the wasserblawg

by Michael H. Wasserman  An interesting 20 minute podcast here . The disaster in Miami calls to light a critical challenge for all condo owners, including owners here in Chicago. Who decides if repairs and who pays? Hint: the owners. These are two really tough questions to answer. Particularly because condos are for the most part run by untrained volunteers. Few have experience apartment buildings. These volunteers have to not only appreciate the need for action but must then convince their co-owners that the necessary costs must be paid. Think these sorts of deferred (ignored) maintenance problems don't effect us localy? Consider the deconversions of Keneally Square or River City back in 2017 & 2018. The over-whelming costs of long deferred maintenance forced owners to sell out at a loss. Thankfully, no loss of life, but still disastrous outcomes. This is one of many reasons why Buyers should inspect condo common elements, financial records and meeting minutes. Understandin

by Michael H. Wasserman  It turns out that ink color really does matter. At least it does for Kane County recordings. This alert from one of our favorite title companies today: **It has just come to our attention that Kane County will charge an additional $22 if deeds are signed in blue ink.**  I assume that this policy would also apply to deeds signed in red, green, purple or whatever too. This seemed odd. Why would the County single out blue inked deeds and but not mortgages or other documents? So i called the recorder to find out. Perhaps a slight mis-understanding here. Blue ink used in signatures and dates should be OK. Both for grantors and notaries. Its those corrections of scrivener's errors. Language adding vesting information. "Mail-to's" and the like. Making those marks in blue is going to cost you. Or the Buyer. In Kane County those markings render the document non-standard and will incur a recording surcharge. Blue ink or black. Just one of those eterna

  Court Clobbers Kayaker. Concludes Competitor's Contiguous Keep Cannot be Crossed by Michael H. Wasserman The sun sets majestically. You take another sip of lemonade. Your attention focuses on the gentle wind blowing thru the trees. The noise of water coursing along river at the far end of the property. The blissful payoff for a long long week at work. The calm evaporates when you open the letter – a cease and desist order from a neighbor’s lawyer. You are directed to stay off their property. This puzzles you. You’ve been here three months and never once set foot on their land, barely even know which place is theirs. You haven’t been to any neighbors yet. Just the new place and the river. And this, my friend was your downfall. The neighbor does not want you to boat past his place. Turns out, owning riverfront property does not necessarily confer access right upstream or down. The neighbors might have a thing or two to say about it too. In these circumstances, absent permission, t

The streak is over. Closing lawyers and owners who do not escrow for property taxes celebrate. We are often asked - when will Cook County 2nd installment property tax bills come out? For most of my career, the best answer was a shrug of the shoulders and a warm smile. None of us knew. Mail-out dates were erratic. Theoretically due out July 1st billing. Rarely that early. Erratic. Unpredictable. August? Maybe. September? As late as November - once, anyway. Your guess as good as mine. But for nine years running tax bills were released online in late June (often the 30th). Due August 1st or there-abouts. Consistency is to be appreciated in most contexts, but especially stressful for closing lawyers and title company escrow officers. Unpaid taxes are allocated between buyers and sellers at closing and June 30th is one of our busiest days in the business. Tax bills data released early in the morning mean last minute revised computations, revised closing statements, further lender reviews a