2022 Real Estate Laws: New Additions to Illinois
With the start of the new year, Illinois legislators passed numerous 2022 real estate laws. Some of the major new additions to the state, include the Notary Public Act, Real Property Transfer on Death Instrument Act, and the Illinois Human Rights Act.
2022 Real Estate Laws: Notary Public Act
Among the tech-savvy 2022 real estate laws in Illinois, the Illinois Senate passed an amendment to the Notary Public Act. Essentially, this bill formalized remote notarization throughout Illinois. With the new law, Illinois authorized remote and electronic notarizations for real estate transactions.
As a further addition, Senate Bill 2664 mandates two-way audio-visual requirements. These requirements must meet “rules adopted by the Secretary of State”. In this interpretation, audio-video communication includes communication where another person can see, hear, and communicate in real-time via electronic means.
2022 Real Estate Laws: Real Property Transfer on Death Instrument Act
One of the other notable 2022 real estate laws include amendments to the Real Property Transfer on Death Act. Initiated by Governor JB Pritzker, the Transfer on Death Instrument now applies to any form of real estate located throughout Illinois. This entails commercial property, whereas the Act previously limited its scope towards residential property.
Beyond that, the new amendments supply clarifying language, allowing the application of an existing trust. With the newly incorporated language, TODI makes it so that the owner doesn’t need to disclose whether they received special consideration, or a financial incentive.
2022 Real Estate Laws: Illinois Human Rights Act
While the Illinois Human Rights Act was initially passed on December 6, 1979, the Senate amended the act in late 2021. With the Act’s contribution to the latest 2022 real estate laws, it now addresses discrimination from third-party loan modification services in real estate transactions.
With this change, third-party loan modification services cannot refuse to engage in loan modification services. Also, loan modification services can’t alter the terms, conditions, or privileges of such services and discriminate when making said services available.
Changes to Illinois Real Estate
As the Illinois legislator introduced amendments to the Notary Public Act, Real Property Transfer on Death Act, and the Illinois Human Rights Act, the real estate scene saw vast improvements. The Notary Public Act now allows for remote notarization, capitalizing off trends witnessed throughout the pandemic.
Meanwhile, the Real Property Transfer on Death Instrument Act opens its scope up to commercial real estate. Finally, the Illinois Human Rights Act further addresses discrimination across the real estate and lending industries.
To learn more about new 202 real estate laws, schedule an appointment with the attorney at Lee Scott Perres, P.C.
