Real Estate

Upcoming changes to Illinois Condominium Property Act effective January 1, 2018

Upcoming changes to Illinois Condominium Property Act effective January 1, 2018

The Illinois legislature recently amended the Illinois Condominium Property Act with several changes designed to protect unit owners. Some of these changes are quite significant and will go into effect beginning on January 1, 2018. 

Question: Can Condominium Boards Restrict Leasing Without Amending the Association Declaration? Answer: Maybe . . .

Question: Can Condominium Boards Restrict Leasing Without Amending the Association Declaration? Answer: Maybe . . .

On February 3, 2016, the First District Appellate Court of Illinois issued an opinion in Stobe v. 842-848 West Bradley Place Condominium Association, a case involving a challenge to a condominium board rule imposing a 30% cap on leasing in the building. This opinion is of particular significance, as it is the first time in more than 20 years that the Illinois Appellate Court has spoken on this important topic of restrictions of leasing in condominiums.

The Upcoming TRID Regulations from an Illinois Real Estate Lawyer's Perspective

The big topic amongst residential real estate professionals these days is of course the impact the new CFPB regulations will have on the industry when they are finally implemented on October 3, 2015. The Consumer Financial Protection Bureau (the “CFPB”) was created by the Dodd-Frank Act passed by Congress as a response to the 2008 financial crisis. The goal of the regulations is a noble one- to give consumers as much information as possible in an understandable format before making a financial...

Judicial Sale Purchasers Could Have to Pay All Pre-Foreclosure Condo Assessments

A recent Illinois First District Appellate case may end the common practice of foreclosing banks not paying condominium assessments until re-sale of foreclosed property by giving a large incentive to pay assessments as quick as possible following the judicial sale.

Illinois Condominium Property Act Enters 21st Century with Email Notifications

Effective January 1, 2015, Section 18.4 of the Illinois Condominium Property Act will finally be amended to allow association boards to deliver notice of meetings or board action via email.       

All Companies Must Now be Represented by an Attorney in Chicago Building Court

All Companies Must Now be Represented by an Attorney in Chicago Building Court

While individuals can represent themselves pro se, pursuant to English common law as far back as the 1600s, business entities must be represented by an attorney in court. However, as many property owners know, this rule has never really been enforced by the Chicago Department of Administrative Hearings.

Thou Shalt Not Serve a Five Day Notice with a Sunday Deadline

A recent Illinois appellate court decision has actually ruled that a landlord’s 5 day notice is defective if the deadline in the notice (the 5th day) falls on a Sunday. As most landlords are aware, it must serve its non-paying tenant with a written notice before it can file an eviction lawsuit. In the residential context, and unless the lease provides for a longer time period, the notice for the non-payment of rent is 5 days, and the notice for some other default under the lease is 10 days.

What do bed bugs and condominium records have in common?

 What do bed bugs and condominium records have in common?

Chicago condominium association boards should be aware of two recent amendments passed by city council. A request for books and records by a unit owner of a Chicago condominium used to be a trap for an association board. The Illinois Condominium Property Act gives an association board up to 30 days to respond. The Chicago Condominium Ordinance, however, gave the Association Board only 10 days to respond. 

Tenant friendly laws in Illinois and Chicago just got a whole lot friendlier

Tenant friendly laws in Illinois and Chicago just got a whole lot friendlier

In recent years, Chicago has gotten a reputation as an extremely tenant friendly city. Now, in Chicago and all of Illinois, even more tenant-friendly laws have recently been enacted that cut off the owner's right, be it a bank or private owner, to evict or forcibly remove tenants at foreclosed properties, except in very limited circumstances.