the wasserblawg

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 keepin...

The Governor has amendatorily vetoed Senate Bill 546 (requiring that notaries take thumbprints of grantors signing deeds for Cook County property transfers, to delay its effective date for one year (making it July 1, 2009) and also delay the sunset repeal for two years (making it July 1, 2013). It will be on the General Assembly's this fall for acceptance of the amendatory veto or override. NOVEMBER UPDATE: The Senate and House both approved the Governor's changes. The new law becomes effective June 1, 2009.

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 Record s" 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 pr...