In Illinois, one of the seminal cases regarding the implementation of leasing restrictions is Apple II Condominium Association v. Worth Bank & Trust Co. In that case, the court held that associations may prohibit leasing by either Board action or ownership approval, depending on the terms of their Declaration.
Buying or selling the right property — and at the right price – always feels like a big win, for everyone involved. And it is. So, oftentimes, real estate agents will finish one deal and move quickly on to the next. But the most successful agents understand that every closing opens up a whole host… Read more »
When a homeowner association has to undertake large capital repair projects, it will often pay for these projects by way of charging special assessments to the owners. Previously, when there were surpluses collected for those projects, Illinois law prohibited refunds to the owners, past or present. However, as of January 1, 2018, absent express directives… Read more »
Real estate investors and developers are often well versed in assessing properties, analyzing cap rates, zoning issues, property tax concerns and other matters related to real estate due diligence. Yet they often overlook, or give little importance to, the structure of their business and the framework they establish for the ownership of the properties they… Read more »
A contractor who doesn’t get paid for doing work on someone’s home or real estate property has a useful method of enforcing his or her collection rights – the filing and prosecuting of a mechanics lien against that real estate property. Mechanics liens are products of state law and, in Illinois, are authorized and governed… Read more »
The recently-enacted tax law changes are substantial, and are already greatly affecting all areas of industry, real estate included.
Whether foreign citizens are buying and selling pied-a-terres, vacation or second, even third homes here in the States, they are, quite clearly, a highly valuable target segment in the luxury home market.
To the unfamiliar, a Chapter 13 plan is a cumbersome document that could negatively impact one’s rights. A Chapter 13 plan must treat all of a debtor’s creditors, both secured and unsecured. Treatment, however, does not necessarily mean full payment.
Some commission structures are simple and straightforward. Others, such as continuing commissions on a commercial lease, can be more complicated. But one thing they all have in common – they must be properly written and executed in order to be enforceable.
Real estate investors and developers are often well versed in assessing properties, analyzing cap rates, zoning issues, property tax concerns and other matters related to real estate due diligence. Yet they often overlook, or give little importance to, the structure of their business and the framework they establish for the ownership of the properties they… Read more »