Who Signs the Real Property Disclosure Report?
The Residential Real Property Disclosure Report has become a familiar part of real estate transactions in Illinois, however, there are unique circumstances where this seemingly simple form can raise interesting questions about who exactly should be signing. A look at the language used in the Resident Real Property Disclosure Act reveals that determining whether the Report is required and if so, who should sign, is not always an easy question to answer. Given the legal nature of the form and the significant consequences for violations, it is strongly recommended that all sellers consult with legal counsel prior to completing the form. Moreover, real estate brokers should not engage in providing advice on whether the Report is required or how it should be completed. Read more.
Six legal case studies are covered in this issue. Read more
Real Estate Disciplines. Among the recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation (IDFPR): 1) A real estate managing broker license and real estate limited liability firm license both indefinitely suspended for a minimum of one year and each fined $5,000 for failing to respond to numerous requests by the potential buyer's agent regarding the offer and the property and for failing to provide the Department with information requested by the Department or otherwise respond to requests for information. 2) A real estate managing broker license was placed on indefinite probation for a minimum of three years due to her aiding and abetting the unlicensed practice of real estate. Read more
New Year, New Laws. Got Forms? Be sure to check your supply of Residential Real Property Disclosure Report forms. Under (SB 2597), item #6 in the “seller disclosure” form (related to material defects in walls and floors) now specifically includes windows and doors. The legislature made changes as a result of a recent appellate court case. Effective Jan. 1, 2015 the revised forms must be used. Public Act 98-754. Read more.
16 Facts to Know about Medical Marijuana. Understanding how medical marijuana laws affect properties where it is grown, sold and even used will be critical to Illinois REALTORS® as communities attempt to balance business interests, zoning, public health and state law. That was the underlying message to the Dec. 18 IAR Legal Webinar, “Pot . . . Pourri,” led by Lisa Hartzler of Sorling Northrup Attorneys and Betsy Urbance, IAR Legal Hotline Attorney. For more details, you can view the recorded webinar or listen to the audio-only version from www.illinoisrealtor.org/legal/webinars. (Member’s Only Login required.). Read more.
What You Should Know About Commercial Real Estate Broker Liens. A new RVOICE brochure provides basic information on the state law which gives real estate brokers the right to a lien on commercial real estate to secure fees and commissions due to them. Learn more and how to download a free copy: www.illinoisrealtor.org/disputes
IAR Free Forms - Available now in Spanish Language Translation
Be a 2015 RPAC PACESETTER - Pledge by Feb. 2
Managing Broker License Renewal Q&A - April 30, 2015 deadline
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