Simply put, a syndicated real estate deal pairs a sponsor – the ‘syndicator’ – with a group of investors who have pooled their money for the sole purpose of buying real estate. The investors come to the table with money, while the sponsor comes to the table with the project (proposed land, building, concept etc.),… Read more »
An automatic renewal – or evergreen – clause is a provision which automatically renews a contract on its same terms. These clauses are commonplace, most often found in subscription-based service agreements – cloud storage … data plans … insurance … fitness club memberships, and the like. Unfortunately, and particularly within “old school” industries, these… Read more »
When navigating the seas of professional writing, it’s crucial to be mindful of phrasing. A commonly-used phrase, “please advise,” can sometimes, inadvertently, lead to choppy waters. Here’s why you may want to reconsider using it in your professional emails, legal documents, or other correspondences. The Ambiguity of the Ask “Please advise” is a blanket… Read more »
If you’re operating your business out of a building or on a piece of property that you also own, you may consider separating the two into individual entities. Here’s why: For starters, let’s say your business is owned by the ‘Acme Corporation’ … and you create a second entity, ‘Wily Coyote, LLC,’ to hold… Read more »
While most of the communications you receive from Erwin Law are informational or educational in nature, this one’s a bit more personal… 2022 marks Erwin Law’s 30th Anniversary. And I find myself feeling overwhelmed with gratitude. I’ve been blessed with a wildly supportive, very understanding family that has made many sacrifices to ensure the Firm’s success …… Read more »
If your Condominium Association is considering whether or not it’s time to update its Declarations and Bylaws, you should be aware of some recent updates in Illinois law. Associations interested in preventing the rental of units on short-term platforms such as Airbnb and VRBO should review the Declaration language regarding short-term rentals. Most will refer… Read more »
The Multifamily real estate market remains HOT. And with financing widely available, interest rates relatively low, rents at all-time highs and rental demand at peak levels and rising, it’s easy to see why more and more investors are being drawn to this exciting segment of the market. While multifamily properties can be great investments, there… Read more »
Housing providers in Chicago should be aware of a pilot program being initiated by the US Department of Housing in the first half of 2022. The “Right to Counsel” program is designed to ensure low-income tenants will be provided with legal counsel in eviction cases and is being funded, in part, with an $8 million… Read more »
Evictions in Chicago are taking longer than ever before – five or six months, at the earliest. If negotiating with your tenant hasn’t been fruitful, you should consider beginning the eviction process immediately. Starting the process shouldn’t keep you from continuing to try and negotiate an amicable termination of the tenancy – in fact, in… Read more »
Some form of eviction moratorium has been in place for the last 18 months in Illinois. As one of the last remaining states with an eviction moratorium in place, the Illinois Moratorium expired as of October 4, 2021.