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Table of Contents
-
List of Forms by Chapter - Chapter 1 — The Role of an Attorney in a Real Estate Transaction: Is an Attorney Really Necessary?
- Chapter 2 — Representing the Seller
- I. [2.1] Introduction
-
II. Interview and Forms of Engagement Letters - III. [2.7] The Listing Agreement
- IV. [2.15] Disclosures
- V. [2.16] The Real Estate Contract
- VI. [2.19] Pre-Closing Issues
- VII. [2.26] Preparation for Closing
- [2.27] Payoff Letters
- [2.28] Association Letters
- [2.29] Verification of Real Estate Tax Information
- [2.30] Municipal Letters
- [2.31] Broker Statement
- [2.32] Closing Documents
- [2.33] Affidavit of Title
- [2.34] ALTA Statement
- [2.35] Bill of Sale
- [2.36] Closing Checklists
- [2.37] Deed
- [2.38] Leases and Rights of Parties in Possession
- [2.39] Transfer Taxes — Declarations
- [2.40] Closing Statement
- [2.41] Power of Attorney
- [2.42] Pre- or Post-Closing Possession Agreements
- VIII. Appendix
- [2.43] Engagement Letter
- [2.44] Nonengagement Letter
- [2.45] Disengagement Letter
- [2.46] Letter to an Unrepresented Party
- [2.47] Real Estate File Checklist
- [2.48] Affidavit of Title
- [2.49] Closing Checklist
- [2.50] Closing Statement Example
- [2.51] Joint Tenancy
- [2.52] Tenancy by the Entirety
- [2.53] Individual
- [2.54] Pre-Closing Possession
- [2.55] Post-Closing Possession
- [2.56] Multi-Board Residential Real Estate Contract 5.0
- Chapter 3 — Representing the Buyer
- I. [3.1] The Role of the Attorney
- II. [3.2] Real Estate Professionals
- III. [3.3] Engagement Letter
- IV. [3.4] Contract for Purchase
- V. Pre-Closing Issues
- VI. Appendix
- [3.18] Checklist for Representing Buyer of Residence
- [3.19] Engagement Letter
- [3.20] Financing
- [3.21] FHA Loan
- [3.22] VA Loan
- [3.23] Rural Economic Community Development (RECD) Mortgage Loan
- [3.24] Home Inspection
- [3.25] Radon Inspection
- [3.26] Mold Inspection
- [3.27] Inspection by Structural Engineer
- [3.28] System Inspection
- [3.29] Pest Inspection
- [3.30] Well and Septic Systems Inspection
- [3.31] Survey
- [3.32] Seller’s Prior Contract
- [3.33] Buyer’s Sale of Other Property
- [3.34] Seller’s Home of Choice
- [3.35] Appraisal for Purchase Price
- [3.36] Buyer’s Notice
- Chapter 4 — Post-Closing Problems
- I. [4.1] Introduction
- II. [4.2] Title Problems
- III. [4.3] Tax Prorations
- IV. Defects in Residence
- [4.4] Remedies at Law
- [4.5] Breach of Contract — Non-Builder-Vendor as Seller
- [4.6] Breach of Contract — Builder-Vendor as Seller
- [4.7] Limited Warranty
- [4.8] Manufactured Products
- [4.9] Liability Under Residential Real Property Disclosure Act
- [4.10] Common-Law Misrepresentation
- [4.11] Scienter
- [4.12] Omission of Law
- [4.13] Misstatement in Disclosure Report
- [4.14] Implied Warranty of Habitability
- [4.15] Privity
- [4.16] Volume Builder
- [4.17] Non-Builder-Vendor
- [4.18] Shell Materials and Plans Supplier
- [4.19] Home Additions
- [4.20] Improper Grading and Filling
- [4.21] Bankruptcy of Builder-Vendor
- [4.22] Non-Builder-Vendor Liability for Repairs
- [4.23] Townhouses and Condominium Clubhouses
- [4.24] Garages
- [4.25] Waiver of Implied Warranty of Habitability
- [4.26] Statute of Limitations in Regard to Implied Warranty of Habitability
- [4.27] Consumer Fraud and Deceptive Business Practices Act
- [4.28] Habitability
- [4.29] Consumer Fraud and Deceptive Business Practices Act
- [4.30] Common-Law Fraud
- [4.31] Breach of Contract
- [4.32] Residential Real Property Disclosure Act
- [4.33] Personal Property
- Chapter 5 — Disclosures
- I. [5.1] Scope of Chapter
- II. Residential Real Property Disclosure Act
- [5.2] In General
- [5.3] Definitions
- [5.4] Exemptions
- [5.5] Completion and Delivery
- [5.6] Liability of Seller
- [5.7] Actual Knowledge
- [5.8] Awareness of Material Defects
- [5.9] Buyer’s Rights
- [5.10] Termination
- [5.11] Actual Damages and Costs
- [5.12] Limitation of Actions
- [5.13] Disclosure as Prima Facie Evidence of Fraud
- [5.14] As-Is Clause Not a Defense to Fraud Claims
- [5.15] Violation of the Disclosure Act Can Constitute a Basis for Breach of Contract
- [5.16] Attorneys’ Fees
- [5.17] Predatory Lending Database Program
- III. [5.18] Lead-Based Paint Disclosures
- IV. [5.19] Radon Testing and Disclosure
- V. [5.20] Appendix — Complaint Alleging Violation of Disclosure Act
- Chapter 6 — Inspections and Municipal Real Estate Inspection Ordinances
- I. [6.1] Introduction
- II. [6.2] Home Inspections
- III. [6.8] Radon Inspections
- IV. [6.11] Well and Septic Inspections
- V. [6.12] Mold Inspections
- VI. [6.16] Wood-Destroying Insect Inspections
- VII. [6.19] Federal Housing Administration Inspections
- VIII. [6.20] Environmental Inspections
- IX. Municipal Real Estate Inspection Ordinances
- X. [6.25] Multi-Board Residential Real Estate Contract 5.0 and TRAR Contract
- XI. [6.26] Conclusion
- Chapter 7 — Methods of Taking or Holding Title
- Chapter 8 — Title Issues
- I. [8.1] Rights and Obligations of the Parties: The Contract Controls
- II. Role of the Attorney
- III. [8.8] The Attorney as Title Agent
- [8.9] Registration as Title Agent Required
