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New AIA 2017 Construction Contracts, Part II: General Conditions of the Contract

[This is Part II of a four-part series discussing the new AIA 2017 forms. Part I discussed the agreements between the Owner and Contractor (A101-2017 and A102-2017); Part III will discuss the Owner—Architect forms (B101-2017,...more

New AIA 2017 Construction Contracts Part I: Owner General Contractor Forms

This is Part I of a four-part series discussing the new AIA 2017 forms. Part II will discuss the general conditions to the construction contract (A201-2017); Part III will discuss the Owner—Architect forms (B101-2017,...more

Court Denies City of Chicago's Tax on Assignments of Mortgages

In October 2015, we discussed Cook County, Illinois circuit court cases City of Chicago v. KTCP and Halsted West v. City of Chicago, which held that an assignment of a mortgage is a transfer of a “beneficial interest in real...more

Amendment to Illinois Mechanics Lien Act Authorizes Bonding Over of Mechanics Liens Claims

As of January 1, 2016, an amendment to the Illinois Mechanics Lien Act, 770 ILCS. 60/38.1, allows parties with an interest in real estate to substitute an eligible surety bond for a claim for mechanics lien as security for...more

City of Chicago to Tax Assignments of Mortgages

Recently the City of Chicago’s Department of Finance issued Real Property Transfer Tax Ruling #4, which clarifies the intent of the City’s Real Property Transfer Tax. The ruling details the application of the exemptions to...more

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