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Update from ATG Administration

HUD's Buyer Select Program

Significant Issues for Real Estate Attorneys

On March 1, 2013, the Department of Housing and Urban Development (HUD) modified its procedure for closing real estate owned or “REO” transactions in certain regions of the country, including several counties in northern Illinois. The new Buyer Select Closing Agent Pilot Program transfers the responsibility for many of the functions traditionally performed by the seller's attorney in Illinois from HUD's designated counsel to the "Closing Agent."

ATG has serious concerns about the Unauthorized Practice of Law (UPL) implications of a title company performing certain functions that are traditionally performed by lawyers. And we aren't the only ones. Read our article, HUD's "Buyer Select" Program Raises Significant Issues for Real Estate Lawyers, for a summary of the program and the potentially serious implications for the real estate bar and the clients it serves.

Henry L. Shulruff
ATG Senior Vice President - Business Development

ATG MEMBERS | Underwriters' Bulletin

Procedural Updates

Procedural Best Practices: Issue Policies within 30 Days of Closing — To conform to ALTA Best Practices, this is required of all agents, including those participating in a Title Services program.

ATTN INDIANA AGENTS:

• New CPL Procedures for Indiana July 1, 2013
• Homeowner's Policy of Title Insurance Procedures for Indiana

Underwriters' Bulletin

Prior Title Evidence — When you have prior policy, which is an existing Owner’s or Loan Policy written by an ATG member or a commercial title insurance company authorized to conduct business in the state where the property is located, then the search may be conducted from the date of that policy forward.

ATTORNEYS | Practice Notes

Legislative Updates

Illinois
Liens: Public Act 97-1165 — New amendments to the Mechanics Lien Act have gone into effect.

Casenotes

Illinois
Mortgage Foreclosure: US Bank v Prabhakaran — The Illinois Mortgage Foreclosure Law supersedes any inconsistent statutory provisions from other sections of the Code.

Indiana
Construction; Mechanic's Liens: Feitler v Springfield Enterprises, Inc — If sufficient notice provided, subcontractors held to agreement that no mechanic’s liens shall attach to the property in the event of nonpayment.

Wisconsin
Bankruptcy; Mortgages: Molitor v Advantage Community Bank — A reaffirmation agreement that unambiguously applies to one loan does not constitute a dispute under Accord and Satisfaction when payment only satisfies one of two liens.

IN THE NEWS | Peter Birnbaum Recognized by CBA, ATG Among LFI Honorees

ATG President Receives 2013 CBA Vanguard Award — Peter Birnbaum, ATG President and CEO, was named the Chicago Bar Association (CBA) recipient of the coveted Vanguard Award for supporting diversity in the profession and for his dedication and service to helping area youth. Read more...

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ATG Honored at the ISBA's Lawyers Feeding Illinois Awards Ceremony —  ATG and other winners of the ISBA Lawyers Feeding Illinois food and fundraising campaign received recognition from  ISBA President John E. Thies and Illinois Attorney General Lisa Madigan during an awards ceremony at the ISBA’s Chicago Regional office on May 8, 2013. Read more...

WHAT'S NEW | Trust, CLE, Process, and Auction Services

Trust Client Brochure — ATG Trust Company provides a brochure, Wherever You're Going, Get There with Someone You Trust, promoting its client services, including implementing estate plans, asset protection, and trust administration. Use this excellent marketing tool to introduce ATG Trust Company to your clients. Order a supply today. Not an ATG Trust member? Contact us at info@atgtrust.com or 312.338.7878. 

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Summer Seminars - Register Now!

◻ 7-18-13 | ALTA Best Practices Town Hall Meeting (Mt. Vernon, Illinois)

◻ 7-23-13 | ALTA Best Practices Town Hall Meeting (Waukesha, Wisconsin)

OR Save the Date and Attend one of These Upcoming Programs:
ALTA Best Practices Town Hall Meeting - See full calendar
    ◻ 9-12-13 | Oak Brook and Peoria, Illinois
    ◻ 9-19-13 | Moline and Wheeling, Illinois
Harold I. Levine Real Estate Institute
    ◻ 11-7-13 | Chicago

Watch your e-mail and our website, we'll be posting more programs soon.

DON'T FORGET: Illinois MCLE deadline is June 30, 2013. Meet your requirement with our 24/7 OnDemand programs — more than 20 available! You must be a registered site user to take our programs. NOTE: Some seminars are member only.

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FAST AND FLEXIBLE: The Process Server Responsive to Your Needs — Get the finest process serving available to lawyers today. Learn what the LegalServe Difference can make in your practice and place your order today!

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Auctions by ATG – Your Commercial and Residential Property Auction Resource — Auctions by ATG provides professional and effective live and online real estate auction services. Sellers and buyers of all types of commercial and residential property benefit from our totally transparent auction process, superior online bidding service, and attractive pricing model. Our extensive targeted marketing often leads to pre-auction sales that close in 30 days or less.

Join Our Email List to receive Auction Property of the Week notices and updates on our auctions.

Visit our new website at www.auctionsbyatg.com for more details. If you have questions, contact Operations Manager Mary Fran Gill, 312.752.1160.