- [8.10] Illinois Rules of Professional Conduct
- [8.11] Rule of Professional Conduct 2.3
- [8.12] Rule of Professional Conduct 1.7(a)
- [8.13] Rule of Professional Conduct 1.7(b)
- [8.14] Rule of Professional Conduct 1.8(a)
- [8.15] Presumption of Undue Influence or Fraud
- [8.16] The Rukavina Complaint
- [8.17] The Real Estate Settlement Procedures Act (RESPA)
- IV. [8.18] Specific Title Objections
- [8.19] Complete Title Failure
- [8.20] Incompetent Grantor
- [8.21] Nonexistent Grantor
- [8.22] Grantor Lacks Title
- [8.23] Lack of Capacity
- [8.24] Powers of Attorney
- [8.25] Prior Recorded Deed
- [8.26] Future Interest Problems
- [8.27] Judicial Sales and Tax Sales
- [8.28] Lis Pendens Notice
- [8.29] Adverse Possession
- [8.30] Partial Title Failure
- [8.31] Lis Pendens Notice
- [8.32] Fractional Interests
- [8.33] Mineral Interests
- [8.34] Leases
- [8.35] Adverse Possession
- [8.36] Prescription
- [8.37] License
- [8.38] Encroachment
- [8.39] Boundary Line Dispute
- [8.40] Easements
- [8.41] Dominant and Servient Tenements
- [8.42] “Appurtenant” and “In Gross”
- [8.43] Voluntary
- [8.44] Involuntary
- V. [8.45] The Recording System
- VI. Dealing with Title Problems
- [8.49] Is the Title Problem Objectionable?
- [8.50] Conveyance or Release
- [8.51] Foreclosure
- [8.52] Adverse Possession
- [8.53] Merger
- [8.54] Abandonment
- [8.55] Limitations
- [8.56] Affidavits
- [8.57] Quiet Title
- [8.58] Protecting the Buyer Without Resolving the Title Problem
- [8.59] Reduced Purchase Price
- [8.60] Title Insurer Waives Title Objection
- [8.61] Insuring Over
- Chapter 9 — A Guide to Residential Surveys
- I. [9.1] Introduction
- II. [9.5] Types of Surveys
- III. Survey Certifications
- IV. [9.14] Ordering the Residential Boundary Survey from the Surveyor
- V. [9.19] The Affidavit of No New Improvements
- VI. [9.20] Examining the Residential Survey
- VII. [9.21] Sample Survey Problems
- [9.22] Building Line Violation
- [9.23] Encroachment onto Adjoining Land
- [9.24] Factors Considered in Endorsing over an Encroachment onto Adjoining Land
- [9.25] Owner’s Policy vs. Loan Policy
- [9.26] Encroachment into Right-of-Way
- [9.27] Encroachment onto the Land in Question
- [9.28] Encroachment onto an Easement
- [9.29] “Risky” Encroachments
- VIII. [9.30] Survey Strategy
- IX. [9.37] Closing and Post-Closing Procedures
- X. [9.38] Statutes and Cases
- XI. [9.39] Conclusion
- XII. Appendix — Sample Documents
- [9.40] Mortgage Inspection
- [9.41] Boundary Survey
- [9.42] Land Title Survey
- [9.43] Affidavit of No New Improvements
- [9.44] Boundary Survey Showing Building Line Violation
- [9.45] Boundary Survey Showing Encroachment of Fence onto Adjoining Land
- [9.46] Boundary Survey Showing Encroachment of Fence onto Land in Question
- [9.47] Boundary Survey Showing Encroachment of Garage onto Easement
- [9.48] Easement Agreement
- [9.49] License Agreement
- Chapter 10 — Real Estate Tax Considerations
- I. [10.1] Scope of Chapter
- II. [10.2] Assessment of Real Property
- [10.3] Taxable Real Property vs. Nontaxable Personal Property
- [10.4] Assessment Officials
- [10.5] Assessor
- [10.6] Supervisor of Assessments
- [10.7] Board of Review
- [10.8] Valuation and Assessment
- [10.9] Listing
- [10.10] New Improvements
- [10.11] Omitted Assessments
- [10.12] Fair Cash Value
- [10.13] Model units
- [10.14] Condominium common areas
- [10.15] Historic residences
- [10.16] Level of Assessment and Classification
- [10.17] Occupancy Factor
- [10.18] Damaged or Destroyed Property
- [10.19] Assessment Notice and Opportunity To Be Heard
- [10.20] General Assessment Year
- [10.21] Years Other than General Assessment Year
- [10.22] Board of Review
- [10.23] Equalization
- III. [10.24] Real Estate Tax Appeals
- [10.25] Who May File Real Estate Tax Appeal
- [10.26] Excessive Fair Cash Value
- [10.27] Lack of Uniformity
- [10.28] Error in Description and/or Classification
- [10.29] Improper Inclusion of Personal Property
- [10.30] Occupancy Factor
- [10.31] Damaged or Destroyed Property
- [10.32] Repair and Maintenance of Residential Property
- [10.33] Model Homes, Townhomes, and Condominium Units
- [10.34] Condominiums and Cooperatives
- [10.35] Separate taxation
- [10.36] Powers and duties of board of managers
- [10.37] Subdivision common areas
- [10.38] Valuation appeals
- [10.39] Real Estate Tax Appeals
- [10.40] Real Estate Tax Appeals to the Cook County Assessor
- [10.41] Resolving Assessment Matters with the Local Assessor Outside of Cook County
- [10.42] Notice and Complaint
- [10.43] Hearing Before the Board of Review
- [10.44] Review of the Board of Review Decision
- [10.45] Proper Party To File Appeal with the Property Tax Appeal Board
- [10.46] De Novo Review
- [10.47] Filing of Appeal with the Property Tax Appeal Board
- [10.48] Petition and evidence
- [10.49] Burden to go forward
- [10.50] Bases of appeal and burdens of proof
- [10.51] Unequal treatment in the assessment process
- [10.52] Overvaluation
- [10.53] Contention of law
- [10.54] Board of review response
- [10.55] Opportunity to file rebuttal evidence
- [10.56] Prehearing conferences and hearings
