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...
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.
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.
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.
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.
Condominium associations are not-for-profit corporations, and like for-profit corporations, management decisions are made by a duly elected board of directors. However, unlike in a typical corporate board, condominium board members serve on a voluntarily basis, and often have busy schedules or full-time jobs that prohibit them from devoting the majority of their time to association board business.
One of the primary purposes behind creating a corporation is limited liability. The corporation’s debts and liabilities are supposed to be separate and distinct from its shareholders. Only under limited circumstances should the court “pierce the corporate veil” and impose personal liability on the officers or shareholders.
Whether it is true or not, many people have heard that they must incorporate in Delaware or Nevada when forming a corporation. No consensus has yet formed regarding what state is best to incorporate a limited liability company. This entity is extremely new compared to the corporation and courts have therefore been unable to establish clear common law rules.
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.
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.