CASE LAW Section of "Members Only" Section Debuts:
A new feature of the "Members Only" section of this web site is now available. The "Case Law" sub-section will provide links to selected decisions impacting the practice of real estate law. IRELA Members, visit the "Members Only" section and check it out. (Click on "Case Law" in the menu in the left margin in the "Members Only" section.)
NEW GLEN ELLYN INSPECTION REQUIREMENT AS OF OCT. 1:
The Village of Glen Ellyn has implemented a new inspection requirement. Effective Oct. 1, 2006, no real estate transfer tax stamp can be sold unless the interior of a home has first been inspected to confirm that there are no illegal sump pump connections to the sanitary sewer system.
The home must be inspected within the 3 month period before the scheduled date of sale – a home inspection is only valid for a 3 month period. For the first year (i.e., prior to September 30, 2007), there will be no charge for this inspection. After September 30, 2007, a $50 inspection fee will be required. If an illegal connection is found, the property owner must make modifications to bring the plumbing system into compliance with the plumbing code and the property must be re-inspected before the Village will issue a Real Estate Transfer Tax Stamp. If a voluntary inspection is sought, some grant money may be available, provided prerequisites are met, to help reimburse a portion of the cost of correction work resulting from an inspection conducted between October 1, 2006 and September 30, 2007.
For more information on the inspection requirement related to the "Clearwater Removal Program" and specifics regarding grant eligibility, click on Clearwater Removal Program Notice or call the Village of Glen Ellyn at (630) 469-5000.
NOTE: You will need Adobe Acrobat Reader Version 6.0 or newer to view this file.
If you do not have Adobe Acrobat Reader Version 6.0 or newer, click here:
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. To check on the status of a loan originator, you can go to the Division of Banking web site and search the last name of an originator to be sure the person's "Loan Originator Registration Number" begins with 031. If not, you may want to think twice about doing business with that person.
To access the search feature at the Division of Banking, click on:
Division of Banking Search. Enter the last name of the loan originator in the appropriate field.
P.A. 94-0489 (effective August 8, 2005) requires that the property tax transfer declaration form include information regarding exemptions appearing on the last annual tax bill. For a modified PTAX-203 form that can be used to indicate exemptions, click on the "Resources" tab above.
The Department of Housing and Urban Development has issued revised FHA Regulations which liberalize the requirements for repairs and inspections. To access and download the revised FHA Regulations, click on New FHA Regulations.
NOTE: You will need Adobe Acrobat Reader Version 5.0 or newer to view the Regulations.
If you do not have Adobe Acrobat Reader Version 5.0 or newer, click here:
RESPA Regulations Alert: RESPA RULE UPDATE!
The Acting Secretary of the U.S. Department of Housing and Urban Development announced on March 22, 2004 that HUD is withdrawing the draft RESPA Final Rule (RIN 2502-AH85) from review by the Office of Management and Budget.
Alphonso Jackson indicated, however, that he intends to revise and "re-propose the rule, requesting additional comments, after I have had an opportunity to brief members of Congress and to meet with affected consumer and industry groups" and then resubmit it to OMB for review. This means you should write to HUD and your Congressperson NOW to voice your concerns. (If you have written before, consider writing another letter now.) As proposed previously, HUD`s regulations would have given control of the entire conveyancing process to lenders, and allow them to all but dictate the title services provider!
Click here to view the March 22, 2004 Jackson Letter announcing the withdrawal of the draft final RESPA rule by HUD in PDF format. NOTE: You will need Adobe Acrobat Reader to download and view this document.
Joe Fortunato's Summary of the Status of HUD's "Final Rule" on its proposal to amend RESPA:Joseph R. Fortunato, Jr., President of IRELA, has written an article in the June ISBA Real Property Newsletter regarding the status of the withdrawal by HUD of its proposal to amend RESPA. The full text of the article can be accessed by clicking on: HUD's "Final Rule" Article. (See page 7 of the ISBA newsletter.)
Voice your concerns. Although the initial rule has been withdrawn, HUD still plans to present a revised rule after obtaining more input. Voice your opinion to your congressperson. Many congressional representatives have expressed opposition to the previously proposed regulations (due in large part to IRELA`s lobbying efforts in Washington), but many others have not yet staked out a position. Write to your Congressperson! Select and Download a Sample Letter in Opposition to HUD Amendments to RESPA.
Click here for IRELA sample letter to HUD in Word format.
Click here for IRELA sample letter to Congressperson in Word format. (Modeled after a sample letter prepared by ATG.)
We suggest that as you draft your letter you keep it to no more than one page. Overnight courier or regular mail is most effective. You can also send it to your Congressperson by fax or by e-mail, but follow up with a phone call to his or her office. Remember, grass roots efforts CAN ultimately succeed! For more information, call IRELA at (847) 593-5750, or e-mail us.
Click here to view the a List of Names and Addresses of Illinois Senators and Congresspersons in PDF format. (You will need Acrobat Reader to view this list.)
State-Wide Additional $10 Recording Charge
A $10 surcharge is being collected to record any real estate-related document as of August 1, 2005. For more information, click on the "NEWS" tab above.
IRELA Has Filed Suit Against One World Title in McHenry County
IRELA has filed suit against One World Title for the unauthorized practice of law. For more information, click on the "NEWS" tab above.
