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Real Estate Practice PDF

77 Pages·2015·0.304 MB·English
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ELEMENTS OF ILLINOIS LAW: REAL ESTATE PRACTICE (IICLE®, 2015). IICLE® is grateful to the authors of this handbook, who donated their time and their knowledge to produce these materials. We are able to continue to publish current, accurate, and thorough practice handbooks because of the generous donation of time and expertise of volunteer authors like them. Any tax information or written tax advice contained herein (including any forms or attachments) is not intended to be and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. This notice has been affixed pursuant to U.S. Treasury Regulations governing tax practice. We would be interested in your comments on this handbook. Please address any comments to Director of Publishing, IICLE®, 3161 West White Oaks Drive, Suite 300, Springfield, IL 62704; call Amy McFadden at 800-252-8062, ext. 102; fax comments to Ms. McFadden at 217-546-6096; or e-mail comments to [email protected]. Call IICLE® Customer Representatives at 800-252-8062 for information regarding other available and upcoming publications and courses. ILLINOIS INSTITUTE FOR CONTINUING LEGAL EDUCATION i HOW TO CITE THIS BOOK This handbook may be cited as ELEMENTS OF ILLINOIS LAW: REAL ESTATE PRACTICE (IICLE®, 2015). Publication Date: February 10, 2015 ii WWW.IICLE.COM NOTICE RE: ACCESSING EDITABLE FORMS FILES FOR THIS PUBLICATION Thank you for purchasing ELEMENTS OF ILLINOIS LAW: REAL ESTATE PRACTICE (IICLE®, 2015). In response to customer demand and technological advances, we are now offering a web link to deliver editable forms files that accompany IICLE® publications in lieu of a Forms CD. PLEASE NOTE: IICLE® FORMS ARE NOT INTENDED TO TAKE THE PLACE OF PROFESSIONAL JUDGMENT AS TO THE LEGAL SUFFICIENCY AND LEGAL ACCURACY OF ANY MATERIAL CONTAINED IN THE FORM. ALWAYS PERFORM INDEPENDENT RESEARCH TO VERIFY THE APPLICABILITY OF ANY FORM TO THE SPECIFIC FACTS AND CIRCUMSTANCES OF YOUR MATTER BEFORE USING AN IICLE® FORM. To access the Rich Text Format files for this book, please follow the instructions below: 1. Type this exact URL into the address bar of your Internet browser (e.g., Google Chrome, Internet Explorer, Firefox): http://www.iicle.com/download/forms/el1613rep15.zip *Please note that the “.zip” extension must be included in the URL for the download to work. Without it, you will receive an error message. 2. Once you have entered the link, a download notification will appear in your browser (the location of which varies depending on your browser of choice), and may prompt you to decide what to do with the file. In that event, please choose the “Save” or “Save As” option and give it a file name you wish, saving it to your directory of choice on your system. 3. Clicking on the zip file itself will automatically open a window displaying the files in your computer directory. The file name of the form corresponds to the section in the handbook where the form is found. Simply double-click the subfolder of the chapter of, then the particular file for, the form you are looking for. Once you click on the form file name, it will automatically open in your word processing program, where you may then edit the form to your specifications. Alternatively, you can access the forms by clicking on the “Start” button on your desktop. Choose the “Documents” option, and a window will open. Select the “Downloads” folder option on the left of the window. Within the “Downloads” folder, you will see the forms files and may select the particular file you wish to open by clicking on it. If you are unable to access the forms files using these instructions, please contact IICLE® for technical support, at 800-252-8062 between 8:30 a.m. and 4:30 p.m. CST. ILLINOIS INSTITUTE FOR CONTINUING LEGAL EDUCATION iii iv WWW.IICLE.COM ELEMENTS OF ILLINOIS LAW: REAL ESTATE PRACTICE 2015 Edition Chapter authors: Julie M. Bordo Daniel E. Fajerstein ® ILLINOIS INSTITUTE FOR CONTINUING LEGAL EDUCATION 3161 West White Oaks Drive, Suite 300 Springfield, IL 62704 www.iicle.com Owner: __________________________________________ ILLINOIS INSTITUTE FOR CONTINUING LEGAL EDUCATION v ELEMENTS OF ILLINOIS LAW: REAL ESTATE PRACTICE Copyright 2015 by IICLE®. All rights reserved. Except in the course of the professional practice of the purchaser, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. IICLE® encourages the adaptation and use of forms, checklists, and other similar documents printed in its publications in the professional practice of its customers. IICLE® is a not-for-profit 501(c)(3) organization dedicated to supporting the professional development of Illinois attorneys through Illinois-focused practice guidance. IICLE®’s publications and programs are intended to provide current and accurate information about the subject matter covered and are designed to help attorneys maintain their professional competence. Publications are distributed and oral programs presented with the understanding that neither IICLE® nor the authors render any legal, accounting, or other professional service. Attorneys using IICLE® publications or orally conveyed information in dealing with a specific client’s or their own legal matters should also research original and fully current sources of authority. Printed in the United States of America. EL1613EL:REP-N:1-15(80)LR PRD: 2-10-15 (1;CBP) vi WWW.IICLE.COM TABLE OF CONTENTS Table of Contents About the Authors .............................................................................. ix Julie M. Bordo Daniel E. Fajerstein ILLINOIS INSTITUTE FOR CONTINUING LEGAL EDUCATION vii ELEMENTS OF ILLINOIS LAW: REAL ESTATE PRACTICE viii WWW.IICLE.COM ABOUT THE AUTHORS About the Authors Julie M. Bordo is Concierge Attorney for Professionals and Businesses for Julie M. Bordo, LLC, where she focuses on research and writing for attorneys and transactions/contracts for businesses. She is Vice President of the Board of Directors for PCH Mutual Insurance, is an author for multiple IICLE® publications, and was speaker and moderator for the IICLE® New Lawyer Institute in 2014. She is a member of the Illinois State Bar Association, North Shore Law Group, and Exclusive Professional Women’s Networking Group. Ms. Bordo was an adjunct professor at DePaul University, College of Law. She received her J.D. from IIT Chicago – Kent College of Law. Daniel E. Fajerstein is a real estate attorney for Daniel E. Fajerstein Law Office. He has authored works for IICLE® and the Illinois Municipal Law Review. He is a member of the Illinois State Bar Association and the Illinois Real Estate Lawyers Association. Mr. Fajerstein received his B.A. from Grinnell College, his M.A.Ed. from Washington University, and his J.D. from IIT Chicago – Kent College of Law. ILLINOIS INSTITUTE FOR CONTINUING LEGAL EDUCATION ix ELEMENTS OF ILLINOIS LAW: REAL ESTATE PRACTICE x WWW.IICLE.COM

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