The Illinois REALTORS® Legal Center is a resource for members related to the laws, regulations and policies that govern the real estate industry in Illinois.
Illinois Supreme Court rules on condo foreclosure lien case - Source: ISBA E-Clips Daily, Dec. 4, 2015 (Illinois State Bar Association)1010 Lake Shore Association v. Deutsche Bank National Trust Company, 2015 IL 118372 (December 3, 2015) Cook Co. (KILBRIDE) Appellate court affirmed; circuit court affirmed. Under Section 9(g)(3) of Condominium Property Act, the payment of postforeclosure sale assessments formally approves and makes certain the cancellation of the condominium associations's lien, and extinguishment of the lien is confirmed by payment of postforeclosure sale assessments.Plain language of the Act and Foreclosure Law may be reasonably construed together to provide a process to extinguish and confirm the extinguishment of condo association's lien. Defendant bank, which purchased condo unit at judicial foreclosure sale, failed to confirm the extinguishment of condo association's lien for prior owner's unpaid assessments, and thus court properly granted summary judgment for condo association. (GARMAN, FREEMAN, THOMAS, KARMEIER, BURKE, and THEIS, concurring.)
TILA/RESPA Webinar - On May 4, IAR and the Illinois Bankers Association offered a webinar on how the integration of the Truth in Lending Act (TILA) and the Real Esate Settlement Procedures Act (RESPA) will affect the industry. Leonard A. Bernstein, Managing Partner of Reed Smith, LLP, in Philadelphia, led the webinar. Download a recording and the PowerPoint presentation.
REALTORS® cautioned against using drones - IAR members who are eager to use “drones” in their businesses should take note that the Federal Aviation Administration (FAA) has recently become active about trying to stop the commercial use of drones and seems to be specifically targeting real estate brokers. Read more from IAR Legal Services.
Concealed Carry Law recommendations and sample policy:
IAR formed a Task Force to look at how members should respond to changes to state law which allow residents to carry firearms. You'll find a Model Office Policy, a sample Sponsoring Broker-licensee Contract and a sample Residential Property Owner Release Form in IAR member downloads (member login required). Information from the Illinois State Police https://ccl4illinois.com/ccw/public/home.aspx
Video: Overview to Updates to Illinois Community Association Management law - IAR legal counsel discuss the Community Association Management law and which licenses are needed, requirements, training and who should have a license. Updates for Jan. 1, 2014 are discussed.
Video: Brokerage and RELA - In the latest Legal Webinar Quick Topics video, IAR legal counsel cover the types of real estate broker status and activities covered by the Real Estate License Act so that you can be sure you are in compliance.
Video: Affordable Care Act: What Does Oct. 1 Mean to You?
Learn about the Affordable Care Act and other timely information from IAR's Stephen J. Bochenek and Betsy Urbance.
Know that not every real estate licensee is a REALTOR®.
The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. Read more about Professional Standards and Ethics Enforcement.
Illinois real estate licensees are licensed by the Illinois Department of Financial and Professional Regulation (IDFPR), Bureau of Real Estate Professions and governed by the Illinois Real Estate License Act of 2000 (225 ILCS 454).
Need help in resolving a dispute with a REALTOR®?
The Illinois REALTORS® have a Consumer Help Line to try and resolve questions relating to real estate transactions.