A Guide to Illinois Authority Documents

A Section 15 sale on the path to deconversion can be controversial. There are rules but they are often misunderstood or intentionally ignored, frequently by the Board of Managers and their attorneys. Unit owners can be forced to sell their unit, whether they wish to or not, upon terms determined by others. Opposition unit owners may be liable if they unlawfully obstruct a sale approved by a requisite majority of unit owners. Conversely, board members may find themselves personally liable, even for punitive damages, if they overstep their bounds and violate their fiduciary obligations to unit owners.

Real estate attorneys deal with Real Property Disclosure Statements every day. However, we seldom review the Disclosure Act to refresh our memories as to the who, what, and when of seller disclosure requirements. There are a number of exceptions exempting sellers from disclosing certain information, or from disclosing at all. There are also nuances of which we should be aware. As Sellers may subject themselves to significant consequences for failing to properly disclose under the Act, as attorneys we need to advise clients properly. Delve into the specific requirements of the Disclosure Act, its nuances, and select court cases under the Act.

Since the Illinois Residential Real Property Transfer on Death Instrument Act, codified as 755 ILCS 27/1 et seq., took effect in 2012, hundreds of attorneys have prepared hundreds of Transfer on Death Instruments. This seminar is intended to provide attorneys with important and timely information on these popular documents that goes far beyond a reading of the statute. Dick Bales, now an underwriter in the Naperville office of Proper Title, will discuss four "TODI Topics":

• - TODI Examining Procedures;
• - TODI Red Flags;
• - TODI FAQs; and
• - Proposed Changes to the TODI Act.