Timeshare Exit Strategies

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.

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.

Dick Bales covers it all, from party and retaining walls, to covenants, conditions and restrictions (including liquor), private streets, alleys and the abandoned dedication, possible defenses against Adverse Possession, the Entry on Adjoining Land to Accomplish Repairs Act, The Illinois Drainage Code (70 ILCS 605/1-1 et seq.), The Fence Act (765 ILCS 130/1 et seq.), The Homeowners’ Energy Policy Statement Act (765 ILCS 165/1 et seq.), and Easements for Light and Air.