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Showing posts from May 15, 2009

THREE THINGS SELLERS SHOULD EXPECT WHEN THE NEW LY REVISED ILLINOIS NOTARY REQUIREMENTS TAKE EFFECT

Things get a bit more complicated next month for Sellers who want to Close on Real Estate Transactions in Chicago, and the Lawyers who represent them.

We've watched the progress of Public Act 95-988 for some time as it winded its way through the legislative process last year. The new law takes effect in just two weeks. Based on my conversations with several other local practitioners and title company representatives, I think that sellers can certainly expect three significant changes with regard to their intended real estate closings.

First, a quick recap.
Public Act 95-988 creates a pilot project that is effective June 1, 2009 and terminates June 30, 2013.
The new law affects the notarization of transfers of residential real estate in Cook County.Illinois notaries public who notarize documents of conveyance of qualifying residential real estate in Cook County will be required to create a Notarial Record,
Take a thumbprint of the seller(s), and providing for record keeping of the Nota…