Illinois REALTORS® can learn from 7 different legal case studies in the March edition of DR Legal News.
Benefit from the research and analysis provided by Lisa Harms Hartzler of Sorling Northrup Attorneys regarding seven real estate situations, including:
- Real estate agent owed purchaser no duty to disclose of convict living next door;
- Plaintiff injured while viewing property was trespasser; and
- Neither buyer nor seller entitled to attorney fees under contract or RESPA.
Want to know more? See the entire March issue of DR Legal News.
Even as the Consumer Financial Protection Bureau (CFPB) continues to fine and penalize companies that violate the Real Estate Settlement Procedures Act (RESPA), Illinois REALTORS® is monitoring the actions of the CFPB’s critics, which include some congressional leaders and the Trump administration.
In the March edition of DR Legal News, Jeffrey T. Baker, of Sorling Northrup Attorneys, reviews some of the latest developments concerning Prospect Mortgage, the PHH Corporation case, CFPB Director Richard Cordray and the Dodd-Frank Act. Prospect Mortgage was recently fined $3.5 million by CFPB for RESPA violations.
In addition to Baker’s article, the DR Legal News includes information about:
- 7 legal case studies;
- real estate disciplines;
- managing broker renewals;
- independent expenditure support;
- customizable RVOICE brochures; and
- Illinois REALTORS® Conference & Expo.
Place your orders now for the popular “The Consumer’s Guide to Real Estate Agency in Illinois” through the Illinois REALTORS® Store.
It’s been changed from a tri-fold brochure to an 8 1/2 by 11-inch, two-sided flyer with perforated cards at the bottom. Look for item #334. They are available in pads of 50 ($11 each), plus taxes, shipping and handling. The flyers discuss agency relationships in real estate transactions in accordance with the Illinois Real Estate License Act of 2000. They supply consumers with explanations of various forms of agency when consumers are using real estate professionals to help them sell, buy and lease real estate.
If you are a broker and plan to distribute the flyers to sales associates, you can download them for free and print them at your convenience.
Image by Bigstock
Of the 2,504 questions submitted to the Illinois REALTORS® Legal Hotline in 2016 by members, three of the top 10 categories were related to license law in 2016.
“License law – scope,” or the “Do I need a license for this?” type of question, was first with a total of 286 questions submitted via email and phone calls. “License law – business practices,” or the “Is this something I can or should do in my business?” type of question, was fifth with 182 submitted. “License law – corporate structure,” or the “May I legally set up my entity or entities like this?” type of question, was ninth with 122.
Other categories in the top 10 included:
2) agency issues – 258,
3) advertising questions – 256,
4) contracts to purchase – 242,
6) escrow accounts – 151,
7) listing agreements – 147,
8) disclosure of physical defects questions – 140 and
10) fair housing – 113.
The hotline received 811 questions via email and 1,693 by phone, or an average of 209 a month.
You may have heard or read something recently about changes to the Illinois Lead Poisoning Prevention Act, and wondered what this is all about.
But first, let’s discuss what it is not about. This amendment to existing Illinois statute, does not change anything in the FEDERAL law with regard to the disclosures and the pamphlet (Protect Your Family from Lead in Your Home) familiar to real estate brokers when they are selling or renting residential property that was built before 1978. Those federally required lead based paint disclosures (the form and pamphlet) have been provided for sales and rentals of pre-1978 properties for many years and these requirements remain.
What has changed a bit, is the Illinois Lead Poisoning Prevention Act (410 ILCS 45). Specifically, Section 9.1 of that Act was amended as follows: If a residential property owner has received a mitigation notice from the Illinois Department of Public Health stating that a lead hazard has been found and must be mitigated, the owner must provide this notice to a new buyer if the owner sells the property. Likewise, the owner must provide this mitigation notice to a current tenant where the owner and tenant are renewing an existing lease. However, the owner (existing or a new owner who purchases with notice of the lead hazard), will not be allowed to enter into a new lease for a residential unit unless and until the lead hazard has been mitigated. These amendments to Section 9.1 of the Illinois Lead Poisoning Prevention Act became effective on Jan. 1, 2017.
It is important for Illinois REALTORS® to be aware of this amendment to Illinois law, but it is also important to understand that it is not a change to the existing federal requirements to make lead based paint disclosures for pre-1978 residential properties.