What’s next regarding ‘fracking’ in Illinois?

Although horizontal hydraulic fracturing (fracking) is not yet allowed in Illinois as a means of obtaining natural gas and oil from thousands of feet underground, a permit process could be approved as early as today and as late as Nov. 15.  In the meantime, stay abreast of the issue and the concerns surrounding it because of the potential effects they can have on you and your customers.

  • Today the Illinois legislature’s Joint Committee on Administrative Rules (JCAR) will meet in Chicago to discuss fracking rules developed by the Illinois Department of Natural Resources. Since January, the IDNR has considered more than 30,000 public comments on the subject.
  • Some members of the public favor a ban – and still others limits – on fracking because of environmental concerns (ex. groundwater pollution) about the process, the chemicals used and the waste byproducts.
  • Others want fracking companies to publicly disclose where they will drill.
  • Representatives of the Illinois Oil and Gas Association don’t like the proposed rules and speculate that unless those rules change, no companies will apply for drilling permits.  If companies do not request permits, then communities hoping for an economic boost will not see the job opportunities that fracking could provide.

 

In Case You Missed It: Top IARbuzz blog posts for the week

In case you missed it, here are five of the top IARbuzz blog posts from the past week:

What typical disclosure forms are required for sales and lease transactions? – Don’t leave anything out when you are preparing an owner to sell a property. This article provides a rundown on the basic forms you need to be aware of.

Like Dozier, REALTORS® choose to make a difference – REALTORS® who attended the Fall Conference & Expo shared how community service is part of their life.

Campbell named CRS of Year in Illinois – REALTOR® Deb Campbell of Columbia, Ill., was honored by the Illinois Chapter of the Council of Residential Specialists.

Finding it all from the IAR Fall Conference & Expo – With a few clicks of your mouse, you can view presentations, handouts, photos and highlights of our 2 ½-day event.

Seven facts REALTORS® should know about Illinois’ medical marijuana law – A complicated law is easier to understand if you can digest a little bit at a time. Get started by trying this article out.

What typical property disclosure forms are required for sales and lease transactions?

Don’t leave anything out when you are preparing an owner to sell a property. There are several forms required under various statutes. Here’s a rundown on the basic forms you need to be aware of.

  • One is the property disclosure form required under the Illinois Residential Real Property Disclosure Act which needs to be completed by the owner of residential property (from one to four dwelling units) to be sold in a transaction that is not otherwise exempt. This disclosure must be made even if the owner does not occupy the property.

The first question on the form asks if the owner has occupied the residence in the last 12 months. If the answer is “no,” it provides an indication to the prospective buyer as to the owner’s knowledge, or lack thereof, about the other conditions disclosed on the form.

The property disclosure form is not required in lease transactions. The key for licensees with this disclosure is to make sure the owner is aware of the form and his or her obligation.  Licensees should not be answering the questions on the form.

  • Another disclosure that must be made under federal law is the lead paint disclosure. This disclosure is required for sale or lease transactions of pre-1978 housing. There are very few exceptions if the property was built before 1978 and contains residential units.
  • The third type of required property disclosure is for radon in most residential sale and some residential rental transactions. The major exception for sale transactions is if the residential unit is on the third floor of a building or above.  Radon disclosure applies to residential properties containing four or fewer units.

In rental transactions, the radon disclosure does not need to be made unless there has been a radon test showing the existence of a radon hazard which has not been remediated. Once there has been a test showing that there is a radon hazard, then remediation by either the party that occupies the unit or by the owner would mitigate against any future radon disclosure.

For more questions and answers, check out the September edition of D.R. Legal News.

Morning Minute: Consumer confidence climbs in August

Consumers are feeling a renewed sense of optimism about the economy, according to the latest consumer confidence index. Economists for the National Association of REALTORS® take a closer look at what the trend means for the housing market in the blog post, “Consumer Confidence: Highest in Nearly Seven Years.”

In other headlines:

Report: Credit card debt nearing “tipping point” – HousingWire

Downtown Peoria panel lists housing strategies – Journal Star

These Analysts Are Still Bullish on Housing – Daily Real Estate News

Like Dozier, REALTORS® choose to make a difference

At IAR’s Fall Conference & Expo, keynote speaker and Fenger Academy High School Principal Elizabeth Dozier talked about making a difference in communities.

Which led to IAR posing a question to those in attendance through its smartphone app: What do you do in your community to serve?

Elizabeth Dozier

Not surprisingly, we got a response. It was clear REALTORS® in attendance spend a lot of time making their communities stronger in an amazing number of ways.

Among the responses:

  • Working with Ronald McDonald charities.
  • Helping out at an emergency shelter.
  • Spearheading work with hometown beautification and education programs.
  • And working with a youth organization.

REALTORS® aren’t shy about showing the Power of R. The app provided a small snapshot of what IAR’s 41,000 members do in communities statewide.