With the trend continuing of real estate investors buying out condominium buildings and “de-converting” them into apartment buildings, legislative efforts have been made to protect the rights of condominium unit owners.
Upcoming changes to Illinois Condominium Property Act effective January 1, 2018
Chicago Landlord Tenant Ordinance Summary - All or Nothing
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
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.
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.