- [10.57] Intervention
- [10.58] Administrative Review of the Property Tax Appeal Board Decision
- [10.59] Appeals of Board of Review Decisions in All Counties to the Circuit Court (Tax Objection Complaints)
- [10.60] Advantage of Appeal to the Property Tax Appeal Board
- [10.61] Time for filing
- [10.62] Possible assessment increase
- [10.63] Intervenors
- [10.64] Timing
- [10.65] Certificates of Correction in Counties with Three Million or More Inhabitants
- [10.66] Cook County
- [10.67] Counties other than Cook
- [10.68] Refunds
- IV. [10.69] REAL ESTATE TAX COLLECTION AND ENFORCEMENT
- [10.70] Tax Levy
- [10.71] Truth in Taxation Law
- [10.72] Taxpayer Objections
- [10.73] Extension
- [10.74] Equalization
- [10.75] Tax Rates
- [10.76] Property Tax Extension Limitation Law
- [10.77] Billing, Payment, Distribution, and Settlement
- [10.78] Tax Collection Officials
- [10.79] Property Tax Collection Process and Due Dates
- [10.80] Payment
- [10.81] Distribution and Settlement
- [10.82] Collection and Enforcement of Real Estate Taxes
- [10.83] Delinquencies and Penalties
- [10.84] Notice of Delinquencies and Application for Judgment and Sale Order
- [10.85] Judgments
- [10.86] Annual Tax Sales
- [10.87] Forfeiture and Forfeiture Sales
- [10.88] Scavenger Tax Sales
- [10.89] Tax Foreclosure Sales
- [10.90] Special Tax Sales
- [10.91] In Personam Liability
- [10.92] Redemption
- [10.93] Sales in Error
- [10.94] Tax Deeds
- [10.95] Notice
- [10.96] Notice Within Four Months and Fifteen Days After Tax Sale
- [10.97] Notice Within Three to Five Months Prior to Expiration of Redemption Period
- [10.98] Petition for Tax Deed
- [10.99] Objections to Tax Deeds
- [10.100] Merchantable Title
- [10.101] Indemnity Fund
- [10.102] HOMESTEAD EXEMPTIONS AND OTHER TAX RELIEF MEASURES
- [10.103] Homestead Exemptions
- [10.104] General Homestead Exemption
- [10.105] Alternative General Homestead Exemption
- [10.106] Long-Time Occupant Homestead Exemption
- [10.107] Senior Citizens Homestead Exemption
- [10.108] Senior Citizens Assessment Freeze Homestead Exemption
- [10.109] Homestead Improvement Exemption
- [10.110] Disabled Veterans Exemption
- [10.111] Returning Veterans’ Homestead Exemption
- [10.112] Disabled Veterans Standard Homestead Exemption
- [10.113] Disabled Persons’ Homestead Exemption
- [10.114] Other Preferential Residential Assessments and Tax Relief Measures
- [10.115] Historic Residence Assessment Freeze Law
- [10.116] Senior Citizens Real Estate Tax Deferral Act
- [10.117] Senior Citizens and Disabled Persons Property Tax Relief and Pharmaceutical Assistance Act and the Circuit Breaker Program
- [10.118] Chicago Homeowner Assistance Program
- VI. [10.119] REAL ESTATE TRANSACTIONS
- [10.120] Merger of Contract and Deed
- [10.121] Duty To Disclose Change in Assessment
- [10.122] Handling Real Estate Taxes in the Real Estate Transaction
- [10.123] General Assessment Year
- [10.124] Property Assessments
- [10.125] Exemptions in Previous Tax Bills
- [10.126] New Construction
- [10.127] Re-Proration and Escrows
- Chapter 11 — Purchasing a Condominium or Townhome
- I. [11.1] Identifying Forms of Ownership
- II. Legal Authority
- III. 11.9] Legal Documents
- IV. Representing the Buyer
- [11.15] Contract Review
- [11.16] Regular Assessments
- [11.17] Special Assessments
- [11.18] Parking Spaces
- [11.19] Section 22.1 Disclosure
- [11.20] Right of First Refusal
- [11.21] Pets
- [11.22] Rental Restrictions
- [11.23] Architectural Restrictions
- [11.24] Closing the Deal
- [11.25] Document Review
- [11.26] Certificates of Insurance
- [11.27] Right of First Refusal
- [11.28] Title Exceptions
- [11.29] Assessment Status and Liens
- [11.30] Location Notes
- [11.31] Survey
- [11.32] Encroachments
- [11.33] Mechanics Liens
- [11.34] Pending Litigation
- [11.35] Recorded Amendments
- [11.36] Transfer of Interest
- [11.37] Mortgages and Secured Transactions
- [11.38] Disclosure of Defects
- V. Special Problems with New Construction and Conversion Condominiums
- VI. Appendix — Forms
- [11.46] Rider to Real Estate Contract
- [11.47] Attorney Letter to Client Regarding Buyer’s Obligations and Required Documents
- [11.48] Certificate of Insurance
- [11.49] Waiver Letter from Association
- [11.50] Affidavit in Lieu of Survey/Affidavit of No New Improvements
- [11.51] Release of Lien
- [11.52] Hold-Harmless Agreement
- [11.53] Waiver of Implied Warranty of Habitability
- [11.54] Sale of Unit 12345
- Chapter 12 — Title Escrow Closings
- I. [12.1] “Escrow” Defined
- II. [12.2] Parties
- III. Pre-Closing Issues
- [12.3] Title Commitment vs. Abstract of Title
- [12.4] Review of the Title Insurance Commitment
- [12.5] Extended Coverage
- [12.6] Gap Coverage
- [12.7] Deed/Transfer Tax Preparation
- [12.8] Financing
- [12.9] Prorations
- [12.10] Clearing Title
- [12.11] Inspections
- [12.12] New Construction
- [12.13] IRS Code §1031 (Tax-Deferred) Exchanges
- [12.14] Duplexes and One-to-Four-Family Residences
- [12.15] Personal Property
- [12.16] Certificates of Occupancy or Zoning Certificates
- [12.17] Homeowner’s Insurance
- [12.18] Possession Before or After Closing
