Editor’s noteBy Gary R. GehlbachReal Estate Law, July 2007This mid-summer issue features several articles that the readers will, hopefully, find informative.
The Series LLCBy Jason BarickmanReal Estate Law, July 2007Business owners, particularly those owning rental real estate or small businesses, often organize limited liability companies (LLCs) to own assets and insulate them from personal liability.
Vacation homes and Section 1031By Gary R. GehlbachReal Estate Law, July 2007Section 1031 of the Internal Revenue Code and the Regulations promulgated thereunder rather clearly provide that eligible property must be “held for productive use in a trade or business or for investment.”
Attorney General Opinion restricts county recordersBy Howard SamsonReal Estate Law, June 2007In the portion of this author’s article on land split considerations dealing with the Plat Act, which appeared in the February 2007 issue of this newsletter, it was stated that the Attorney General’s office was in the process of determining “whether the provisions of 765 ILCS 205/5a are broad enough to allow a county Recorder to require” that a Plat Act affidavit accompany every submitted deed, even one wherein the legal description was an undivided lot in an existing subdivision.
Editor’s noteBy Gary R. GehlbachReal Estate Law, June 2007In the last issue of this publication (April 2007, Vol. 52, No. 8) I suggested misgivings about the routine use of the general warranty deed and the casual reference to the quitclaim deed as a panacea for all real property ills.
Editor’s noteBy Gary R. GehlbachReal Estate Law, April 2007The unauthorized practice of law is alive and not so well, causing problems for many unsuspecting consumers.
Letter to the EditorBy Darrell DiesReal Estate Law, April 2007As a solo practitioner from central Illinois, I enjoyed reading the March 2007 ISBA Real Property newsletter and wanted to briefly comment on a couple points.
Editor’s noteBy Gary R. GehlbachReal Estate Law, March 2007This issue presents a look inside the workings of the Real Estate Law Section Council, the members of which are listed in this publication.
Solving the problem of the over-inclusive deedBy Robert Duffin & Myles JacobsReal Estate Law, March 2007In the fact situation presented last month, the trustee suggested that the deed be rerecorded to delete any reference to the metes and bounds description in order to solve the ambiguity. All too often this approach is used and causes many problems.
Ethical and professional concernsBy Robert Duffin & Myles JacobsReal Estate Law, February 2007Two scenarios that challenge practitioners' ethics.
Land split considerations: The Plat ActBy Howard SamsonReal Estate Law, February 2007Note: This article is an excerpt from and adaptation of a comprehensive article by Mr. Samson, in which the author addresses, in addition to the Plat Act, county and municipal plat provisions, general county and municipal zoning provisions, affirmations and disavowals, broker’s representations, inadvertent consolidation, access, and other land-split matters.
Pay yourself in residential real estate transactionsBy Peter R. OlsonReal Estate Law, February 2007The author lists 10 factors whereby you can directly fatten your client’s checkbook during your next real estate transaction.
Real estate investment in RomaniaBy Sorina TiraInternational and Immigration Law, January 2007It is a fact! Romania will become a member of the European Union on January 1, 2007.
What is a “right of first refusal”?By Gary R. GehlbachReal Estate Law, December 2006Occasionally, a client will ask that I prepare a “right of first refusal,” or a “right of last refusal,” or a “last right of refusal,” or a “right of first and last refusal,” or some variation on this notion.
2006 legislative reportBy Marylou Lowder KentReal Estate Law, November 2006Several new acts relating to the practice of real estate law, passed by the Legislature during the 2006 session of the 94th General Assembly, have now been signed by the Governor and have become law.
The Carbon Monoxide Alarm Detector ActBy Gary R. GehlbachReal Estate Law, November 2006Effective January 1, 2007, the Carbon Monoxide Alarm Detector Act (PA 94-0741, HB 5284) requires that every dwelling be equipped with an approved carbon monoxide alarm within 15 feet of every room used for sleeping purposes.
Update from the 94th General AssemblyBy James K. WestonReal Estate Law, November 2006The General Assembly concluded the Spring 2006 Session in May, over a month after the initially announced end of session, April 7.
Assignability of special use permitsBy Gary R. GehlbachReal Estate Law, October 2006In the counties and municipalities in which I practice, it is routine for many property uses to be permissible uses under a certain zoning classification, provided that the governing body grants a special use permit.
Letter to the EditorBy Phillip H. WardReal Estate Law, October 2006I read with interest the first “scenario” of Duffin and Jacobs in the May 2006 Newsletter involving an incorrect legal description.
Lis pendens noticesBy Bradley W. SmallCommercial Banking, Collections, and Bankruptcy, October 2006When it comes to parties with competing interests in real estate, the lis pendens notice plays an integral part in establishing priority of such interests.
A little bit of this, a little bit of thatBy Gary R. GehlbachReal Estate Law, October 2006The late Harold Levine argued convincingly in this publication against the perils of attorney approval clauses.
A related party exchange that should workBy Gary R. GehlbachReal Estate Law, August 2006There apparently is a useful exception to an exception that will allow related parties to engage in an exchange that is tax-deferred under Internal Revenue Code section 1031.
Title, legal, ethical and other real estate issuesBy Robert Duffin & Myles JacobsReal Estate Law, May 2006On a periodic basis, this newsletter will present real issues encountered by real estate attorneys.
How to reduce the real estate taxes on your homeBy Katherine A. AmariYoung Lawyers Division, April 2006Homeowners may contest their real estate taxes with the local taxing officials; the Cook County Assessor’s Office and the Cook County Board of Review.
Impact of proposed tax reform on the real estate marketBy Martin R. Press & Michael S. SchimmelReal Estate Law, April 2006A Presidential Panel announced proposals earlier this year that could ultimately affect the prices of real estate in the United States, especially luxury high-rise condos in Illinois.
