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
Illinois Condominium Property Act Enters 21st Century with Email Notifications
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.
Palm Decision Requires Condominium Boards to Reconsider How They Conduct Business
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.
Piercing the Corporate Veil - Expectation v. Reality
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.
Illinois - The Land of Lincoln...and Limited Liability
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.
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
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.