Real estate ethics cornerBy Michael J. RooneyReal Estate Law, January 2012In both disciplinary matters discussed here, the attorney sent postcards to prospective clients indicating he would handle real estate transactions for a set fee without disclosing that he would also receive title insurance premiums and, in the earlier case, fees for surveys, both from companies in which he had an ownership interest. Moreover, his ownership interest in those entities was not disclosed.
Real estate ethics cornerBy Michael J. RooneyReal Estate Law, December 2011In re Shaveda Monique Scott involved a five-count complaint against an attorney for failing to disclose her financial interest stemming from her role as a registered title insurance agent when representing clients in six transactions and for violating the rules regarding conflicts of interest by improperly representing both buyers and seller in four of those matters.
Beyond the title insurance policy: Protecting sellers of Illinois real estateBy Michael J. RooneyReal Estate Law, September 2009For purchasers and lenders, the new Standard CPL may suffice. For sellers, the new Standard CPL needs to be modified as described in this article. In either event, counsel can and should verify that the title agent has been properly registered with the Secretary, authorized to act as escrowee and that such authority has not been revoked or limited prior to the closing.
A problem, a solution and a new malpractice standard?By Michael J. RooneyReal Estate Law, June 2008As an ongoing Michigan case illustrates, any attorney who allows a client, whether seller or buyer, to close with a title agent (instead of with the title insurance company) without insisting upon a CPL for the client ought to be held liable for malpractice.
Trouble, with a capital “T”By Michael J. RooneyReal Estate Law, August 2007There can be some serious pitfalls facing a lawyer who neither knows nor clarifies who the client is and what that client really wants to accomplish.
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