Public Act 102-0068, amending what is now known as the Real Property Transfer on Death Instrument Act, took effect on January 1, 2022. IRELA members have already sliced and diced the highlights of this legislation. But now the fun has begun: How will title companies insure title pursuant to a Transfer on Death Instrument? But just as important, how will title companies insure title around a TODI, when someone other than the beneficiary is taking title to the land? Dick Bales had put together comprehensive materials on both these subjects. He has also prepared materials on three other “advanced TODI Topics”: TODI Disclaimer, TODIs and Joint Ownership of Land, and Revoking a TODI.
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.
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.