A new regulation that takes effect on October 3 will significantly alter common residential real estate closings and the practice of real estate attorneys. The president of the Illinois Real Estate Lawyers Association (IRELA), Ralph Schumann, referred to the coming changes as a “dramatic sea change” and notes that there “hasn’t been anything this big in the past 40 years.”
The changes are being implemented by the federal Consumer Financial Protection Bureau (CFPB), which was created by the Dodd-Frank Act in the wake of the 2008 mortgage meltdown. The new program is commonly referred to as TRID – an acronym for TILA-RESPA Integrated Disclosure. The new rules will apply to transactions involving mortgage loan applications submitted on or after October 3, 2015.
Counties including Cook County, DuPage County, Kane County, Lake County, and McHenry County.
Serving the local townships of: Antioch, Arlington Heights, Barrington, Bolingbrook, Carol Stream, Chicago, Des Plaines, Evanston, Fox Lake, Glenview, Grayslake, Gurnee, Harwood Heights, Hawthorn Woods, Highland Park, Hoffman Estates, Hyde Park, Lake Forest, Libertyville, Lincolnshire, Lincolnwood, Lombard, Long Grove, Morton Grove, Mount Prospect, Mundelein, Niles, Northbrook, Oak Park, Palatine, Park Ridge, Prospect Heights, Rosemont, Round Lake, Schaumburg, Skokie, Vernon Hills, Waukegan, Westchester, Wheeling, Wilmette, Winnetka, Zion.
December 21, 2016
Summary: The new law requires that the transfer of real property (real estate) to a trust have a transfer of legal title to the trustee.
There are two new rules regarding the transfer of property to trust.
(1) The transfer of real property to a trust requires a
transfer of legal title to the [...]
If you’re a Chicago landlord with a Chicago rental property, there are many “disclosures” and “notices” that you must provide to your [prospective] tenant. If a landlord fails to comply with properly providing these disclosures, the landlord could very likely end up in court, owing the [...]