- [12.19] Home Warranty Plan
- IV. The Closing
- V. Appendix
- [12.27] Residential Real Estate Closing Checklist
- [12.28] Seller’s Responsibility List
- [12.29] Buyer’s Responsibility List
- [12.30] Extended Coverage Affidavit
- [12.31] ALTA Statement
- [12.32] Personal Undertaking for Gap
- [12.33] Tax Proration Calculation
- [12.34] Homestead Letter
- [12.35] Agreement for Possession
- [12.36] Post-Possession Agreement
- [12.37] Escrow Receipt and Disbursement Authorization
- [12.38] Escrow Agreement and Release
- [12.39] Certification for No Information Reporting on the Sale or Exchange of a Principal Residence
- [12.40] 1099 Solicitation
- [12.41] FIRPTA Affidavit
- [12.42] Personal Undertaking
- [12.43] Title Indemnity
- [12.44] Performance Escrow Agreement
- [12.45] Closing Statement
- [12.46] Alternate Closing Statement
- Chapter 13 — Closing System
- I. [13.1] Introduction
- II. Initial Opening of a File
- [13.2] Initial Review
- [13.3] Date of Acceptance
- [13.4] Attorney Modification
- [13.5] Home Inspection
- [13.6] Financing Contingency
- [13.7] Condominium/Common Interest Association
- [13.8] Tax Prorations
- [13.9] Closing Date
- [13.10] Contingency on Contract
- [13.11] Contingent on the Sale
- [13.12] Kick-Out Notice
- [13.13] Post-Closing Possession
- [13.14] Home Warranty
- [13.15] Credits
- [13.16] Title Disclosure
- [13.17] Homeowner’s Insurance
- [13.18] Flood Insurance
- [13.19] Survey
- [13.20] Termite Inspection
- [13.21] Enter Data/Mark the File
- [13.22] Contacting Client and/or Real Estate Agent
- [13.23] Engagement Letter
- [13.24] Type of Property
- III. Ordering and Following up for Documents
- IV. [13.31] Seller’s Closing Checklist
- V. [13.32] Buyer’s Closing Checklist
- VI. [13.33] Preparation of Closing Documents
- VII. [13.34] Title Review
- VIII. [13.35] Survey Review
- IX. [13.36] Power of Attorney
- X. [13.37] Conclusion
- XI.Appendix — Forms
- [13.38] Multi-Board Residential Real Estate Contract 5.0
- [13.39] Loan Status Disclosure
- [13.40] Residential Real Property Disclosure Report
- [13.41] Residential Real Property Disclosure Act
- [13.42] Disclosure of Information and Acknowledgment — Lead-Based Paint and/or Lead-Based Paint Hazards
- [13.43]Residential Real Estate Closing Checklist
- [13.44] Water Information Sheet for City of Chicago
- [13.45] Warranty Deed
- [13.46] Warranty Deed — Tenancy by the Entirety
- [13.47] Warranty Deed — Joint Tenancy
- [13.48] Special Warranty Deed — Tenants by the Entirety (Statutory (Illinois) (Corporation to Individual))
- [13.49] Executor’s Deed
- [13.50] Independent Administrator’s Deed
- [13.51] Trustee’s Deed (Illinois) — Tenancy by the Entirety
- [13.52] Trustee’s Deed (Illinois) — Joint Tenancy
- [13.53] Trustee’s Deed (Illinois)
- [13.54] Quit Claim Deed
- [13.55] Bill of Sale
- [13.56] Affidavit of Title
- [13.57] Closing Statement
- [13.58] Amendment To Permit Seller’s Occupancy After Closing
- [13.59] Power of Attorney
- [13.60] Direction To Convey
- [13.61] Buyer’s Engagement Letter
- [13.62] Seller’s Engagement Letter
- [13.63] Title Disclosure
- Chapter 14 — Purchase of a Newly Constructed Home
- I. [14.1] Introduction
- II. [14.2] Precontract Considerations
- III. [14.5] Basic Formation of a Contract
- [14.6] Effective Date
- [14.7] Closing Date
- [14.8] Start Date
- [14.9] Completion Date
- [14.10] Delays
- [14.11] Parties
- [14.12] Description of Home
- [14.13] Mortgage Contingency
- [14.14] Title and Title Insurance
- [14.15] Tenancy by the Entirety
- [14.16] Joint Tenancy
- [14.17] Tenants in Common
- [14.18] Public Services and Dedication of Roadways
- [14.19] Survey
- [14.20] Escrow Requirements
- [14.21] Debris Removal and Pre-Move Cleaning
- [14.22] Punch Lists
- [14.23] Landscaping — Final Grade
- [14.24] Costs
- [14.25] Effect on Warranty
- [14.26] Warranty
- [14.27] Warranty of Habitability
- [14.28] Express Builders Warranty
- [14.29] Expansion of the Warranty by Verbal Agreement
- [14.30] Certificate of Occupancy
- [14.31] Alternative Dispute Resolution
- [14.32] Taxes and Assessments
- [14.33] Special Assessments and Special Service Areas
- [14.34] Transfer Tax Stamps
- Chapter 15 — Effective Use of Powers of Attorney for Property in Real Estate Transactions
- I. [15.1] Introduction
- II. Durable Powers of Attorney
- [15.2] Purpose
- [15.3] Definitions
- [15.4] Applicability
- [15.5] Duration of Agency
- [15.6] Effective Disability or Divorce
- [15.7] Duty Standard of Care
- [15.8] Reliance on Documents Reporting To Establish an Agency
- [15.9] Agent’s Certification and Acceptance of Authority Statutory Form
- [15.10] Preservation of Estate Plan and Trusts
- [15.11] Agency-Court Relationship
- [15.12] Successor Agents
- [15.13] Co-Agents
- [15.14] Power of Attorney Executed in Another State or Country; Preexisting Powers of Attorney
- III. Statutory Short Form Power of Attorney for Property
- Chapter 16 — Land-Use Development
- I. [16.1] Introduction
- II. [16.2] Authority To Implement Zoning Restrictions
- III. Zoning Restrictions on Residential Property
- IV. Special Zoning Issues for Residential Property
- V. Challenging the Zoning Restrictions for Residential Property
