Under these amendments to the Condominium Property Act, condominium association bylaws must now permit board members to participate in any meeting of the board of managers (the "Board") either in person or by use of any acceptable technological means.
Proposed legislation would amend the Trusts and Trustees Act to require that all transfers of property into a trust be evidenced by a written conveyance and acceptance by the trustee.
On December 3, 2015, the Illinois Supreme Court held that the mortgagee purchasing a condominium in a foreclosure sale failed to confirm the extinguishment of the condominium association's lien, which was created when the prior unit owner did not make common expense payments.
Under this new section to the Counties Code, counties with over 3,000,000 people must establish a pilot program that permits documents to be recorded against a property in foreclosure by judicial order only.
Plaintiffs sued LAB Townhomes alleging: (1) breach of the implied warranty of habitability; (2) fraud; (3) negligence; (4) breach of section 13-72-030 of the Chicago Municipal Code's prohibition against misrepresenting material facts in the course of marketing and selling real estate; and (5) breach of a fiduciary duty.
When a property subject to only a mechanics lien is sold at a sheriff's sale, the law grants an owner six months after the sale to redeem. Note this when drafting final orders in a foreclosure case.
The Development Authority repealed outdated programs pertaining to single-family mortgage purchases. 47 Ill. Adm. Code 220 and 250 (eff. July 24, 2015).
The Illinois Appellate Court in Mendelson held that when a trust instrument lists a house as part of the trust, the house belongs to the trust even if the deed was not formally transferred there. Critics worry the ruling could put unsuspecting purchasers at risk.
When you're negotiating commercial real estate transactions, letters of intent can help define significant points of agreement before a formal contract is signed. But use them with care.
Under the Home Equity Assurance Act, a governing commission and program which is coined by referendum under this Act, will maintain a "guarantee fund" to pay costs of administering the program and protecting members under the limitations and procedures of the Act.
A groundbreaking appellate case holds that probate courts can sell an estate's "underwater" real property free and clear of all liens, including mortgage liens.
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 subject to an omitted subordinate interest.
On September 18, 2014, the Illinois Supreme Court held that the "exclusivity" element for prescriptive easements does not require exclusive possession for the statutory period, overruling contrary first district cases.
What options are available to someone who buys a defective home? Here's an overview of various Illinois statutes and common law causes of action for disappointed home buyers.
Residential condominium units as well as parking units or units specified by a declaration to be allocated to a specific residential condominium unit now fall under the penumbra of "residential real estate" in the Illinois Residential Real Property Transfer on Death Instrument Act.
The seventh circuit recently held that a homeowner debtor can extend the deadline to redeem property sold at a tax sale by declaring Chapter 13 bankruptcy. Find out what it means.
