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Showing posts from July, 2008

END OF MONTH CLOSINGS

As a general rule, more closings happen at the end of any given month that at any other time, and most of those closings would happen on the last day (or perhaps the last Friday).

So it being the end of July and all, I would ordinarily expect to be closing files with completed transactions. I am still closing lots of files this month, only the number of closed files due to mortgage companies (a) denying loan applications or (b) rejecting short sale proposals, is out-running the number of loan funded.

We are still fighting the good fight, but oh my goodness, how things have changed.

CT ANNOUNCES TITLE INSURANCE FEE INCREASES

Starting August 1st, it is going to be a bit more expensive to buy and sell real estate in the Chicagoland area; title insurance and escrow closing fees are going up.

Chicago Title's new rate structure includes a $50 bump up on all owners title insurance policies (a seller cost) and $50 more for all escrow closings (typically a buyers charge). The charges for "title indemnities" and (Chicago) water department full account payment certifications are also being increased.

I will not be surprised to see similar announcements from other title companies in the not to distant future.

Kudos to CT for kicking up that TI fee, effective August 1, pure nefarious genius there. Property tax bills are supposed to be mailed out on August 1st - payable September 1. When Mortgage Companies expect a tax bill due, they demand that the title insurance company guaranty payment of the taxes. Title company are happy to oblige. They collect money from the buyers who will be responsible to pay t…

NEW NOTARY LAWS in COOK COUNTY

Stand-by for a neat little change to the Illinois Notary Public Act that will likely impact the way we transact real estate closings here in Cook County. Both houses approved SB 0546 as the recent legislative session ended and we are awaiting the Governor's signature. This change, if implemented will require anyone who is selling residential real estate in Cook County will have to present proof of identity, including a thumb print image.

It will fall to the Notaries who witness closing documents to collect this information. We will be obligated to prepare newly devised "Notarial Records" that will include the "signor's" personal identity information, the aforementioned thumb print and even a certification that the transfer involved "residential" real property (Looks like all those childhood hours with a Dick Tracy Crimestoppers Club Junior Detective kit did not go to waste... where'd I put that thumb print pad anyway?)

The form itself promises…

Getting to the FInish Line - the hard way

Its that time of year when my morning work efficiency and intensity is slightly diminished whilst I watch the flash reports of the daily tour defrance bike races on velonews or eurosport. THE most dramatic sporting even of the year (please don't get me started....)

So here is a link to the everyday athleteblog piece on a completely unrelated bike race, the Cascase Cycling Classic and Chris Horner's remarkable Stage Five finish. For those who care about such things, Horner finished 82nd, nine minutes behind winner Moises Aldape, who won the stage. Billy Demond finished with the same time, in 83rd.


(Thank you to friend and chicago cycling club mate Rob Sindelar for the head's up on this one)

Good one Chris!!

BOB DYLAN in the SUPREME COURT

The legal (and music) world is abuzz in response to Chief Justice John Roberts citing Bob Dylan in his dissent in Sprint v. APCC Services. From the New York Times:


Four pages into his dissent on Monday in an achingly boring dispute between pay phone companies and long distance carriers, John G. Roberts Jr., the chief justice of the United States, put a song lyric where the citation to precedent usually goes.

"The absence of any right to the substantive recovery means that respondents cannot benefit from the judgment they seek and thus lack Article III standing," Chief Justice Roberts wrote. " 'When you got nothing, you got nothing to lose.' Bob Dylan, Like a Rolling Stone, on Highway 61 Revisited (Columbia Records 1965)."

Alex B. Long, a law professor at the University of Tennessee and perhaps the nation's leading authority on the citation of popular music in judicial opinions, said this was almost certainly the first use of a rock lyric to buttress a lega…

RETURN of the ILLINOIS ANTI-PREDATORY LENDING PROGRAM

Its back!

Today marks the effective date of the new Illinois Anti-Predatory Lending Database Program. From this point forward, title companies must record a certificate of exemption or compliance with all residential mortgages. Here's one over here --->

Got this sucker at a purchase this morning. Gotta figure its one of the first ones to be issued, given that the law went into effect only hours ago. Cost my clients $50 (a title company charge to handle the paperwork) plus an additonal buck to the County Recorder for the additional page to be recorded. Tacked about twenty additional minutes onto the closing, but all in all (so far) not too bad a disruption of the closing process.

Of course, the real test will be when compliance (non-exempt) certifications start making their way through the closing pipeline. This may not begin for another week to 10 days as compliance certifications will only be necessary for certain specified types of mortgage loans applied for on and after July 1.…