For purposes of calculating real estate transfer taxes, the "consideration" paid for a new house equals the original contract price and; whether your homeowner client likes it or not; the extras added later, real estate practitioners argue.
Recent amendments to the Deposit of State Moneys Act (15 ILCS 520/7) now permit approved financial institutions to place the interest earned by deposited state moneys in a separate account.
Here's how taxing authorities can determine whether property is being used for religious purposes without impermissibly inquiring into religious beliefs.
A recent U.S. Supreme Court case holds that tax liens against one spouse attach to property held in tenancy by the entirety by both spouses, putting the IRS in a better position than other creditors.
In January, Gov. Ryan signed into law Senate Bill 1046 amending the Condominium Property Act by replacing certain provisions of the Act pertaining to insurance for condominium associations and risk pooling trust funds for condominium associations or common interest community associations. Under the new law.
Thanks to recent legislation, lawyers can create this under-appreciated form of ownership for their married clients without expressly stating in the deed that the parties are husband and wife.
On November 21, 2001, the Illinois Supreme Court reversed the appellate court's affirmation of a motion to dismiss brought by condominium unit sellers.
On November 26, 2001, the Appellate Court of Illinois, Second District, reversed the decision of the trial court, holding that an estate of homestead is a defense to a condominium association's forcible entry and detainer action against a condominium owner who owes back assessments to the association.
On July 17, 2001, the Illinois Department of Human Rights adopted amendments to section 2300 of the Illinois Administrative Code. 71 Ill Adm Code 2300.
