Welcome to the Illinois Real Estate Lawyers Association.
The Illinois Real Estate Lawyers Association is comprised of
experienced attorneys dedicated to assisting individuals and
businesses in connection with real estate transactions of all
IRELA's next meeting will be April 9,
2014 at 8:00 a.m.
Deconversion of Condominiums
Dick Bales, an IRELA Board Member, and Assistant Regional
Counsel for the Wheaton, Illinois office of Chicago Title Insurance
Company, is one of Illinois' most knowledgeable and respected
speakers in the area of title and real estate law and a
self-described "title geek". He will share his insights and
the results of his research on the issues relating to deconversion
of condominiums, a topic of growing importance in today's
economy. Come learn what you need to know.
In today's economy:
- More and more investors are showing interest in purchasing
unsold units in troubled condominium buildings and renting
them. Many of these investors wish to own units in
"deconverted" condominium buildings.
- Dick will address how the "deconversion" process works, and
what issues result from a deconversion.
- In addition, a limited number of handouts from Dick's
recent Case Law Update CLE will be available.
To download Dick's most recent
article discussing Deconversion of Condominiums, click
Deconversion of Condominiums Article
IRELA President Ralph
Schumann will also provide updates on important
developments with issues of the day affecting the practice of real
When: Wednesday, April 9, 2014, at 8:00 a.m. - 9:30 a.m.
Events and Banquets | 1170 W. Devon, Elk Grove Village, IL |
To access a map of the meeting location, click on: Map
Attendance is Free for IRELA Member Attorneys in good
(One hour of MCLE Credit is provided for this meeting.)
IRELA's May, 2014 meeting will
May 14, 2014 -- Speakers: J. Michael Williams
and Carrie Dolan on "Update on Title Risks and Title Insurange
Attendance is Free for IRELA Member Attorneys in good
(One hour of MCLE Credit provided.)
- 9:30 a.m.
Where: Belvedere Events and
Banquets | 1170 W. Devon, Elk Grove Village, IL |
Watch this space for more information.
IRELA President Ralph J. Schumann recently presented a
Case Law Update CLE for the Chicago Bar Association on March 26,
2014. To access and download the handout, click
IRELA recently submitted Comments to the Consumer
Financial Protection Bureau in response to the CFPB's Request for
Comments on the Mortgage Closing Process. To access
and download IRELA's Comments submitted on behalf of IRELA by Ralph
J. Schumann, IRELA President, click on:
IRELA position statement regarding HUD's Buyer Select Program.
(June 26, 2013 Update.)
IRELA has several concerns regarding the HUD Buyer Select
program as implemented in Illinois since March 1, 2013. The
requirements, and the elimination of a seller's attorney in the
transaction, shift responsibility for many of the functions
traditionally performed by a seller's attorney in Illinois from
HUD's designated counsel to the "Closing Agent". It appears
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. To download and
review a letter from IRELA President Ralph J. Schumann to major
title insurance companies detailing IRELA's concerns, click
NOTE: Schumann's Letter expressing concerns with HUD's Buyer
Select Program was recently referenced in the monthly online
newsletter of Attorneys' Title Guaranty Fund, Inc., "The Trusted Advisor." Any attorney
considering acting as a HUD vendor and participating as the Closing
Agent in these transactions should first review the Schumann
Letter, the summary of issues raised in the "Trusted Advisor"
article, and the Closing Instructions promulgated by PEMCO and
other asset managers. IRELA members, as well as Illinois real
estate practitioners in general, are urged to exercise extreme
caution in this area.
Illinois Supreme Court amends rules allowing limited scope
In a move expected to lower attorney fee costs for clients of
limited means, Illinois Supreme Court Chief Justice Thomas
L. Kilbride announced Friday that the Illinois Supreme
Court has approved a proposal designed to lessen the legal costs in
civil cases for clients of limited means.
The proposal deals with a concept known as "limited scope
representation" which more than 20 other states also permit.
Limited scope representation allows attorneys to provide paid legal
services on a portion of a client's legal matter, rather than
seeing it through from beginning to end. By providing services,
specifically limited by agreement between the lawyer and the
client, total legal fees should be more affordable for the
ISBA President John E. Thies thanked Justice
Kilbride and other members of the the Court for the amendments, and
noted the Court was greatly aided by many individuals and groups
that helped in the process. "I especially want to recognize the
Lawyers Trust Fund, and the members of the Joint ISBA/CBA/IJA task
force, including my co-chairs, Diane Klotnia of
the Chicago Bar Association and Judge Ronald
Spears of the Illinois Judges Association," he said.
