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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 types.

Next Meeting

 

September 17, 2014 Presentation:

 

"What Real Estate Lawyers Need To

Know About the

Mortgage Underwriting Process"

   

SPEAKER:    Nathan Britch, Perl Mortgage Compliance Officer

Watch this space for more information regarding our next meeting, which will be held the third Wednesday of the month of September, September 17, 2014.  Plan to attend the IICLE 10th Annual Real Estate Short Course on September 9-10, 2014 at Harper College. Several members of IRELA's Board of Directors will be presenting.

When:     Wednesday, September 17, 2014

  8:00 a.m.  -  9:30 a.m.

Where:    Belvedere Events and Banquets | 1170 W. Devon, Elk Grove Village, IL | 847.534.0600

To access a map of the meeting location, click on:  Map


If you missed the June 11, 2014 comprehensive CLE seminar on

Analysis of the New Multi-Board 6.0 Contract and

Comparison of Key Provisions of the Prior 5.0 Version with the New 6.0 Version

Watch for information about more CLE sessions being planned for September, 2014, on the new 6.0 Contract.


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It's Here!!

IRELA is proud to announce the release of the 

Official Multi-Board Residential Real Estate Contract 6.0

The NEW Multi-Board Residential Real Estate Contract 6.0 is now available to IRELA members for downloading and use in the Members Only section of this web site. See details in right-hand column, and see the official "fillable" form contract in the Members Only section of this web site.

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Help us in "going green".


Download the Handouts for IRELA CLE Seminars in advance and print them or bring them to the seminar on yourlaptop, tablet or other device.

 

 

Attendance at most IRELA CLE Seminars is Free for IRELA Member Attorneys in good standing.

(One hour of MCLE Credit provided.)

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Latest News

Governor Quinn Issues Amendatory Veto to Condo Bill SB 2664

Gov. Quinn has issued an Amendatory Veto of SB2664, the condo bill which was supported by a wide array of stakeholders as the best way to reintroduce a certain amount of predictability into the process of purchasing condominiums which were the subject of a foreclosure or similar action. For more information, see news update on this web site under "Developments".

This development will be discussed in detail at the upcoming IICLE 10th Annual Real Estate Short Course on September 9-10, 2014 at Harper College.  (IRELA is a sponsor of this comprehensive CLE Seminar.)

 

NOTE:  EZ Dec System in Cook County was replaced recently by the MyDec system.  To access a June, 2014, Illinois Department of Revenue update on implementation of the new MyDec system,

Click on the following link to download:

 

IDOR Informational Bulletin on new MyDec system

 

 

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Upcoming Events

IRELA's October 8, 2014 meeting will be:

Topic:  TBD

Speakers: TBD 


When:  Wednesday, October 8, 2014

  8:00 a.m.  -  9:30 a.m.

Where: Belvedere Events and Banquets | 1170 W. Devon, Elk Grove Village, IL | 847.534.0600

Watch this space for more information.


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IRELA President Ralph J. Schumann recently presented a Case Law Update CLE for the Chicago Bar Association.  To access and download the handout, click on:


Schumann CBA Case Law Handout


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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 Comments to CFPB.


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IRELA position statement regarding HUD's Buyer Select Program. (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 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 on:

Schumann Letter on HUD Buyer Select Program

NOTE: Schumann's Letter expressing concerns with HUD's Buyer Select Program was 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.

 

Making Home Affordable Program Extended

U.S. Secretary of the Treasury Jack Lew announced recently that Treasury is extending the Making Home Affordable Mortgage Loan Modification image.jpgProgram 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 April 11th.

Implementation of the Appraisal Management Company Registration Act.

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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 bill.                                                                                                                                                                                              


Learn more  »

IRELA contributes $2,500 to Lawyers Feeding Illinois. 

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.

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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 events.

 

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Announcements

Official Multi-Board

Residential Real Estate

Contract 6.0

The NEW Multi-Board Residential Real Estate Contract 6.0 is now available in the "Members Only" Section of this web site for downloading and use. It is designed to be a "fill-in-the-blanks" document. You can tab from field to field and enter your data, and then print out the final document. It is a thirteen page document with letter-size pages with a larger, more legible typeface. The cover page of the contract details important information regarding digital signatures, the copyright, and the limited license granted to approved entities to use the form.

SAMPLE Multi-Board Residential Real Estate Contract 6.0
This PDF bears a "SAMPLE" watermark.  While it has the official text of the contract, it is not a fillable PDF.

Key Highlights Comparison Chart
Summarizes the key changes in the Multi-Board Residential Real Estate Contract 6.0 prepared by IRELA President Ralph J. Schumann. Corresponding provisions in the prior 5.0 Version of the Contract are compared side by side to new provisions. This document is in PDF format.

Summary and Comparison of the New Multi-Board Residential Real Estate Contract 6.0
by IRELA Director Joseph R. Fortunato, Jr., highlighting changes from the previous (5.0) version of the Multi-Board "Common Contract".

 

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IRELA President Ralph Schumann spoke recently at a Greater Illinois Title Company CLE Seminar on the New Multi-Board Residential Real Estate Contract 6.0 at Maggiano's Little Italy in Oak Brook, Illinois.

IRELA President Ralph Schumann was interviewed recently for a story that aired on National Public Radio's  WBEZ logo.jpg 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."

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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 (Past Chair of the ISBA Real Estate Law Section Council), Ralph Schumann, and program moderator Marty Dolan.

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Schumann was recently quoted in a Chicago Tribune article by Leslie Mann entitled "Don't Overlook These Homebuying Details".

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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 position!

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Schumann also 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.