Richard Lang

Richard Lang

Author's details

Name: Richard Lang
Date registered: April 20, 2011

Contact Information

Phone: 312.580.2220

Email: rlang@thompsoncoburn.com
Website: http://www.thompsoncoburn.com
LinkedIN: http://www.linkedin.com/pub/richard-lang/8/790/834

Biography

Rich is a partner with Thompson Coburn, where he practices in the areas of real estate, business and corporate and health care law. He structures many diverse types of business and real estate transactions involving acquisitions, development, financing, leasing and other contractual relationships. Rich is a former lecturer at the Loyola University School of Law and Assistant Professor at DePaul University School of Law. He is the General Editor of the Illinois Institute for Continuing Education Federal Tax Aspects of Real Estate Transactions handbook and has frequently written and lectured in programs for the Illinois Institute for Continuing Legal Education, the Chicago Bar Association and in other continuing legal education programs. Rich received his J.D., cum laude, from Northwestern University, where he served as a Senior Editor for the Northwestern University Law Review, and his B.S. from Loyola University Chicago. Richard is a member of the American Health Lawyers Association, Chicago Bar Association and the Illinois Bar Association

Latest posts

  1. Protest Now or Pay More Later — January 11, 2012
  2. Lease Agreement Legalities: Tread Carefully — October 20, 2011
  3. Home Sweet Home — July 6, 2011
  4. Structuring Multiple Real Estate Investments — April 20, 2011

Author's posts listings

Jan
11

Protest Now or Pay More Later

by Richard Lang

The time for protest is ripe. Each year the Cook County Assessor reassesses one-third of the nearly 1.8 million parcels in Cook County. Starting in January, 2012, the Assessor will reassess all properties located within the boundaries of the City of Chicago with taxes payable in 2013.

Oct
20

Lease Agreement Legalities: Tread Carefully

by Richard Lang

This post will discuss three of the important clauses business people should understand in a lease of already built space. If the building or space has not been built, the risks are exponential.

Jul
06

Home Sweet Home

by Richard Lang

In Illinois, a married couple can hold title to their primary residence as “tenants by the entirety.” Tenancy by the entirety is similar to joint tenancy because at the death of a spouse, the property automatically passes to the surviving spouse. However, tenancy by the entirety is distinguished from joint tenancy because (1) tenancy by the entirety can only be used for the principal residence of a married couple, (2) the property cannot be conveyed or encumbered by one spouse without the written consent of the other, and (3) the property cannot be subject to a sale to satisfy a judgment against only one spouse (the exception to this rule would be the forced sale to satisfy a tax obligation).

Apr
20

Structuring Multiple Real Estate Investments

by Richard Lang

Generally, each real estate investment should be owned by a separate entity. If multiple properties are owned in one entity, a financial problem for one property—such as judgments by vendors or by trip-and-fall plaintiffs—will affect all properties. Think of this strategy as not putting all your eggs in one basket. If each property is in a separate entity, only the troubled property will be at risk and only its owner will be liable. Furthermore, many lenders will require that the borrowing entity own only the property which secures the loan.