- VI. Methods To Limit the Restrictions of Zoning Ordinances
- VII. [16.17] Checklist on Zoning Issues
- Chapter 17 — Easements and Licenses
- I. Overview
- II. Creation of Easements
- [17.9] Express Creation of Easements
- [17.10] Express Agreement
- [17.11] Reservation
- [17.12] Subdivision of Land
- [17.13] Statutory or Common-Law Plat
- [17.14] Subdivision Plats and Covenants and Restrictions
- [17.15] Lease
- [17.16] Creation by Adverse Possession or Prescription
- [17.17] Implied Easements
- [17.18] Implied Easements for Preexisting Use
- [17.19] Implied Easements by Necessity
- [17.20] Implied or Prescriptive Easements for Light and Air
- [17.21] Implied or Prescriptive Rights for Surface Water Drainage
- III. [17.22] Statutory Provisions Creating or Affecting Easements
- [17.23] Condominiums
- [17.24] Cable Television Access
- [17.25] Solar Skyspace Easement
- [17.26] Impact of Tax Deeds on Easements
- [17.27] Tax Assessment of Subdivision Common Areas
- [17.28] Drains and Levees for Mutual Benefit
- [17.29] Adjacent Landowner Excavation Protection Act
- [17.30] Conservation Easements
- [17.31] Entry onto Adjoining Land for Repair
- IV. Extent and Scope
- V. Duration and Termination of Easements
- [17.40] Temporary or Permanent
- [17.41] Termination or Extinguishment of Easements
- [17.42] Merger of Dominant and Servient Tenements
- [17.43] Abandonment
- [17.44] By Agreement
- [17.45] Statute of Limitations
- [17.46] Adverse Possession
- [17.47] Vacation of Public Rights-of-Way and Subdivisions
- [17.48] Insuring Easements with Title Insurance
- VI. Licenses
- VII. Appendix
- Chapter 18 — Homeowner’s Insurance: The Real Estate Attorney’s Role
- I.[18.1]Introduction
- II. [18.2] Homeowner Property and Liability Loss Exposures
- [18.3] Rebuilding the Dwelling if It Is Totally Destroyed
- [18.4] Replacing Personal Property if It Is Totally Destroyed
- [18.5] Ownership of Valuable Items
- [18.6] Vacant or Unoccupied Dwelling
- [18.7] Occupying the Dwelling as a Primary or Secondary Residence
- [18.8] Repair, Construction, Renovation, or Remodeling of the Dwelling
- [18.9] Flood Damage
- [18.10] Sewer and Drain Backup and Sump Pump Overflow Damage
- [18.11] Conducting Business Activities Out of the Dwelling
- [18.12] Condominium Insurance
- [18.13] Ownership of Motorized Vehicles, Watercraft, and Aircraft
- [18.14] Personal Liability Umbrella Protection
- III. [18.15] Client Questionnaire
- IV. [18.16] Client Letter
- V. [18.17] Insurance Producer Letter
- VI. [18.18] Homeowner Property and Liability Loss
- VII. [18.19] Conclusion
- VIII. Appendix
- Chapter 19 — Mechanics Lien Issues in Residential Real Estate Transactions
- I. [19.1] Scope of Chapter
- II. [19.2] The Nature of Mechanics Liens
- III. [19.3] Attachment and Perfection of Mechanics Liens
- IV. [19.4] Statutory Payment System
- V. Steps To Perfect Mechanics Liens
- [19.5] Generally
- [19.6] Subcontractors — Owner-Occupied Single-Family Residential
- [19.7] All Subcontractors
- [19.8] Enforcing Claim or Filing Suit Against Third Parties
- [19.9] Suit Within Two Years
- [19.10] Date of Last Work
- [19.11] Time Periods — Conditions Precedent to Jurisdiction
- [19.12] Time Periods Accelerated by a Demand To File Suit
- VI. Title Insurance for Buyers and Lenders on Completed Homes
- VII. Insuring over Recorded Mechanics Lien Claims
- VIII. [19.21] New Construction Documentation Review Generally
- IX. New Construction on Owner’s or Builder’s Lot
- X. [19.28] Forms
- Chapter 20 — Residential Real Estate in Bankruptcy
- I. [20.1] Introduction
- II. Bankruptcy Jurisdiction
- III. Buyer’s Removal of Property from Bankruptcy Jurisdiction
- IV. Lender’s Removal of Property from Bankruptcy Jurisdiction
- V. [20.14] Strip-Off of Residential Mortgages
- VI. [20.15] Pre-Discharge Loan Modification
- VII. [20.16] Conclusion
- VIII. Appendix
- [20.17] Bankruptcy Code Sections Addressing Real Estate
- [20.18] Federal Rules of Bankruptcy Procedure Addressing Real Estate
- [20.19] Complaint To Avoid Transfer and To Sell Property Free and Clear of Liens, Claims, and Encumbrances
- [20.20] Application of Debtor-in-Possession To Assume Executory Contract
- [20.21] Offer To Purchase Real Estate from Trustee
- [20.22] Motion of Debtor To Compel Abandonment of Real Estate by Trustee
- [20.23] Motion To Modify the Automatic Stay (Chapter 7)
- [20.24] Motion To Modify the Automatic Stay (Chapter 13)
- [20.25] Required Statement To Accompany All Motions for Relief from Stay
- [20.26] Motion To Confirm Termination or Absence of Stay
- [20.27] Motion for Entry of Agreed Order Approving Loan Modification and Request for Relief from the Automatic Stay
- [20.28] Bibliography
- Chapter 21 — Financing
- I. [21.1] Introduction
- II. [21.2] Financing Devices
- [21.3 ]Installment Contracts
- [21.4] Purchase-Money Mortgage
- [21.5] Assignments of Beneficial Interest in Land Trust
- [21.6] Absolute Deed
- [21.7] Mortgages
- [21.8] Theories of Mortgage Law: Title, Lien, and Intermediate
- [21.9] Types of Mortgage Loans
- [21.10] Conforming Loans
- [21.11] Nonconforming Loans
- [21.12] Jumbo loans
