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 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.
The pandemic brought remote closings to the forefront of real estate transactions across the country and showed that Illinois was a little behind the curve. However, necessity is the mother of invention, and between the Governor’s Executive Orders, guidance from the Illinois Secretary of State, and finally the passing of a RON statute, Illinois is embracing technology and is ready for the future of real estate transactions. This program will discuss the various types of electronic closings, the birth of Remote Ink Notarization (RIN), the long road to Remote Online Notarization (RON) in Illinois and discuss some of the key provisions of the RON/RIN Statute, along with the other statutes relevant to RON and RIN.
Even experienced real property lawyers make some of the most common commercial leasing drafting errors. Using examples from recent high-profile transactions, this course offers practical and eminently useful recommendations to help avoid these drafting errors, improve the quality of any drafting project, and build a stronger professional reputation.
Not included in IICLE® Online All-Access subscription.