Insurer uses termites to pursue home sellerBy Gary R. GehlbachReal Estate Law, October 2003Evidence that sellers of a residence concealed active termite infestation was sufficient for the buyers' homeowners' insurance company to collect from the sellers.
New laws from the 93rd General Assembly, 2003 Spring SessionBy James K. Weston, Sr.Real Estate Law, September 2003H 1584: Condominium Act amended to permit absentee voting as an alternative to proxies. Numerous rules pertaining to the implementation of the changes are promulgated. [P. A. 93-0243; effective January 1, 2004].
Revenue ruling limits related party exchangesBy Suzanne Goldstein BakerReal Estate Law, September 2003A Revenue Ruling issued by the Internal Revenue Service on November 26, 2002, added a 10-penny nail to the coffin of a certain type of tax-deferred exchange among related parties.
Issues relating to toxic moldBy Margery NewmanReal Estate Law, August 2003Frequently, in the construction industry, a "hot issue" overtakes the industry. The latest "hot issue" is mold-related lawsuits relating to residential and office buildings.
Practice tipsBy Donald L. ShriverReal Estate Law, August 2003On March 20, 2003, the Fourth District Appellate Court of Illinois decided Rothers Construction, Inc. v. Centurion Industries, Inc., et al., 272 Ill.Dec. 105, 786 NE2d 644.
The standard of review for granting or denying special use permits significantly changedBy Jack H. TibbettsReal Estate Law, August 2003The Illinois Supreme Court has in two recent cases changed the standard for review of the granting of a special use permit to administrative review and left the standard of review for zoning variances as de novo review.
Personal real estate and its uses in saving taxesBy Robert WeberTrusts and Estates, March 2003Which asset is usually the single highest valued asset in a person's estate? Real estate; that is, the taxpayer's residence
Answers to quiz:Real Estate Law, February 20031. a, c
2. b, c
3. a, c
The new and improved Multi-Board Residential Real Estate ContractBy Joseph R. FortunatoReal Estate Law, February 2003Transactional 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."
A short quizReal Estate Law, February 20031. A provision in a lease requiring the rent to be paid in gold is enforceable if:
U.S. Supreme Court rules tax lien effective against half of tenancy by the entirety propertyBy Gary R. GehlbachCommercial Banking, Collections, and Bankruptcy, February 2003In a decision decided April 17, 2002, the United States Supreme Court found that a person's interest in real estate as a tenant by the entirety with his wife was no bar to a federal lien against the husband's interest only.
H.U.D.’s proposed changes to R.E.S.P.A.By Bernard WysockiGeneral Practice, Solo, and Small Firm, January 2003In July, 2002 H.U.D. proposed major revisions to the Real Estate Settlement and Procedure Act (RESPA).
Homeowners insurance contingency for existing home contractsBy John H. StockmanReal Estate Law, October 2002With the financial issues currently being experienced by homeowners' insurers, many of the largest insurers are in the process of changing their underwriting standards.
Real estate financing in the new millenniumBy Stanley P. SklarCommercial Banking, Collections, and Bankruptcy, August 2002Too 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."
Electronic closings: a cure for the closing nightmareBy Beth Brush & Eleanor SharpeReal Estate Law, July 2002Have you ever had a day that was so packed with appointments that what looked like a healthy business became a living nightmare?
2001 (and early 2002) Real estate case law updateBy Steven B. BashawReal Estate Law, May 2002In 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.
Q & A: Illinois real estate transfer taxBy Howard SamsonReal Estate Law, May 2002The 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.
Privacy versus confidentialityBy Robert Duffin & Laurence F. JohnsonReal Estate Law, December 2001By now everyone should be aware of the Gramm-Leach-Bliley Act and the final privacy rule published by the Federal Trade Commission as required by the Act.
Material changes in Illinois’ Uniform Commercial Code—secured transactionsBy Ted M. NiemannReal Estate Law, October 2001Currently, the legislatures of the majority of the states, including Illinois', have passed major changes to Article 9 of the Uniform Commercial Code. Illinois' revisions became effective July 1, 2001.
Sellers beware: buyer’s remedies for defective homesBy Donald A. LoBueGeneral Practice, Solo, and Small Firm, September 2001There have been significant gains in the consumer protection afforded home buyers over the last decade.
Developments under the Real Property Disclosure ActBy Herbert J. KleinBusiness Advice and Financial Planning, June 2001The Residential Real Property Disclosure Act (RRPDA) was first enacted on October 1, 1994. Since that date it has been amended by the legislature and interpreted by several courts.
Dishonest home improvement contractorsthe force is not with youBy Harold I. LevineReal Estate Law, October 2000Although not generally understood, there is a definite relationship between the increase in residential foreclosures and coercive home improvement contracts. Much to the surprise and dismay of property owners, many foreclosures arise out of home improvements contracts.