- [21.13] Subprime loans
- [21.14] Conventional Mortgage Loans
- [21.15] Adjustable-Rate Mortgage Loans
- [21.16] Balloon Loans
- [21.17] Bridge Loans
- [21.18] Construction Loans
- [21.19] FHA Loans
- [21.20] VA Loans
- [21.21] HUD §203(k) Loans
- [21.22] FmHA Farm Loans
- [21.23] Government Loans in General
- [21.24] Junior Mortgage Loans
- [21.25] Home Equity Loans
- [21.26] Wraparound Mortgage Loans
- [21.27] Reverse Mortgages
- III. [21.28] Mortgage Insurance/Private Mortgage Insurance
- IV. [21.29] Sources of Financing
- V. The Loan Process
- [21.32] Type of Loan
- [21.33] Residential Mortgage Licensee
- [21.34] Preapproval
- [21.35] Predatory Lending
- [21.36] Anti-Predatory Lending Database Program
- [21.37] Application
- [21.38] Good-Faith Estimate
- [21.39] Processing
- [21.40] Underwriting
- [21.41] Appraisal
- [21.42] Commitment and Conditions
- [21.43] Closing the Loan
- [21.44] Loan Package
- [21.45] Fees
- [21.46] Prepayments
- [21.47] Escrows and Impounds
- [21.48] Termination of Private Mortgage Insurance
- [21.49] Payoff and Release
- VI. [21.50] State and Federal Regulation of the Mortgage Industry
- VII. [21.59] Distressed Real Estate Sellers
- VIII.Appendix — Forms
- Chapter 22 — Leases
- I. [22.1] Scope of Chapter
- II. [22.2] Rules of Construction of Lease
- III. [22.3] Application of Local Ordinances
- IV. [22.4] Implied Lease Terms
- V. [22.5] Express Lease Terms
- [22.6] Advance Rental Payments and Late Charges
- [22.7] Security Deposit
- [22.8] Implied Warranty of Habitability
- [22.9] Condition of the Premises at Beginning of Lease
- [22.10] Use of Premises and Occupancy Restrictions
- [22.11] Children
- [22.12] Pets
- [22.13] Alterations
- [22.14] Repairs and Deducting or Withholding Rent
- [22.15] Fire and Casualty Clause
- [22.16] Assignment, Subletting, and Reletting
- [22.17] Termination of Lease
- [22.18] Eviction
- [22.19] Forcible Entry and Detainer Statute
- [22.20] Notice of Termination
- [22.21] Waiver of Termination of Tenancy Notices
- [22.22] Use and Occupancy Issues
- [22.23] Waiver of Jury Trial
- [22.24] Tenant’s Liability for Rent Following Eviction
- [22.25] Holdover Damages
- [22.26] Abandonment of Premises
- [22.27] Federal Fair Debt Collection Practices Act
- [22.28] Illinois Safe Homes Act
- [22.29] Reentry on Premises
- [22.30] Confession of Judgment
- [22.31] Costs and Attorneys’ Fees
- [22.32] Exculpatory Clause
- [22.33] Condominium Conversion
- [22.34] Waiver of Venue
- VI. [22.35] Consideration
- VII. [22.36] Options To Purchase
- VIII. [22.37] Challenges to Lease
- IX. [22.45] Consequences of Foreclosure
- Chapter 23 — Condemnation: Its Application to Residential Real Estate
- I. [23.1] Scope of Chapter
- II. [23.2] The Power, Its Source, and Its Limitations
- III. [23.3] The 2007 Illinois Eminent Domain Act
- IV. Authority To Exercise the Power of Eminent Domain
- V. [23.7] Notice of Actual or Threatened Condemnation
- VI. [23.8] Prerequisites to Filing an Eminent Domain Complaint
- VII. The Condemnation Complaint
- [23.11] Contents of the Complaint
- [23.12] Common Elements
- [23.13] Lis Pendens
- [23.14] Answer and Cross-Petition
- [23.15] Traverse — Attacks on the Propriety of the Complaint
- [23.16] Authority, Public Purpose, and Necessity
- [23.17] Public Purpose and SWIDA
- [23.18] Legal Description
- [23.19] Attempt To Agree on Compensation
- VIII. [23.20] Discovery
- IX. [23.23] Trial
- X. [23.29] Posttrial
- XI. [23.35] Quick-Take
- XII. [23.36] Relocation
- XIII. Appendix
- Chapter 24 — For Sale by Owners
- I. [24.1] Introduction
- II. Recognizing the Challenge
- III. Developing a Package
- [24.6] Office Conferences Do Not Work
- [24.7] Rule No. 1 — Keep It Short
- [24.8] Get the Client’s Attention — Page 1
- [24.9] Informing the Client of the Logical Steps
- [24.10] Explain the Costs of Buying and Selling
- [24.11] Buyer Loan Qualification
- [24.12] Warning About Other Pitfalls
- [24.13] Required Disclosure Forms
- [24.14] The Purchase Agreement
- [24.15] Client Information Form
- [24.16] The Wrap-Up
- IV. [24.17] Post-Contract Standard Operating Procedures
- V. [24.18] Conclusion
- VI. [24.19] Appendix — Sample Forms
- Chapter 25 — The Unauthorized Practice of Law in Illinois
- I. [25.1] Introduction
- II. [25.2] Power and Authority of Illinois Supreme Court
- III. [25.3] Power and Authority of Illinois General Assembly
- IV. [25.6] Definition of “Practice of Law” in Illinois
- V. Standing To Enjoin Unauthorized Practice of Law
- VI. [25.9] Role of Attorney Registration and Disciplinary Commission
- VII. [25.10] Ethical Considerations
- VIII. [25.11] Unauthorized Practice of Law in Federal Court
- IX. [25.12] Unauthorized Practice of Law in State Court
- X. [25.13] Conclusion
- Chapter 26 — Special Service Areas
- I. [26.1] Introduction
- II. [26.2] Nature of Special Service Areas
- III. [26.3] Statutory Basis for Special Service Areas
- IV. [26.7] Identification of Special Service Areas
- V. [26.8] Deductibility of Special Service Area Assessments
- VI. [26.9] Municipalities with Special Service Areas
- VII. [26.10] Real Estate Contract Changes
- VIII. [26.13] Conclusion
