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January 2010 | Volume 3 • Number 1
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Update from ATG Administration
New Year Brings a New World of Closing Procedures — Are You Ready?
As we ushered in the new decade, the world for real estate lawyers and settlement service providers changed dramatically. The new RESPA rule drastically changed the way lenders and other settlement service providers disclose fees. In Illinois, Good Funds legislation, new Rules of Professional Responsibility, and a new system for preparing transfer declarations in Cook County have inspired significant changes in closing procedures.
Familiarizing yourself and your staff with all these changes is a daunting task. ATG's Guide to New Closing Procedures: Information and Training is a great resource to help you wade through the information and tackle the new decade with the knowledge and tools to succeed. This article covers the highlights. RESPA, GOOD FUNDS LEGISLATION, AND TRANSFER DECLARATION PROCEDURAL CHANGES:
Guide to New Closing Features Available at www.atgf.com Jerry T. Gorman
Senior Vice President - Downstate Operations |
ATTORNEYS | Practice Notes
REAL ESTATE AND TITLE INSURANCE NEWS
Trust or Distrust: Vena v Vena - Courts try to make sure trusts are being managed in the way the trustor intended, even to the extent of voiding clauses that may create unfair situations... read more
CASENOTES
Illinois
Tax Sales
In re Application of the County Collector ... (Scott v Sackor) | A tax certificate purchaser acquires interest in the property and is entitled to notice under the Illinois Property Tax Code before a tax deed is issued to a prior year's tax purchaser... read more
Indiana
Title Insurance
US Bank, NA v Integrity Land Title Corp | A mortgage lender might sue a title company for breach of contract for an incorrect title insurance commitment, but it has no independent tort cause of action... read more
Wisconsin
Contracts
Osborn v Dennison | A seller must authorize the return of a buyer's earnest money before filing suit for actual damages, or the remedy will be limited to liquidated damages... read more
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ATG MEMBERS | Underwriters' Bulletin
This section for ATG members only provides updated procedural and underwriting information. If you keep hard copies of our Member Handbooks in your office, print this information for insertion.
Login at www.atgf.com first to view links. CLAIMS CORNER
E-mail your questions to Christine Sparks. Recording: Recording Problems: "Legal Description Attached" ...or Is It? | When the legal description does not appear on the face of the document, make sure it is attached, especially in bankruptcy situations... read more (login first!)
PROCEDURAL UPDATES
1099-S Reporting
It's that time again. Go to "Transaction Forms/Tools" on the member section of www.atgf.com and click "1099 Reporting" to access your help page, which includes forms links and our presentation, Instructions for Preparing 1099 and 1096 Forms with REsource... read more (login first!) |
IN THE NEWS | Gift Presentation
ATG Presents Check to Chicago Bar Foundation
Attorneys' Title Guaranty Fund (ATG) and two member law firms, Pierce and Associates and Codilis & Associates, recently made donations to the Chicago Bar Foundation totaling $100,000 to support several pro bono and legal aid organizations that are working with the courts to help the growing number of people facing foreclosure... read more
![]() From left: Ernie Codilis and Greg Moody of Codilis & Associates; CBF Executive Director Bob Glaves; CBA Treasurer and ATG Board Member Aurora Austriaco; ATG President and CEO Peter Birnbaum; Denis Pierce of Pierce and Associates and the Pierce Family Charitable Foundation; ATG Senior Vice President Hank Shulruff; and CBA Executive Director Terry Murphy.
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WHAT'S NEW | Member Services, CLE, Trust Services
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[Last update: 1-25-10]
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