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HOME: What's Happening in Illinois Real Estate Law

What's Happening in Illinois Real Estate Law

The Law Offices of T. Nicholas Tyszka, L.L.C. monitors breaking news, developments, and trends in real estate law throughout our state.

    Multi-Board 7.0THE MULTI-BOARD 7.0 IS HERE (January 3, 2019)
    After thirteen months of drafting and eighteen commitee meetings, the Multi-Board Residential Real Estate Contract 7.0 is live. Nicholas Tyszka was one of the eleven attorneys who participated in the form's drafting. He has a prepared a comprehensive guide, presentation, and online webinar about the 7.0. Click here to learn more.

    IDFPRTHE RELEASE OF THE NEW DS-1 FORM IS CONCERNING FOR LAWYERS (April 5, 2018)
    On April 3, the Illinois Department of Financial & Professional Regulation (IDFPR) release a revised DS-1 form. With just a few hours notice, the form was supposed to be effective as of April 4. In addition to there being obvious problems with not giving practitioners advanced notice of a new form, the document contains many flaws. The Illinois Real Estate Lawyers Associaiton and Attorneys' Title Guaranty Fund are both working diligently to delay implementation of the form (as well as to suggest revisions). Stay tuned!

    HBCHANGES COMING SOON TO ILLINOIS CONDOS AND COMMUNNITY ASSOCIATIONS (August 24, 2017)
    Earlier today, Gov. Bruce Rauner signed HB 0189, which amends both the Illinois Condominium Property Act and the Illinois Common Interest Community Association Act. Enacted as Public Act 100-0292, these changes will go into effect on January 1, 2018. Stay tuned for more information on the new law, and how it will affect buyers, sellers, and associations.

    CFPBTRID IS HERE, EXPECT LONGER TIMES FROM CONTRACT TO CLOSE (October 3, 2015)
    Effective today, new loan applications will be processed under the new TILA-RESPA Integrated Disclosure (TRID) rule. As such, buyers and brokers are reminded that the time it takes to close a loan is likely to increase. The Illinois Real Estate Lawyers Association (IRELA) recommends that parties allow forty-five (45) to sixty (60) days.

    Mortgag Debt Forgiveness Relief Act END OF MORTGAGE-FIX BREAK COULD MEAN BIG TAX BILLS (December 6, 2013)
    A tax break for struggling mortgage borrowers ends Jan. 1 and that could mean big tax bills -- and financial hits for their neighbors. A tax break for struggling mortgage borrowers ends Jan. 1 and that could mean big tax bills -- and financial hits for their neighbors. Under traditional IRS rules, the amount of that debt forgiveness would be taxable income. That temporarily changed in 2007 when Congress passed the Mortgage Foreclosure Debt Forgiveness Act. That law is set to expire at year's end. [READ MORE on CNNmoney.com]

    Closing DisclosureNEW INTEGRATED TILA-RESPA RULE ISSUED (November 20, 2013)
    The Consumer Financial Protection Bureau (CFPB) issued its final rule today concerning the new Truth-in-Lending/Ral Estate Settlement Procedure. The rule comes out of the "Know Before You Owe" project, an effort to provide consumers with easy-to-understand information before they enter into a borrowing transaction.
        The final rule contains new rules and forms for two disclosure forms consumers receive in the process of getting a mortgage loan: the Loan Estimate, which comes three business days after application, and the Closing Disclosure, which comes three business days before closing on the loan. These disclosures are required by the Truth in Lending Act and the Real Estate Settlement Procedures Act. The new forms integrate existing disclosures and implement some new disclosure requirements from the Dodd-Frank Act.
        The rule also offers some more protections for consumers. For example, consumers must receive their Closing Disclosure three business days before closing on the loan so they have time to review it. The final rule also limits the circumstances in which consumers will have to pay more for settlement services than the estimate they received.
        These disclosures and requirements will be effective August 1, 2015.

    Short SaleNEW SHORT SALE GUIDELINES IN EFFECT TODAY (August 1, 2013)
    On August 1st, a new guideline took effect that requires any property being considered for short sale approval to be listed in the multiple listing service (MLS) for five consecutive days, including one weekend, prior to Fannie Mae or Freddie Mac approving a short sale offer.

    Fannie Mae and Freddie Mac, the Government Sponsored Enterprises (GSEs), issued the addition to its Standard Short Sale and HAFA guidelines to improve transparency and marketing of listed properties that will require GSE approval.

    The new guideline, announced by Fannie Mae on June 19, further stipulates that a property must be listed on the applicable MLS which covers the geographic area in which the property is located, and a printed copy of the property’s MLS listing must be kept on file. If a property is located in an area that is not covered by an MLS, the property must be advertised in a manner customary for that real estate market for at least five consecutive calendar days, including one weekend.

    U.S. Department of Housing & Urban DevelopmentHUD'S NEW "BUYER SELECT" PROGRAM A SERIOUS
    PROBLEM FOR ILLINOIS ATTORNEYS
    (June 26, 2013)

    The Illinois Real Estate Lawyers Association (IRELA) has several concerns regarding the HUD "Buyer Select" program as implemented in Illinois on March 1, 2013. The requirements -- and more specifically, the elimination of a seller's attorney in the transaction -- shift responsibility for many of the functions traditionally performed by a seller's attorney to the "Closing Agent." HUD contemplates the Closing Agent functions will be conducted either by the title company or the buyer's attorney. The new requirements present serious risk of fostering the unauthorized practice of law (UPL), as well as other problems relating to conflicts of interest. To download a letter from IRELA President Ralph J. Schumann on the topic, click here.

    Illinois Supreme CourtILLINOIS SUPREME COURT ANNOUNCES NEW RULES
    FOR ILLINOIS FORECLOSURES
    (February 22, 2013)

    The Illinois Supreme Court on Friday announced new rules governing mortgage foreclosures that will require lenders to prove to judges that they have exhausted all efforts to help a borrower before seeking a foreclosure judgment against the homeowner.
        Before seeking a foreclosure judgment against a borrower who has appeared in court or filed documents in the case, a lender will have to file an affidavit with the court showing the type of loan modification or alternative programs that were available for that particular borrower, what steps were taken to offer that help, and the status of those efforts.

 
 


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Law Offices of T. Nicholas Tyszka, L.L.C.

401 N. Michigan Ave., Suite 1200
Chicago, Illinois 60611-4264
Telephone: (312) 488-1250

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