Learn about transferring the ownership of a mobile home from a seller to a buyer in Illinois. This is not intended for situations where the land the mobile home sits on is included in the sale. However, if you and your client are dealing with an individual mobile home located in a pre-existing mobile home park, on somebody’s rented land, in a lot, or somewhere else involving a lease, then this presentation is for you. Walk through the practical steps in the process to transfer a mobile home title from one owner to the next. To help you further, example forms will be included to keep the process fairly simple and straightforward for you and your clients.
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.
Learn the general concepts of 1031 tax-deferred exchanges of real estate, including the technical and chronological requirements as well as the process, procedures and different structures. Leave with a basic working knowledge of 1031 transactions, and recognize some of 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), exchange accommodation titleholder (EAT), or registered investment advisor (RIA) in acquiring like-kind replacement property.
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.