The Illinois Residential Real Property Transfer Act (755 ILCS 27/1, et seq.) (the “Act”) provides for an owner, or co-owners, to transfer Illinois residential real estate to one or more designated beneficiaries at the death of the owner, or, if there are more than one owner, at the death of the surviving owner. This post-death transfer is done by preparing and recording a Transfer on Death Instrument (“TOD Instrument”) during the owner's life. ... Read More
Commercial Transaction Boom in the wake of the Pandemic
Despite the waning global pandemic, the commercial transaction team at Spesia & Taylor has had an extremely busy first half of the year. Since January 1, 2021, the team, which consists of Partner Chris Spesia, and paralegal Wendy Dent, has been busy helping clients to realize and complete large-scale commercial and real estate transactions. The team has been able to help its clients to safely and securely negotiate, prepare, and sign ... Read More
Construction Work Commences on Redevelopment Project in New Lenox
By: Christian G. Spesia CVS is nearing completion of the redevelopment project at the corner of Cedar Road and US Route 30 in New Lenox. Work is also underway for an adjacent commercial building that is being developed as part of the CVS project. The construction work is the result of four years of efforts by the Village of New Lenox, including the purchase of a gas station and three adjacent businesses and the environmental remediation of ... Read More
Busy Four Months for Spesia & Taylor’s Public Utility and Transactional Teams
By Christian Spesia The public utility and transactional teams at Spesia & Taylor have participated in asset purchases and commercial real estate closings amounting to more than $45,000,000 in consideration since July 1, 2018. The majority of the total consideration resulted from two purchases of municipal sewer and water systems by a public utility client. Partner Christian Spesia and the public utility team worked with the client on the ... Read More
Construction Work Commences on Redevelopment Project in New Lenox
By: Christian G. Spesia CVS has started earth work on the redevelopment project at the corner of Cedar Road and US Route 30 in New Lenox. Work has also commenced for an adjacent commercial building that was developed as part of the CVS project. The construction work is the result of four years of efforts by the Village of New Lenox that included the purchase of a gas station and three adjacent businesses and the environmental ... Read More