- Chapter 27 — Mortgage Foreclosure
- I. [27.1] Introduction to the Foreclosure Process
- II. [27.4] Seller’s Issues When Facing Foreclosure: Prior to the Filing of a Complaint To Foreclose
- III. Seller’s Issues Once the Foreclosure Process Has Begun: Prior to Judicial Sale
- IV. Seller’s Issues Once the Foreclosure Process Has Begun: Post-Judicial Sale
- V. [27.17] Seller’s Issues When Paying Off a Mortgage in Foreclosure
- VI. [27.21] Buyer Issues When Purchasing Real Estate Owned (REO) Property
- [27.22] Contract Issues
- [27.23] Zoning and Building Code Violation Issues
- [27.24] Bill of Sale Issues
- [27.25] Affidavit of Title Issues
- [27.26] Survey Issues
- [27.27] Local Municipal Inspections
- [27.28] Type of Conveyance Deed
- [27.29] Repair/Damage Credits
- [27.30] Jurisdictional Issues
- [27.31] Senior Liens That Have Not Been Foreclosed
- [27.32] Condominium and Common Interest Community Association Liens
- VII. [27.33] Conclusion
- Chapter 28 — Attorney Review Clauses and Attorney Modification
- I. [28.1] Introduction
- II. [28.2] Attorney Review Provisions Under the Multi-Board Residential Real Estate Contract — Versions 4.0 and 5.0
- III. [28.3] Effect of Exercising an Attorney Review Clause
- [28.4] Conditional Acceptance
- [28.5] Condition Subsequent
- [28.6] Olympic Restaurant Corp. v. Bank of Wheaton
- [28.7] Groshek v. Frainey
- [28.8] Hubble v. O’Connor
- [28.9] Patel v. McGrath
- [28.10] Suburban Auto Rebuilders, Inc. v. Associated Tile Dealers Warehouse, Inc.
- [28.11] Mechanics of Review
- [28.12] Buyer/Seller Information
- [28.13] Personal Property
- [28.14] Earnest Money
- [28.15] Date/Place of Closing
- [28.16] Possession Issues
- [28.17] The Deed
- [28.18] Title Insurance
- [28.19] Plat of Survey
- [28.20] Contingencies
- [28.21] Attorney Review
- [12.22] Mortgage Contingency
- [28.23] Sale of Existing Home
- [28.24] Home Inspection
- [28.25] Well and Septic Inspection
- [28.26] Homeowner’s Insurance/Flood Insurance
- [28.27] Tax Proration Issues
- [28.28] Condominium or Homeowners’ Association Issues
- [28.29] Damage Prior to Closing
- [28.30] Walk-Through/Broom-Clean Condition
- [28.31] Business Days/Notice/Facsimilie
- [28.32] Remedies/Damages
- [28.33] Multiunit Residential Properties
- [28.34] New Construction
- Chapter 29 — Purchasing Bank Owned Property
Authors
- William J. Anaya
William J. Anaya
William J. Anaya is a Partner with UB Greensfelder LLP in Chicago, where he concentrates in environmental law transactions, litigation, and appeals. He is a Past Chairman of the IICLE® Board of Directors and has received IICLE®’s Addis Hull Award for Excellence in Legal Education. He is a member of the American, Illinois State, and Indiana State Bar Associations and is an active member of the Illinois State Bar Association’s Environmental and Natural Resource Law Section Council and Real Estate Law Section Council. Mr. Anaya received his B.A. from Purdue University and his J.D. from the Indiana University Maurer School of Law.
- Thomas J. Anselmo
Thomas J. Anselmo
No bio available.
- Richard F. Bales
Richard F. Bales
Richard F. Bales (2019) is Assistance Regional Counsel at Chicago Title Insurance Company in Lisle. He concentrates his practice in real estate law. He is a member of the American Land Title Association/National Society of Professional Surveyors liaison committee that drafts the national land title survey standards, was recognized as Northern Illinois University College of Law’s 2015 Alum of the Year, and the author of THE GREAT CHICAGO FIRE AND THE MYTH OF MRS O’LEARY’S COW. He received his B.A. from Illinois College and his J.D. from the Northern Illinois University College of Law.
- Julie M. Bordo
Julie M. Bordo
Julie M. Bordo is Concierge Attorney for Professionals and Businesses for Julie M. Bordo, LLC, where she focuses on research and writing for attorneys and transactions/contracts for businesses. She is Vice President of the Board of Directors for PCH Mutual Insurance, is an author for multiple IICLE® publications, and was speaker and moderator for the IICLE® New Lawyer Institute in 2014. She is a member of the Illinois State Bar Association, North Shore Law Group, and Exclusive Professional Women’s Networking Group. Ms. Bordo was an adjunct professor at DePaul University, College of Law. She received her J.D. from IIT Chicago – Kent College of Law.
- Beth S. Brush
Beth S. Brush
No bio available.
- Kyle G. Carlock
Kyle G. Carlock
No bio available.
- Michael Childress
Michael Childress
No bio available.
- Robert J. Duffin
Robert J. Duffin
No bio available.
- David S. Dunn
David S. Dunn
No bio available.
- Deborah K. Ebner
Deborah K. Ebner
No bio available.
- Edward Eshoo, Jr.
Edward Eshoo, Jr.
No bio available.
- Daniel E. Fajerstein
Daniel E. Fajerstein
Daniel E. Fajerstein is a real estate attorney for the Fajerstein Law Office in Evanston. He is a member of the Illinois State and American Bar Associations and the Evanston ReBuilding Warehouse Board of Directors. Mr. Fajerstein earned his B.A. from Grinnell College, his M.A.Ed. from Washington University, and his J.D. from Chicago-Kent College of Law.
