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.
Meetings of the Illinois Real Estate Lawyers Association, unless otherwise indicated, generally take place at 8:00 a.m. on the second Wednesday of each month at the Holiday Inn in Rolling Meadows, Illinois (3405 Algonquin Road, Rolling Meadows, IL - 847-259-5000). Meetings may take place at other locations -- see "Next Meeting" section below.
The next general membership meeting will take place at 8:00 a.m. on Wednesday, January 14, 2009 and will be a three-hour Real Estate Law Seminar beginning at 2:30 p.m. in the afternoon. Registration will begin at 2:00 p.m. Attendance by the first 125 IRELA Members is free. Non-members and IRELA Members beyond initial 125: $100. MCLE Credit will be provided. One of the three hours will qualify for PMCLE credit. The seminar will be followed immediately by a Cocktail Reception with hot hors d'oeuvres, beer and wine. Mark your calendars and watch this space for more information.
On December 17, 2008, join us once again at Francesca's Tavola, 208 S. Arlington Heights Road, Arlington Heights, Illinois, for our Annual
Holiday Gathering
beginning at 5:00 p.m. For more information and to access the RSVP form, click on:
Send in your $20 as soon as possible.
MARK YOUR CALENDAR and PLAN TO ATTEND!
The meeting held September 10, 2008 at the Belvedere Events and Banquets in Elk Grove Village (1170 W. Devon - 847-534-0600) dealt with:
"The Housing and Economic Recovery Act of 2008: What Every Practitioner Needs to Know"
Richard M. Kimball, an experienced mortgage broker and banker with Allied Home Mortgage Capital Corp. of Schaumburg, IL, provided a detailed analysis of the key aspects of this new legislation, as well as his perspective on the degree to which the Act is likely to help turn around the real estate market.
Issues addressed included FHA changes and higher minimum cash investment, down payment assistance program elimination, the operation of the $7,500 tax "credit", loan amount increases, changes with Fannie Mae and Freddie Mac, HOPE for Homeowners, SAFE Mortgage Licensing Act, and "Revenue Offsets" that change the calculation of the "Sale of Principal Residence" capital gains exclusion in some cases.One hour of MCLE credit.
Speaker Richard M. Kimball is flanked by IRELA Chair and ISBA President-Elect John G. O'Brien (left) and IRELA President Ralph J. Schumann (right).
To download the PowerPoint Presentation from Mr. Kimball's presentation, click on:
To download the full text of the Housing and Economic Recovery Act of 2008 as passed, click on:
To download the NAR Q and A on the First Time Homebuyer Tax Credit, click on:
IRELA PRESIDENT Speaks at Seminar Entitled: "America's Mortgage Crisis: Looking Out For Your Client"
IRELA President Ralph Schumann spoke at an October 10th Seminar entitled "America's Mortgage Crisis: Looking Out For Your Client". The seminar was presented by Attorneys' Title Guaranty Fund, Inc., and hosted by the University of Illinois College of Law.
The seminar, held Friday, October 10, 2008 from 12:30 p.m. - 4 p.m. at the Max L. Rowe Auditorium on the Campus of the University of Illinois College of Law, 504 East Pennsylvania Drive, Champaign, IL, addressed the origins of the sub-prime mortgage crisis, the role of investment banks, credit rating agencies and mortgage servicers, and probed legislative and governmental responses, including the Housing and Economic Recovery Act of 2008, the role of Fannie Mae and Freddie Mac, the Illinois Anti-Predatory Lending Database Program, and industry changes. Schumann addressed practical suggestions for attorneys to help clients facing foreclosure, presenting foreclosure defenses, and short sale strategies. For more information, click on Attorneys' Title Guaranty Fund, or call (800) 252-0402.
On May 14, 2008, IRELA welcomed Cook County Treasurer Maria Pappas, who addressed the membership regarding the "State of the Office of the Cook County Treasurer: Where We Were, Where We Are, and Where We Are Going."
Cook County Treasurer Maria Pappas (center) is flanked by IRELA President Ralph J. Schumann (left), and IRELA Founder and Chairman John G. O'Brien.
For more information regarding Treasurer Pappas' presentation, see the Members Only Section of the web site.
What's New:
IRELA GOLF OUTING:
THE Golf Outing of All Golf Outings!
Plans are underway for the 2009 annual IRELA GOLF OUTING. Watch this space for further information about this event and other IRELA events to be held this fall.
Thank you to our continuing sponsors:
Attorneys’ Title Guaranty Fund, Inc. (Cocktail Reception), Codilis & Associates, P.C. (Dinner), Republic Title Company (Beverage Carts)
Hole Sponsors:
First American Title (Hole-in-One Contest), Stewart Title of Illinois (Closest to the Pin), Ticor Title Insurance Company (Longest Drive), Absolute Title Services, Inc., Affinity Title Services, LLC, ATG Trust Company, Chicago Land Agency Services (CLAS) & Chicago Title Insurance, City Suburban Title, ISBA Mutual Insurance Company, LandAmerica Lawyers Title, Peck, Bloom, Austriaco & Koenig, LLC, Prairie Title Services, Inc., Premier Title Company, Success Title Services, William J. Anaya/Samuel H., Levine, Arnstein & Lehr, LLP.
In the News . . .
Fighting Foreclosure Seminar Series
IRELA is presenting a series of free seminars for the benefit of the public entitled:
"Fighting Foreclosure: What Every Homeowner Should Know."
