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
September 17, 2014 Presentation:
"What Real Estate Lawyers Need
Know About the
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
- 9:30 a.m.
Where: Belvedere Events and
Banquets | 1170 W. Devon, Elk Grove Village, IL |
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
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 August and September, 2014, on the new
IRELA is proud to announce the release
Official Multi-Board Residential Real Estate Contract 6.0
The NEW Multi-Board
Residential Real Estate Contract 6.0 is now available for
downloading and use in the Members Only section of this web site.
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.
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
Attendance at most IRELA CLE Seminars is Free for IRELA
Member Attorneys in good standing.
(One hour of MCLE Credit provided.)
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 to download:
IRELA's October 8, 2014 meeting will
When: Wednesday, October 8,
- 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. To
access and download the handout, click on:
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.
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
NOTE: Schumann's Letter expressing concerns with HUD's Buyer
Select Program was referenced in the monthly online newsletter of
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 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 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
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.