In this 1.25 hour presentation, the Illinois Real Estate Lawyers Association brings regulators from the Illinois Department of Financial & Professional Regulation to its membership to discuss the implementation of the state's revised DS-1 form ("Disclosure of Controlled Business Arrangement"), which will go into effect on March 1, 2022. This presentation walks attorneys through the proper completion of the form, addressing the ethical and legal issues that face practitioners when they function in the dual role of attorney and title agent in residential real property conveyances.
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.