IRELA President Ralph J. Schumann and IRELA Board Members Joseph Nery and Dennis Bordyn, along with Tammy Hajjar of Countrywide Home Loans, will be speaking on this important topic at locations in the greater Chicago Metropolitan area over the next few months. Points to be covered include:
What exactly is a foreclosure? What is the process and timeline? What financial alternatives exist and what can be done to avoid foreclosure? What is a short sale and how can it help borrowers facing foreclosure?
To view and download a Flyer describing the seminar held in Aurora, Illinois at 9:30 a.m. on May 17, 2008, click on:
Fighting Foreclosure Seminar - May 17th in Aurora
To download the Powerpoint presentation from the May 17, 2008 seminar as a PDF File viewable with Adobe Reader, click on:
"Fighting Foreclosure" Powerpoint as PDF
Speakers at the May 17, 2008 "Fighting Foreclosure" Seminar were, from left, IRELA President Ralph J. Schumann, IRELA Board Member Joseph F. Nery, Tammy Hajjar of Countrywide Home Loans, and IRELA Board Member Dennis R. Bordyn.
Light refreshments will be provided, but seating is limited, so please RSVP. Information regarding subsequent seminars will be posted in this space.
NWSBA "Roast" of IRELA Founder and Chair John O'Brien:
IRELA Founder and Chair John G. O'Brien, who is also ISBA Second Vice President, was "Roasted" by the Northwest Suburban Bar Association on May 21, 2008. The event took place at the Tuscany Restaurant in Wheeling, Illinois.
To view and download the Flyer, click on the image below:
February, 2008 Illinois Bar Journal Quotes IRELA President Schumann and Director Bashaw:
IRELA President Ralph J. Schumann and IRELA Board Member Steve Bashaw are quoted in Helen Gunnarsson's article in the February, 2008 issue of the Illinois Bar Journal entitled "Helping Clients Who Face Foreclosure".
To access the article, click on:
"Helping Clients Who Face Foreclosure"
IRELA CHAIRMAN and PRESIDENT Quoted in Northwest Herald:
IRELA Chairman and ISBA Second Vice President John G. O'Brien and IRELA President Ralph J. Schumann were quoted in a recent article in the Business Section of the Northwest Herald entitled "Real estate lawyers have some foreclosure advice"
To access the article at the Northwest Herald web site, click on:
"Real estate lawyers have some foreclosure advice"
To download a spreadsheet detailing percentage changes in foreclosures rates for cities in Cook County and surrounding counties from 2006 to 2007, click on:
Foreclosure Percentage Change Spreadsheet.
IRELA PRESIDENT Quoted in Chicago Lawyer:
IRELA President Ralph J. Schumann was quoted in the November, 2007, and December, 2007, issues of the Chicago Lawyer in a two-part article discussing current issues presented by subprime mortgages. Part One is entitled: "Subprime mortgages: An invitation to a meltdown", and Part Two is entitled: "The credit crunch moves dramatically beyond Wall Street"
To access a copy of Part One of the two-part series as a PDF file, click on:
PART ONE: "Subprime mortgages: An invitation to a meltdown"
To access a copy of Part Two of the two-part series as a PDF file, click on:
PART TWO: "The credit crunch moves dramatically beyond Wall Street"
(This is a large file.)
IRELA Board Member Steve Bashaw Quoted in Daily Herald:
Steve Bashaw, a member of the IRELA Board of Directors, has a concentration in handling mortgage foreclosure matters. He was quoted in a recent article in the Daily Herald concerning problems borrowers in foreclosure situations experience in trying to communicate with their lenders entitled "Miscommunication at heart of foreclosure crisis"
To access a copy of the article at the Daily Herald web site, click on:
"Miscommunication at heart of foreclosure crisis"
IRELA PRESIDENT and IMMEDIATE PAST PRESIDENT Participate in Law Bulletin Seminars 2007 Real Estate Law Conference:
IRELA President Ralph J. Schumann spoke at the October 4th Law Bulletin Seminars 2007 Real Estate Law Conference on title issues, and Immediate Past President Aurora Abella-Austriaco served as the moderator for the panel.
Case Law Developments:
A recent Second District case presents a different perspective on attorney approval issues. When is a "counteroffer" not a "counteroffer"? For more information, see the Case Law section of this web site (in the "Members Only" Section).
Following issuance of its opinion in Jennings v. Baron (filed July 26, 2007) the Second District granted a petition for rehearing, nullifying its original opinion, and subsequently issued a Rule 23 Order in its stead. Upon rehearing, the court determined that the contract for the purchase of real estate remained in effect because the defendants did not clearly and unambiguously invoke the attorney approval clause when they raised concerns about the home inspection, and affirmed the trial court's ruling.
For more information, see the Case Law section of this web site (in the "Members Only" Section).
At the January 2007 General Meeting, Ralph J. Schumann was elected President of IRELA. Pictured above (left to right) are Past President Joseph R. Fortunato, Jr., Immediate Past President Aurora Abella-Austriaco, incoming President Ralph J. Schumann, and Chairman John G. O'Brien. (Jeffrey L. Picklin continues as Vice-President, and John C. Haas and Leanne W. Klein continue as Secretary and Treasurer, respectively.)
Multi-Board Residential Real Estate Contract 4.0
For information on accessing and downloading either a SAMPLE version or the Official Multi-Board Residential Real Estate Contract 4.0 (© 2006, Illinois Real Estate Lawyers Association), click on the "RESOURCES" tab above to go to the Resources Section of this web site.
LOAN ORIGINATOR ADVISORY: Check to be sure your Loan Originator is properly registered with the State of Illinois.
NOTE: Some loan originators are not properly registered with the Illinois Office of Banks and Real Estate - Division of Banking. See details under the "Developments" tab of this web site.
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