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| October 2009 | Volume 2 • Number 8
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| Update from ATG Administration
New Illinois Rules of Professional Conduct: Disclosure Duties for Attorney/Title Agents
Illinois lawyers are subject to revised ethical standards under the new Illinois Rules of Professional Conduct (IRPC) that go into effect January 1, 2010. The new IRPC contains expanded explanations of new ethical duties in such areas as preliminary discussions with prospective clients, client confidentiality, handling retainers, managing client funds, and conflicts of interest.
Of special note to real estate lawyers acting as title agents are the conflict of interest issues under Rule 1.8 and its extensive Comments section. For a discussion of the new disclosure duties for attorney/title agents... read more
For a presentation on the IRPC by Scott Renfroe of the ARDC, Ralph Schumann of IRELA, and key ATG legal staff, attend our upcoming The 2009 Harold I. Levine Real Estate Institute — Survive and Thrive: Preparing Your Practice for Changing Times in Chicago on November 5, 2009, at the UBS Tower, Chicago. Earn 5.75 MCLE credits, including 2.00 Professional Responsibility. See Program Calendar for details and registration information for this premier event and our other seminars. Jerry T. Gorman
Senior Vice President, Downstate Operations |
| ATTORNEYS | Practice Notes
REAL ESTATE AND TITLE INSURANCE NEWS
Time is Running Out: First-Time Homebuyer Tax Credit - As part of the American Recovery and Reinvestment Act of 2009, the first-time homebuyer's tax credit was expanded and modified from its 2008 design into a more alluring form. As it currently stands, the 2009 first-time homebuyer's tax credit is due to expire on December 1, 2009. 26 USCA 36. For buyers to be eligible for the credit, they must have fully closed the transaction and have assumed full ownership by that date. Id. Buyers must act fast if they hope to redeem the credit before it expires. Schedule closings for your first-time home-buyer transactions now, well in advance of the deadline... read more
ATG Members/Agents: Be sure to schedule closings
for your first-time homebuyer clients to occur before November 30! Excessive Fees - Beyond RESPA's Reach - The Eleventh Circuit court of appeals has held that a title insurer may not be successfully sued for illegally splitting a fee by charging a title insurance premium that is more than the filed rate... read more
TRUST AND ESTATE PLANNING NEWS
When to Take Social Security Retirement Benefits - Advising clients as they approach retirement age often involves consideration of their Social Security benefits and options under Medicare and private insurance. The sea of rules and procedures is constantly changing, and probably will be forever. In this article we look at some of the decisions about when to take Social Security payments and also provide a current review of "Medigap" insurance options. These Medigap policies have myriad options and we have attempted to summarize them for you here... read more
CASENOTES
Wisconsin
Easements; Riparian Rights
Konneker v Romano | An easement does not implicitly grant riparian rights where it is not explicitly limited, but its prior use indicates that it was not intended... read more
Foreclosure
Kowske v Ameriquest Mortgage Co | Dismissal of a foreclosure action based on mortgage payment is a judgment on the merits and precludes an individual from bringing claims in a second suit that were not asserted in the foreclosure action... read more
LEGISLATIVE UPDATES
Illinois
Closings; Title Insurance Agents
PA 96-0645 | New legislation defines good funds title insurance agents may accept at closing... read more
Indiana
Closings; Title Insurance Agents
PL 92-2009 | New good funds requirements that title insurance agents must observe... read more
Mortgages
PL 52-2009 | Regulates the activities of lenders, prohibiting prepayment penalties on variable rate mortgages and adding other requirements... read more
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| ATG MEMBERS | Underwriters' Bulletin
This section provides updated procedural and underwriting information. If you keep hard copies of our Member Handbooks in your office, print this information for insertion.
CLAIMS CORNER
E-mail your questions to Christine Sparks. Title Insurance: Do Not Reference a Property Address on the Commitment or Policy | Inconsistencies between a legal description on Schedule A and a property address referenced on the policy can lead to claims... read more
ANNOUNCEMENT
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WHAT'S NEW | Member Services, CLE, Trust Services
 Plan for New Business - With a small investment of time, we'll help you examine your existing business relationships, leverage those contacts into new firm business with a marketing action plan, and teach you networking strategies. We'll set realistic goals and show you how to evaluate returns against efforts. Contact Member Services Representative Bob Dillow today!Live Fall CLE Programs
See details of these and other programs.
10/24: Navigating a Real Estate Transaction: A Seminar for Law Students and New Lawyers | Madison, Wis. (free for law students and new attorneys)
11/5: The 2009 Harold I. Levine Real Estate Institute - Survive and Thrive: Preparing Your Practice for Changing Times | Chicago, Ill.
11/18: New Illinois Rules of Professional Conduct | OnLine
12/2: Legislative and Caselaw Updates | OnLine
NOTE: You must be a Registered User on www.atgf.com to buy seminars online... read more
 About Us: An Introduction - You can offer a full range of trust services, including an array of high-quality investment vehicles with proven performance results, many of which are typically available only to very high net worth individuals and institutions. through ATG Trust... read more |
[Last update: 10-23-09]
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