Thies also thanked former ISBA president and IRELA
founder and Chair, John O'Brien, who appointed the
joint task force.
For more information, click on:
ISBA Bar News Update on Rules Amendments Rgarding
Limited Scope Representation
U.S. Secretary of the Treasury Jack Lew announced recently that
Treasury is extending the Making Home Affordable Program for another two years. The new expiration
date is now set for December 31, 2015. The program offers help to
homeowners through solutions including the Home Affordable
Modification Program (HAMP), Home
Affordable Foreclosure Alternatives (HAFA), and the Second Lien Modification
Program. As of March, an estimated 1.1 million struggling
homeowners have received a permanent modification through HAMP. The move aligns with the Federal Housing
Finance Agency's (FHFA) extension for the Home Affordable Refinance
Program (HARP), which was first announced
Implementation of the Appraisal Management Company
Illinois Department of Financial and Professional
Newly enacted Section 1452 of Title 68 of the Illinois
Administrative Code, promulgated by the Department of Financial and
Professional Regulation (the "Department") (effective March 4,
2013), is directed towards appraisal services and specifies rules
implementing provisions of the Appraisal Management Company
Registration Act, 225 ILCS 459. 68 Ill. Adm. Code 1452. These rules
are comprised of definitions, application requirements, and
registration, renewal, and reinstatement procedures.
Fraudulent real estate transactions -- Recently Enacted.
House Bill 2832 P.A. 98-0098 (Lang, D-Chicago) allows
a county recorder of deeds to establish and use a "Fraud Referral
and Review Process" for deeds and instruments that the recorder
reasonably believes are fraudulent, unlawfully altered, or intended
to unlawfully cloud or transfer the title to any real property. The
wide-ranging nineteen (19) "trigger" categories include instruments
evidencing "non-standard punctuation" and certain types of maritime
liens. NOTE: IRELA remains
very concerned about the underlying issues that gave rise to this
proposed legislation, and looks forward to working with the Cook
County Recorder's Office and the legislature to improve the
implementation of measures established by the
IRELA contributes $2,500 to Lawyers Feeding
Pictured below are IRELA President Ralph
Schumann and ATG Vice President and Special Counsel to the CEO
John O'Brien (who is also the Founder of
IRELA). Ralph Schumann recently presented a check for IRELA's
$2,500 contribution to the Lawyers Feeding Illinois program.
For more information, call (847) 593-5750 or (847) 273-8700.
Learn more »
IRELA continues to co-sponsor CLE programs with IICLE,
ISBA, ATG, and other title insurance companies and
organizations. Check back for more details on upcoming
IRELA President Ralph Schumann was interviewed
recently for a story that aired on National Public Radio's
on Property Flipping: "Flipping Houses in
a Post-Bubble World".
Schumann was quoted in an accompanying article, which can be
accessed here as a PDF document: "Flipping Houses in a Post-Bubble World."
IRELA President Ralph Schumann recently participated in the
recording of a television program for ISBA's "Illinois Law" series
on Landlord-Tenant issues. Pictured above (L to R) are
former IRELA Board Member Samuel Levine, Joel Chupack (incoming
Chair of the ISBA Real Estate Law Section Council), Ralph Schumann,
and program moderator Marty Dolan.
Schumann was recently quoted in a Chicago Tribune article by
Leslie Mann entitled "Don't Overlook These Homebuying
IRELA President Ralph Schumann attended a recent CBA Award
Luncheon at the Standard Club in Chicago. Pictured with him
above (left to right) are Bill Anaya,
Partner, Arnstein & Lehr LLP, Shay Jacobson, LifeCare
Innovations, Joel Daly, attorney and former ABC WLS-TV News Anchor,
Martha Kern, LifeCare Innovations, and Mike Rooney, Executive
Director, IICLE. Congratulations to Mike Rooney on his new
IRELA President Ralph Schumann was recently quoted in an article
discussing legal issues presented with "More Adults Moving Back to Old Neighborhood,
Buying Parent's Home".
Regular IRELA meetings take place at 8:00 a.m. monthly on the
second Wednesday at Belvedere Events and
Banquets facility in Elk Grove Village, IL (847.534.0600) or at
other announced locations.