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 Belvedere Events and Banquets facility in Elk Grove Village, Illinois (1170 West Devon, Elk Grove Village, IL - 847-534-0600). Meetings may take place at other locations -- see "Next Meeting" section below.
Reception for
John G. O'Brien
July 24, 2009
Arlington Park
24, 2009 A Reception to honor John G. O'Brien upon the occasion of his becoming President of the Illinois State Bar Association will be held Friday, July 24, 2009 at Arlington Park. The event is co-sponsored by IRELA and the Northwest Suburban Bar Association.
For more information, click on
Reception: 2:00 p.m. - 6:00 p.m.
in the Million Room - 4th Floor
Post Time: 2:30 p.m. (start of 1st race)
Entry Fee: $25 ($35 after July 20th) (so register now)
Includes: Admission, Program, Hors d’ oeuvres and Beverages
Register by calling the NWSBA office at 847-221-2601
Special thanks to our key sponsors:
and
On June 10, 2009, IRELA Presented a Seminar
on
"The Multi-Board Residential Real Estate Contract 5.0"
Our speakers, Robert V. Borla, of Borla, North & Associates (left), and IRELA President Ralph J. Schumann (right), have served on the Multi-Board Contract Drafting Committee for several years. They discussed the new contract form, with emphasis on how it differs from the prior version, and why.
To download the text of the Multi-Board 5.0 Contract, click on:
Multi-Board Residential Real Estate Contract 5.0 - interim (non-fillable) version
To download explanatory or comparison materials, click on:
Fortunato March 15, 2009 Comparison Summary
Schumann June 9, 2009 Highlights Chart
IRELA PRESIDENT Schumann Interviewed Again by Veteran Political Analyst Dick Kay
IRELA President Ralph J. Schumann was interviewed again recently by veteran journalist and political analyst Dick Kay on radio station WCPT regarding the economic stimulus package passed February 13, 2009, the $8,000 credit for home buyers, foreclosures, toxic mortgage assets and related issues. The telephone numbers of Loss Mitigation Departments of lenders discussed during the interview can be found at pages 64-66 of the following Powerpoint presentation (saved as a PDF file):
Foreclosure Defenses and Short Sales.
Important Practice Reminder . . .
Use the IDFPR DS-1 Disclosure Form
The Illinois Department of Financial and Professional Responsibility DS-1 Disclosure Form ("Disclosure Statement: Controlled Business Arrangement") should be used in every instance when title insurance is being provided by an attorney having a financial interest in an Illinois title-issuing entity. The Disclosure form should be issued and used to obtain consent from the parties to the transaction. Timing is important -- the form should be provided prior to issuance of the title commitment to ensure that recipients have adequate time to "shop around" for the best services and the best rate for said services from other providers.
To access and download a blank DS-1 form, click on:
Disclosure Statement: Controlled Business Arrangement.
In the News . . .
IRELA PRESIDENT Column in Chicago Lawyer Magazine
IRELA President Ralph Schumann has begun writing a column appearing in the Chicago Lawyer Magazine addressing issues affecting solo and small firm practitioners. To download and read the inaugural column from the January, 2009, issue discussing Proposed Supreme Court Rule 5.7 and related concerns, click on the image above.
IRELA CHAIR and PRESIDENT Testify at Illinois Supreme Court Rules Committee Public Hearing on Proposed Rules of Professional Conduct
IRELA Chair and ISBA President-Elect John G. O'Brien and IRELA President Ralph Schumann testified on October 24, 2008 before the Illinois Supreme Court Rules Committee on behalf of IRELA in opposition to adoption of Rule of Professional Conduct 5.7 as proposed and Comment [1] to Rule 1.8 as proposed. O'Brien and Schumann expressed opposition to the attempt in Proposed Rule 5.7 to define the scope of the practice of law by identifying "law-related services", and in opposition to the inclusion of a reference to the provision of title insurance as a "business transaction" in Comment [1] to proposed Rule 1.8. One of the incongruous results of the approach embodied in the proposed rule 5.7 would be that a lawyer filling in the blanks of a form real estate contract such as the Multi-Board Residential Real Estate Contract for a client, a service which current law allows a non-lawyer real estate broker to perform without being characterized as engaging in the unauthorized practice of law, would be found to be engaged in a "law-related service" and, by definition, not the practice of law.
To download and view a copy of Ralph Schumann's testimony at the hearing, click on:
IRELA PRESIDENT Interviewed on "Illinois Law" Television Program, WCIA, Champaign, Illinois
IRELA President Ralph J. Schumann was interviewed on the "Illinois Law" television program on October 10, 2008 on factors contributing to the Mortgage Crisis in the United States. The moderator was University of Illinois College of Law Professor Amy Gajda (left). Also interviewed was University of Illinois College of Law Professor Christine Hurt (right). To view the program using Windows Media Player, click on:
IRELA PRESIDENT Speaks at ATG Seminar Entitled: "America's Mortgage Crisis: Looking Out For Your Client"
IRELA President Ralph J. Schumann (far left, above) 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. Pictured with Schumann are University of Illinois College of Law Assistant Dean for Communications Dave Johnson, program moderator and Senior Vice President of Attorneys' Title Guaranty Fund, Inc., Jerry Gorman, and U.S. Bankruptcy Judge Thomas L. Perkins, who also was one of the speakers on the program. To see the above photograph as part of Chicago Lawyer Magazine's "Social Scene" collage, click on:
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. To access video of the October 10, 2008, seminar, click on:
College of Law Scholarly Events
IRELA PRESIDENT Schumann Interviewed by Veteran Political Analyst Dick Kay
IRELA President Ralph J. Schumann was interviewed by veteran journalist and political analyst Dick Kay recently on radio station WCPT regarding the origins of the current mortgage and financial crises, and steps borrowers facing foreclosure can take, including arranging short sales.
Recent Meetings
On May 13, 2009, IRELA presented a seminar focused on
"Changes to the Notary Act"
which took effect June 1, 2009, at Belvedere Events and Banquets in Elk Grove Village.
Our speaker was Arden Miner of Attorneys' Title Guaranty Fund, Inc. (center, above, with ISBA President-Elect John G. O'Brien, left, and IRELA President Ralph J. Schumann, right).
To access and download the handouts from the seminar, click on:
Notary Act Changes - Miner Handout
Public Act 95-0988, effective June 1, 2009
Biometric Information Privacy Act
Mary Umberger Column - Chicago Tribune - April 12, 2009
On January 14, 2009, IRELA presented its first in-depth
Three Hour Real Estate Law Seminar
at Maggiano's Little Italy in Schaumburg, Illinois. Speakers were Dick Bales, James Grogan, Tom Anselmo, Mary McSwain, and Stuart Wolf.
Speakers were Session I: Dick Bales (left), Session II: James Grogan (center), and the Session III concluding panel discussion was chaired by Tom Anselmo, Mary McSwain, and IRELA Association Attorney Stuart Wolf.
For more information and to access and download the complete written materials from the seminar, see the Members Only Section of the web site.
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 a 2010 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.
More News: 
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 President-Elect 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"
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).
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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