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Archive for the ‘Real Estate Law’ Category

New Law Requires Lender to Respond to Short Sale Offer

Apr 6th, 2012

The Code of Civil Procedure has been amended to require a mortgagee (lender) to respond to a mortgagor’s (borrower) short sale offer within ninety (90) days.  Senate Bill 1259 passed both houses on October 26, 2011 and was signed into law by Governor Pat Quinn on January 13, 2012 as Public Act 097-0666. It defines [...]

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New Law for Transferring Real Estate on Death

Dec 22nd, 2011

Illinois attorneys have a new weapon in their arsenal to help clients transfer real property. It comes in the form of Public Act 97-555 (HB 1153) which creates the Illinois Residential Real Property Transfer on Death Instrument Act (the “Act”), to be codified as 755 ILCS 27/1 et seq. The Act is intended to create [...]

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