (Most recent July 8, 2014) Fraudulent misrepresentation claim concerning construction project is subject to five-year statute of limitations. April. 2014. Illinois Law Update, Page 168.

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Real Estate Checklist

(4 days ago) estate requested Independent Administration set forth at Article 28 of Probate Act Power to sell, lease, mortgage without court order per Sec. 28-8 Good faith purchasers for value protected in dealing with independent representative per Sec. 28-9 If real estate distributed to heir or devisee, independent

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TRANSFER ON DEATH INSTRUMENT

(8 days ago) county, illinois, owning residential real estate legally described below: [legal description or attach exhibit] 2. That the street address of the residential real estate is [address] and the property identification number is [Pin]. 3. That the Transfer on death instrument is dated and recorded as document no.

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Snowbirds fly free of Illinois tax Illinois State Bar

(2 days ago) 1. If the taxpayer works in Illinois or earns income from an Illinois source (such as real estate located in Illinois), that income is subject to Illinois income tax regardless of residency. 12. 2. If the taxpayer has only retirement income, Illinois exempts it by allowing a subtraction of retirement income in computing Illinois taxable income

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Articles From Myles Jacobs Illinois State Bar Association

(2 days ago) A residential real estate attorney’s scope of representation By Myles Jacobs Real Estate Law, April 2010 An attorney's liability and obligation to the client extends beyond simple document preparations. A modest proposal By Myles Jacobs Real Estate Law, February 2010 This article concerns one of those things we do because we have always done so.

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Articles on Real Estate Law Illinois State Bar Association

(4 days ago) The Department proposed amendments to the Real Estate License Act of 2000 clarifying the educational requirements for transferring licensees. Give home-buyer clients a reality check about inspections. January. 2016. Article, Page 33.

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Articles on Real Property Illinois State Bar Association

(1 days ago) Essentials for a smooth real estate closing By Tracie R. Porter Real Estate Law, August 2008 In order for a smooth closing to occur, all parties involved must be aware of their responsibilities for the closing, including what documents to bring or to send to the closing, what conditions need to be met prior to and at closing, and what the expectations are of the other parties involved in the

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Mortgage Foreclosure and Standing to Sue Illinois State

(8 days ago) Lisle attorney Steven B. Bashaw is a past chair of the ISBA Real Estate Section Council, current director of the Illinois Real Estate Lawyers Association, and a member of the Association of Foreclosure Defense Attorneys.

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New cases every real-estate lawyer should read Illinois

(7 days ago) Real-estate practitioners should be sure to read recent decisions on the duty of title insurers, the content of mortgage documents, and recording of deeds and mortgages. A trio of recent state and federal court decisions has caught the attention of attorneys from a local title insurance company because of how the opinions affect real-estate

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Articles From Richard F. Bales Illinois State Bar

(4 days ago) Insuring Title Free and Clear of All Liens: In re Estate of LaPlume, 2014 IL App (2d) 130945, 24 N.E.3d 792 By Richard F. Bales Trusts and Estates, October 2019 In re Estate of LaPlume introduces the real estate and estate administration community to a new concept—that a probate court can authorize the sale of land free and clear of all liens, just like a bankruptcy court.

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The Transfer on Death Instrument Comes to Illinois

(8 days ago) Like a specific legatee of real estate under a will, the beneficiary of the TODI takes subject to all conveyances, encumbrances, assignments, contracts, options, mortgages, liens and other interests to which the residential real estate is subject at the owner's death. 62 The act protects a TODI beneficiary if the owner sells the residential

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Your Guide to Being a Guardian

(8 days ago) As estate guardian, the first deadline you have to be concerned with is the filing of an inventory. The inventory is a sworn document that lists all of the ward’s assets, including real estate, busi-ness interests, cash accounts, and all other prop - erty. The inventory must be filed with the court within 60 days of your appointment as guardian.

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ISBA Professional Conduct Advisory Opinion

(5 days ago) of real property and provide limited representation to the buyer of the same real estate by providing a title insurance policy to such buyer); Vt. Ethics Op. 78-04 (general representation of both purchaser and seller in a normal “arms-length” real estate transaction is not permitted under the .

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Are You Getting File Retention Right

(4 days ago) Attorney #1 triple backups everything and can pull up any file in seconds. He makes real efforts for clients and their families even years later. There was a family fight and they wanted his files. He had to notify his malpractice carrier and hire an attorney to represent him. Attorney #2 completely destroys old files as soon as he legally can.

