Illinois Form Contracts Compared

The legislation that originally created the Transfer on Death Instrument became law in 2012. It is codified as 755 ILCS 27/1 et seq. (“The Act.”) This statute was amended in 2015. There is now a second amendment, Public Act 102-0068, which is effective January 1, 2022. Public Act 102-0068 is truly a major revision of the Act. Consider just a few of these new changes: The Act is no longer the Illinois Residential Real Property Transfer on Death Instrument Act because the Act is no longer limited to just residential real estate. Effective January 1, 2022, a spouse can now renounce a Transfer on Death Instrument and take his or her statutory share. Dick Bales has put together a comprehensive 26-page handout where he thoroughly discusses all the changes to the Act. When appropriate, he uses situational examples to better illustrate these changes. In addition, he has put together a list of what he feels are some areas of concern to both attorneys and title companies.

An advanced discussion of Section 1031 tax-deferred exchanges of real estate, including the technical and chronological requirements, process, procedures, and different structures with a focus on reverse and improvement (or build-to-suit) exchanges. Attorneys in attendance will come away with a working knowledge of reverse and improvement exchanges, and be able to recognize the terminology and instances where a client may want to consider a 1031 exchange transaction or need the services of a professional qualified intermediary (QI) or exchange accommodation titleholder (EAT). Learn about the different types of exchanges (forward, reverse, and improvement exchanges), general requirements, necessary documentation, rules, advantages/drawbacks and other considerations when determining whether the client can or is able to perform an exchange.

Learn about more than two dozen owner's title policy endorsements. The handout materials include samples of every endorsement in addition to commentary about each endorsement.