Learn about the status of Illinois law (2022) with regard to foreclosures and about various loss mitigation options, including conventional sales, short sales, use of bankruptcy, foreclosures of reverse mortgages, modifications, consent judgments, and deeds in lieu of foreclosure.
An Illinois federal jury recently awarded a $10.2 million verdict against a Chicago real estate attorney in a malpractice lawsuit brought by a former client. A 13-story beachfront condo recently collapsed in Florida, killing 98 people. These events have collectively raised questions about what obligations a lawyer has to their client when representing them in real estate transactions. In this timely CLE, we'll explore what should reasonably be expected from an attorney and how a proper engagement letter can clearly define the rights and responsibilities of both a lawyer and client from the onset of the deal.