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New Regulations Affect Illinois Realtors in 2016

New Regulations Affect Illinois Realtors in 2016

Real Estate Law

Of the more than 600 bills crossing the governor’s desk in 2015, several dealt with real estate issues. New programs regarding property foreclosures, fraud alert systems, and other changes went into effect as of January 1st. Both realtors and those looking to buy property should take a moment to understand the changes, some of which are listed below.

Property Foreclosure Pilot Program

Cook County now has a pilot program that permits documents recorded against properties in foreclosure to be entered only by the order of a judge. This new program provides exemptions for claimants of mechanics’ liens, governmental units, and judicial bodies, and does not require that a certified court order be obtained for recording these types of documents on properties in the process of foreclosure.

Registration for Property Fraud Alerts

County recorders in counties with property fraud alert systems may now create registration forms for registering property owners in their system. This registration may be filed by a realtor or other real estate professional, such as a realtor lawyer, real estate licensee, or title agent on the property owner’s behalf. The registration programs are voluntary, and allow owners to list up to three alternate contacts to receive fraud alerts about their property.

Amendments to 1987’s Residential Mortgage Licensing Act

Examinations will now be conducted for each licensee who will be engaging in brokering or lending, with an eye to addressing delinquency rates in loan portfolios. License renewals will now be renewed on a yearly basis using a common renewal date provided by the Nationwide Mortgage Licensing System and Registry. License renewal applications must be received at least 30 days prior to the current license expiration date, a reduction from the previous requirement of 60 days.

Consulting a Realtor Lawyer

For realtors, as well as those looking to sell, buy or invest in real estate, it’s important to understand new Illinois laws governing real estate transactions. Without the proper guidance, every step of a real estate transaction has the potential to add layers of complication to an already-complicated endeavor. Knowing when to consult a realtor lawyer may be an essential part of ensuring real estate transactions go as smoothly as possible. Without a basic understanding of the laws surrounding real estate, property transfers, and other areas of real estate law, contracts may be void and involved parties may find themselves without recourse.

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