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.

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Plan to Attend IRELA's Next Meeting


September 9, 2015 Meeting:

CFPB TRID Update: Getting Ready for October 3rd


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Speaker: Linda T. Grahovec, ITP  IEP  NTP  

VP, Director of Marketing & Business Development

CFPB Leader / Speaker


 Fidelity National Financial, Inc.  (NYSE: FNF),  a Fortune 500 company 

Linda coordinates TRID Implementation for Fidelity, and has spoken on several panels on this topic. She will update us on TRID Implementation issues.  This lunchtime meeting will take place in connection with the Illinois Institute for Continuing Legal Education Real Estate Short Course being held September 8-9, 2015 at the Schaumburg Hyatt Regency.  The IRELA meeting will be on the second day, September 9th.
IICLE will be providing MCLE credit for the two day Short Course (IRELA members in good standing enjoy a discount).  (IRELA will not be providing MCLE credit in connection with the lunchtime general membership meeting.)

IRELA Members in good standing enjoy a $100 discount on the normal tuition.  To register, IRELA members in good standing can go to
and enter the discount code IRELA100 in the discount code box in your shopping cart.  Register today!


Don't miss this important meeting and CLE.

IRELA President Ralph Schumann will also provide updates on important developments and issues of the day affecting real estate practitioners, including pressures to which real estate practitioners are being subjected with the increased activity of Broker-Controlled Title Agencies and the accompanying threats to the integrity of the Illinois real estate transaction and to the consumer. He will also address the status of the IDFPR Working Group of industry representatives formed to evaluate and discuss implementation of the new CFPB Loan Estimate and Closing Disclosure Forms, feedback from the CFPB eClosing Pilot Program, and the need for Illinois practitioners to begin to implement the "10 day rule" well in advance of TRID's effective start date.


IRELA's September Meeting will be:

When: Wednesday, September 9, 2015, at

  12:20 - 1:30 pm

Where:  Hyatt Regency Schaumburg  |  1800 E. Golf Road  |  Schaumburg, IL  | 847.605.1234

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

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More News

One hour of Professional MCLE credit has been approved for the June 10, 2015 "Senior Tsunami" CLE presentation by ARDC Senior Counsel John R. Cesario.  Certificates have been e-mailed to attendees. Copies of Mr. Cesario's handouts can be found in the "Members Only" section of this web site.



Other Events

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IRELA President Ralph J. Schumann (L)     and        Frank Pellegrini (R), Past President of the American Land Title Association (ALTA), presented at the ISBA Real Estate Law Update CLE on Thursday, May 7, 2015 on the new CFPB Forms which supplant the GFE, TIL and HUD-1 forms as of August 1, 2015.  To access and download the full, updated PowerPoint presentation used at the CLE seminar, click on:


Full CFPB Forms Schumann-Pellegrini Powerpoint

The closing process will significantly change when the Consumer Financial Protection Bureau's final rule for integrated mortgage disclosures goes into effect later this year. The rule integrates forms required under the Truth-in-Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). A Loan Estimate will replace the current Good Faith Estimate and early TIL disclosure, while a Closing Disclosure will replace the HUD-1 and final TIL disclosure. The CFPB's original proposed implementation date of August 1, 2015 has been extended to October 3, 2015.

A sample timeline provided by CFPB can be accessed at:

CFPB TILA RESPA Integrated Disclosure Timeline Example

To access a recent handout used in connection with a title company presentation on the implementation of the new CFPB Forms, click on:

Handout including IRELA Comment to CFPB, Wells Fargo March, 2015 Notice regarding handling of Closing Disclosure, Best Practices and other issues, and CFPB Loan Estimate and Closing Disclosure Forms


Other News

Peter J. Birnbaum, President and CEO of Attorneys' Title Guaranty Fund, Inc., recently issued a Bulletin to ATG members concerning Real Estate Broker-Controlled Title Agencies and the accompanying threats to the integrity of the real estate transaction and to the consumer. The Bulletin discusses, among other things, the proliferation of Listing Agreements containing title orders, and the role and responsibilities of Illinois real estate practitioners when presented with such situations.


IRELA has for years been concerned about this situation and the threats it presents to practitioners and the consuming public alike.  IRELA's position has always been that the decision regarding ordering title constitutes the practice of law, as it requires evaluation of a number of factors in assessing which title insurance agency is best positioned to do the work required for the client while avoiding situations which might jeopardize a client's best interests. IRELA will continue the important work of protecting the real estate practitioner and protecting the consumer in this area.

We welcome your comments in this area.  Feel free to contact IRELA President Ralph J. Schumann at

To access and download Peter Birnbaum's Bulletin, provided here with permission, click on:

Birnbaum Commentary on Real Estate Broker-Controlled Business

IRELA COMMENT:  Birnbaum's Commentary provides important food for thought. Some listing agreements contain provisions that go beyond the usual terms regarding the listing of the property by the broker and broker compensation. Some contain orders for title services of which the seller may or may not be aware. IRELA members, and Illinois real estate practitioners in general, may wish regularly to offer to review any listing agreement before execution by a client. If a listing agreement that was signed without benefit of counsel contains a problematic boilerplate provision, such a provision may be voidable as a matter of law if the provision is shown to be unconscionable or contrary to public policy due to the unequal bargaining positions of the parties or on other grounds.  In addition, if the listing agreement between the seller and the Broker contains a boilerplate order for title services with a separate title agency not a party to the listing agreement, the putative "contract" may be unenforceable due to lack of privity of contract.



IRELA's President Ralph J. Schumann and IRELA Past President Joseph R. Fortunato, Jr., recently participated in a CLE seminar for Greater Illinois Title on the new CFPB Forms and related Implementation Issues along with a panel of nationally recognized speakers.