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Estate planning update: The Illinois Transfer on Death

(Just Now) Residential real estate is subject to the Homestead Exemption Law and the Illinois Frauds Act. G. Effect of Death of Owner. a. Notice of Death Affidavit and Acceptance. 1. To finalize the transfer at the owner’s death, the TODI designated beneficiary must record a Notice of Death Affidavit and Acceptance in the office of the County Recorder

Category:  Real estate,  Illinois Go Now

Unauthorized Practice of Law (UPL) Illinois State Bar

(3 days ago) If you have any questions please contact us at: Illinois State Bar Association. Attention: Task Force on Unauthorized Practice of Law. Illinois Bar Center. 424 South Second Street. Springfield, IL 62701-1779. (800) 252-8908 or (217) 525-1760. Fax: (217) 525-9063.

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Real Estate Law Newsletter Articles From 2004 Illinois

(3 days ago) 10 things every buyer needs to close a commercial real estate loan By R. Kymn Harp March 2004 For 25 years, I have represented borrowers and lenders in commercial real estate transactions. During this time it has become apparent that many Buyers do not have a clear understanding of what is required to document a commercial real estate loan.

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Fee Not-So-Simple: Referral Fee Dos and Don’ts Illinois

(8 days ago) Remember that you may not pay a referral fee to a nonlawyer, such as a real estate agent or an investment advisor. RPC 5.4 and 7.2(b); see also ISBA Advisory Opinion on Professional Conduct No. 99-02 (September 1999). Court decisions have excepted bar association referral services from this rule

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Real Estate Law Newsletter Articles From 1999 Illinois

(3 days ago) 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 Jones February 1999 In 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

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Articles on Real Estate Law Illinois State Bar Association

(4 days ago) Illinois Law Update. , Page 180. On January 30, 2008, the Illinois Appellate Court, Fifth District, affirmed the judgment of the Circuit Court of Christian County awarding the plaintiffs $10,000 plus costs for the defendant's failure to provide the plaintiffs with a real estate disclosure statement.

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CLE: Real Estate Law Update 2020—Session 2 Illinois

(1 days ago) CLE: Real Estate Law Update 2020—Session 2 Join us from 9 until 11:45 a.m. on Wednesday, November 4 for part two of this two-part online series that examines a number of key real estate issues, recent caselaw updates, and legislative changes that affect your client.

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Articles on Real Estate Law Illinois State Bar Association

(4 days ago) 2015. Illinois Law Update. , Page 18. A holder of a certificate of sale on a piece of real estate, or any person who acquired title to a piece of real estate pursuant to 735 ILCS 5/15-1509, now has a right to file a strict foreclosure complaint upon discovering the real estate is …

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ISBA Ethics Opinions on Conflict of Interest Illinois

(2 days ago) ISBA Ethics Opinions on Conflict of Interest. Firm representing employees of corporate entity in immigration matters at corporate entity's request while suing same corporate entity in unrelated matter : Opinion # 21-03. Lawyer representing surviving spouse as both estate administrator and renouncing spouse : Opinion # 21-01.

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New law protects real estate purchasers who buy on

(2 days ago) See, Real Estate Litigation (Il. Inst. for CLE 1975). In fact, an entire chapter is devoted to Forfeiture of Installment Contracts (by Peter Hess) and it was certainly no "simple eviction." In fact, the 1984 revision of that same title discusses the same requirements, though the statutory reference became Ill. Rev. Stat., C. 110, paragraph 9-110.

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Real Estate Law Newsletter Articles From 2006 Illinois

(3 days ago) A comparison of the new Multi-Board Residential Real Estate Contract 4.0 (Year 2006 version) with the 3.0 version By Joseph R. Fortunato August 2006 In this outline the author attempts to review and contrast the Multi-Board Residential Real Estate Contract 4.0, approved or soon to be approved throughout the Chicago area, with the Multi-Board

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Real Estate Law Newsletter Articles From 2009 Illinois

(3 days ago) Evaluating bulk sales liability in real estate transactions By Larry N. Woodard January 2009 This article is intended to provide a real estate attorney with basic information to quantify the risk of bulk sales liability to its purchaser client so both the client and attorney can evaluate the legal and business ramifications in purchasing real

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