In August, this blog discussed the question that every real estate purchaser needs to ask himself prior to the closing process: “Is title insurance necessary?” As that blog mentioned, title insurance is designed to insure the purchaser against certain defects in the title to the property. Although many people understand that the title to a…
Archives for February 2014
Illinois High Court Considers Challenge To Condominium Assessments
In June of 2012, the Illinois Second District Court of Appeals issued a controversial decision in the case of Spanish Court Two Condominium Ass’n v. Carlson, No. 2-11-0473 (Ill. App. Ct., June 27, 2012), holding that, although condo associations can pursue collection of unpaid assessments by filing a complaint against the homeowner, the homeowner may…
Illinois Appellate Court Holds Mortgage Interest And Property Taxes Are Recoverable Damages After Breach of Real Estate Contract
A recent decision of the Illinois First District Court of Appeals in 1472 N. Milwaukee, Ltd. v. Feinerman, 2013 IL App(1st) 121191, illustrates the severe consequences that can result from failing to honor the terms of a real estate contract. In Feinerman, the plaintiff corporation, 1472 N. Milwaukee, Ltd. (“Milwaukee”), was the owner of a…