To access and download copies of the brief Powerpoint, a handout for the presentation, or ALTA's Three-Day Closing Disclosure Rule Chart, click on:

1.  Schumann and Fortunato Brief Powerpoint

2.  Handout including IRELA Comment to CFPB, Wells Fargo September, 2014 Notice regarding handling of Closing Disclosure, and Commentary by David Huffman of ATGF

3.  ALTA Three-Day Closing Disclosure Rule Chart



A New Version of the Multi-Board Contract is Coming!!

IRELA will shortly be announcing the release of the 

Multi-Board Residential Real Estate Contract 6.1

The NEW Multi-Board Residential Real Estate Contract 6.1, which is scheduled to be out before October 1, 2015, reflects changes to address TRID provisions and new, longer timelines.  As with the current 6.0 version of the Contract, the official version will be maintained on the IRELA web site in the "Members Only" section. Watch this space for further details.



Help us in "going green".

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


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

(MCLE Credit provided.)


More News

On March 5, 2015, The Objections, a band sponsored by IRELA, won the "Best Band" Award at the Illinois Bar Foundation's "Lawyers Rock" fundraising event held at the Double Door on Milwaukee in Chicago. 

Pictured below (L to R) are Sean O'Brien, son of ATGF Vice President and Special Counsel to the CEO John O'Brien (Chairman and Founder of IRELA), IRELA President Ralph Schumann, Don Dopka, Tony DiMichele, Kristi Alsip, and Ken Naylor.

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Governor Quinn Issues Amendatory Veto to Condo Bill SB 2664

Gov. Quinn last year 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 was discussed in detail at the IICLE 10th Annual Real Estate Short Course on September 9-10, 2014 at Harper College.  (IRELA was a sponsor of this comprehensive CLE Seminar, and will also sponsor the upcoming 11th Annual Real Estate Short Course at the Schaumburg Hyatt Regency on September 8-9, 2015. More details will follow.)


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



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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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 Quoted in ISBA Bar Journal Article:

IRELA President Ralph Schumann was quoted in a recent ISBA Bar Journal article by Tim Slating entitled "Are You Ready for the New Residential Real Estate 'Consummation' Rules?" The article provides a timely update on TRID Implementation and Best Practices.

To access and download the article, click on:

"Are You Ready for the New Residential Real Estate 'Consummation' Rules?"


TRID Updates:

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Richard Cordray wrote recently to two U.S. Senators to assure them that the CFPB's oversight of the implmentation of TRID (TILA-RESPA Integrated Disclosure) will be "senstive" to the progress made by those entities that have squarely focused on good-faith efforts to come into compliance with the Rule on time. As of the time of that writing, the new Rule was set to go into effect for closed-end mortgage transactions where loan applications are taken after August 1, 2015. To download and read the letter, click on:

June 3, 2015 Letter from Richard Cordray of CFPB to Senators Donnelly and Scott:

The Cordray letter included a blog post regarding the only "three things" that could cause a new three-day disclosure to be issued. To access and read the blog post, click on:

CFPB Blog Post June 3, 2015


IRELA Comment on Best Practices and TRID:

The TRID implementation date will be upon us quickly.  It behooves every real estate practitioner to become "Best Practices" compliant and TRID compliant prior to that date, and to get all figures and necessary data to the title insurance company involved in a real estate transaction with a closed-end mortgage at least ten (10) business days in advance of the consummation date to facilitate the lender's delivery of the Closing Disclosure three business days prior to consummation. 

Believe this: TRID start date delayed to October 3rd

We recently posted an update regarding the fact that, in the wake of CFPB Director Richard Cordray's June 3, 2015 letter to Senators Donnelly and Scott, multiple media outlets over-reacted a bit, announcing that the CFPB had agreed to a delay in enforcement of the TRID Rule set to go into effect August 1st, and/or claiming that the CFPB, in response to numerous requests from Congress and from industry stakeholders, had agreed to a hold harmless period, and that some had stated there would be a delay in enforcement.

As we stated recently, that's not what Cordray's June 3, 2015 letter said. ALTA CEO Michele Korsmo recently requested that we clarify that the implementation date is still August 1st.  We did.  We posted an update stating "The start date is August 1st. Period."

Now we have to update that update.  On June 17, 2015, The CFPB announced that it would be proposing an amendment to the Know Before You Owe Mortgage Disclosure rule to have the start date extended to October 1st to avoid the effects of an administrative error and to better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time. It is very likely the CFPB proposed amendment will be approved. The proposed start date was later modfied to be Saturday, October 3rd.

NOTE: There has been no official statement that there will be a period of "relaxed enforcement" or "hold harmless" period following the implementation date, whether that date turns out to be sometime in August or the most recently proposed date of October 3rd.

Watch this space for more information.  Contact IRELA with any questions.



IRELA President Ralph Schumann was interviewed recently by Cook County Recorder of Deeds Karen Yarbrough on her "Housing Matters" program.  The program is available at Vimeo. To view the program, click on the image below.


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IRELA President Ralph Schumann spoke recently at a CLE Seminar on the Multi-Board Residential Real Estate Contract 6.0: An Analysis of Key Changes, for Attorneys' Title Guaranty Fund, Inc., with Robert Borla. The presentation is available as an OnDemand program at

ATG Members can click on

Special Access for IRELA Members:
Login on the ATG website,, is required to register to view this OnDemand program. If you haven't taken an ATG seminar before or viewed an ATG OnDemand program before, follow these instructions. Don't remember your login? Request a new password to get access.


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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.