- Mary E. Faupel
Mary E. Faupel
No bio available.
- Joseph R. Fortunato, Jr.
Joseph R. Fortunato, Jr.
No bio available.
- Glenn S. Guttman
Glenn S. Guttman
Glenn S. Guttman is the Managing Member at Rieff Schramm Kanter & Guttman LLC in Chicago, where he focuses his law practice on the area of real estate property tax appeals. He is an active member of the Illinois State and American Bar Associations and the Illinois Property Tax Lawyers Association (former Treasurer), and the International Association of Assessing Officers. He is a former Chair of the main committee, Legislative Liaison, and former Chair of the Assessment and Appeals Subcommittee of the Chicago Bar Association’s Real Estate Taxation Committee. He earned his B.A. from the University of Illinois at Urbana-Champaign and his J.D. from the University of Illinois Chicago School of Law.
- Daniel C. Hawkins
Daniel C. Hawkins
No bio available.
- Nathan B. Hinch
Nathan B. Hinch
No bio available.
- Scott M. Hoster
Scott M. Hoster
No bio available.
- Myles L. Jacobs
Myles L. Jacobs
No bio available.
- Thomas L. Janssen
Thomas L. Janssen
No bio available.
- Nicholas J. Johnson
Nicholas J. Johnson
No bio available.
- Steven C. Lindberg
Steven C. Lindberg
Steven C. Lindberg is Of Counsel at Diaz Anselmo Lindberg P.A. in Naperville, where he concentrates his practice in mortgage foreclosure and real estate. He is a member of the U.S. Foreclosure Network and the Illinois State and Florida Bar Associations. Mr. Lindberg received his B.A. from the University of Illinois at Chicago, his M.S. from St. Joseph’s University, and his J.D. from The UIC John Marshall Law School.
- Scott E. Longstreet
Scott E. Longstreet
No bio available.
- William D. Lyman
William D. Lyman
No bio available.
- Brian D. Mooty
Brian D. Mooty
No bio available.
- Gary S. Mueller
Gary S. Mueller
No bio available.
- Therese L. O'Brien
Therese L. O'Brien
No bio available.
- Douglas A. Oliver
Douglas A. Oliver
No bio available.
- J. Damian Ortiz
J. Damian Ortiz
No bio available.
- Stephanie S. Park
Stephanie S. Park
No bio available.
- Paul L.S. Peterson
Paul L.S. Peterson
No bio available.
- Christina M. Phillips
Christina M. Phillips
No bio available.
- Robert H. Rappe, Jr.
Robert H. Rappe, Jr.
Robert H. Rappe, Jr., is managing attorney at Codilis & Associates, P.C., in Burr Ridge, where he focuses on real estate transactions and mortgage foreclosure. He is a member of the Illinois State and DuPage County Bar Associations and the Mortgage Bankers Association. Mr. Rappe received his B.A. from DePaul University and his J.D. from DePaul University College of Law.
- Michael J. Rooney
Michael J. Rooney
Michael J. Rooney graduated from Illinois State University in 1971 and from the University of Illinois College of Law in 1976. Between degrees, he served in the U.S. Army from 1971 to 1973. A member of the Illinois State Bar Association since 1976, he served multiple terms on the Real Estate Law Section Council, including as Chair in 1986 – 1987. He served as Executive Director of IICLE® from 2013 to 2020, having previously served on the Board of Directors between 1984 and 1993 and as Chairman of the Board in 1991 – 1992. Prior to his role as Executive Director of IICLE®, he spent over 30 years in the title insurance industry in Illinois and other states. In 2019, he was honored by the Fellows of the Illinois Bar Foundation with its Distinguished Service to Law & Society Award. In 2021, he was honored by IICLE® with its Addis E. Hull Award for his years of contributions to IICLE® as a volunteer author, speaker, Director, and Board Chair. He is a Senior Member of the American College of Real Estate Lawyers, having been elected in 1987, his first year of eligibility for membership.
- Ralph J. Schumann
Ralph J. Schumann
No bio available.
- Jordan I. Shifrin
Jordan I. Shifrin
Jordan I. Shifrin is the Retired Principal of Kovitz Shifrin Nesbit, in Mundelein. Not only did Mr. Shifrin start Kovitz Shifrin Nesbit, he established the firm’s core values of simplicity, responsiveness, kindness, efficiency, innovation, and entrepreneurship. He is among the industry’s best known and most highly respected Common Interest Community Association (condominium, townhome, homeowner, master) law attorneys. Over the years, he has counseled thousands of associations and mentored dozens of attorneys, including several who practice at KSN today. Mr. Shifrin is among the most widely published attorneys in his field, with numerous articles, newspaper columns, and two books to his credit. Additionally, he is a fellow of the CAI (Community Associations Institute) College of Community Association Attorneys, a charter member of Leading Lawyers, and a charter member of Super Lawyers (Illinois, named on the Super Lawyers list for over 10 consecutive years). Mr. Shifrin is a member of numerous professional organizations, including the National Association of Housing Cooperatives and the Illinois State Bar Association, and has served as president of the Northwest Suburban Bar Association and as a member of the Board of Directors of the Illinois Chapter of the Community Associations Institute. He received his B.A. and M.A. from the University of Illinois — Chicago and his J.D. from The John Marshall Law School.
- Jack H. Tibbetts
Jack H. Tibbetts
Jack H. Tibbetts is the Assistant Village Attorney for the Village of Oak Park, where he concentrates his practice in real estate law. Mr. Tibbetts has written for previous editions of IICLE®’s REAL ESTATE LITIGATION and RESIDENTIAL REAL ESTATE. He is a current member and former Chair of the Illinois State Bar Association’s Real Estate Law Section Council, was one of the drafters of the 1987 Illinois Mortgage Foreclosure Law, and has lectured on the subjects of defense of mortgage foreclosure, land use, and zoning issues at many programs. He received both his B.A. and his J.D from Northwestern University.
Residential Real Estate (ARCHIVED 2011 EDITION)
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