The Housing Development Authority has amended rules regarding the Abandoned Residential Property Municipality Relief Program. 47 Ill. Adm. Code 381 (eff. Mar. 10, 2014).
Condo unit owners may not withhold assessments even if the condo association fails to make repairs and perform maintenance, a divided Illinois Supreme Court rules.
Illinois law presumes lenders are entitled to possession of commercial property during foreclosure, and defendant-mortgagors aren't likely to overcome that presumption.
On December 20, 2013, the Illinois First District Appellate Court, as a matter of first impression, held that the sole member of a limited liability company (LLC) that sold a condominium unit was not personally liable for alleged frauds committed by that LLC.
The Illinois Department of Financial and Professional Regulation adopted amendments regarding real estate appraiser licensing. 68 Ill. Adm. Code 1455 (eff. Dec. 31, 2013).
The General Not For Profit Corporation Act of 1986 has been amended to impose new requirements on nonprofit corporations organized for the ownership or administration of a residential cooperative property.
Applicants for registration as title insurance agents will now have new requirements as part of their application. Whether the applicant is a person, firm, or other type of business organization, they must submit a signed and notarized affidavit affirming that the applicant, or any member, officer, or manager thereof, has never been convicted of or pled guilty to a felony, or a misdemeanor related to thievery or dishonesty.
Employees of the Illinois Department of Transportation ("IDOT") without a state real estate appraisal license may now perform valuation waivers if they have: (1) completed at least forty-five hours of course work in real estate appraisal; and (2) have had at least two years of experience in a field "closely related to real estate."
A person holding a valid license under the Auction License Act (225 ILCS 407/5 et seq.) and a valid real estate auction certification under newly added section 5-32 of the Real Estate License Act of 2000 (225 ILCS 454/5-32) may now conduct real estate auctions.
In response to false liens against public officials' property filed by so-called "sovereign citizens," the Illinois legislature upgrades false title-clouding from a misdemeanor to a felony.
To record a document affecting a real property interest, not including documents solely related to easements for water, sewer, electricity, gas, telephone, or other public services, the filer of the document (excluding a state agency, local government, or school district) will be charged $1 per document by the recorder. 55 ILCS 5/3-5018.
Newly enacted regulatory provisions, effective March 29, 2013, authorize the Illinois Housing Development Authority to adopt rules implementing the responsibilities of the State Housing Appeals Board (the "Board") under the Affordable Housing Planning and Appeal Act, 310 ILCS 67/60.
The controversial bill would empower recorders to red-flag deeds and other documents that appear fraudulent. Wary real estate practitioners have a wait-and-see attitude.
The seventh circuit rules that borrowers can sue lenders for state law breach of contract and other claims related to a trial period plan payment agreement.
Ordinances enacted by home rule municipalities trump state statutes unless the state expressly exercises exclusive control, the supreme court rules in a condo case.
Too often, lenders win mortgage-fraud judgments against defendants who turn out to be judgment proof. The solution? Ensure that mortgage brokers have adequate E&O coverage.
On January 22, 2013, the Illinois Appellate Court, First District, held that a levy sale of an undivided half-interest in a single-family home for $120,000 less than its appraised value was not unconscionable or unjust.
While both land trusts and transfer on death instruments allow residential real estate to transfer outside probate, the land trust has important advantages for some clients, this author argues.
The Illinois Supreme Court limited the reach of the candidate-qualifications statute to make it harder to remove candidates from the ballot for "indebtedness to the municipality."
A recent case holds that compensation must reflect the value of the property when the payment is made, not earlier when the condemnation complaint was filed.
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.
The Illinois Supreme Court recently held that a taxpayer could skip the administrative appeal process and challenge a property tax assessment directly in circuit court.
