DGAA bLAWg

Buying a Foreclosed Rental Property in Chicago? Think Twice!

Web Admin - Friday, April 22, 2016

foreclosed rental property, Illinois Real Estate Lawyers During the Great Recession, and the slow recovery thereafter, thousands of property foreclosures occurred across the country. Some individuals who were most affected by these foreclosures were renters living in a home or other dwelling where the landlord's property was foreclosed. 

In response to the harm that renters were suffering in Chicago, the Windy City specifically enacted an ordinance to help protect renters from foreclosure on properties located in the City of Chicago. 

The Keep Chicago Renting Ordinance was specifically crafted to help protect renters from foreclosures, and placed substantial obligations on landlords/property owners. However, anyone who is considering buying a foreclosed rental property in Chicago should be advised of these obligations under the law, and should be fully appraised of the potential consequences they could face as the new owner of the property. 

If you are considering purchasing a Chicago property for rental purposes, consider discussing your situation with a lawyer as soon as possible.

The Keep Chicago Renting Ordinance was enacted in the fall of 2013 and revised in the spring of 2015. When the ordinance was originally created, it carved out many protections for renters, but the amendments went further to strengthen and increase those protections. Many obligations are put onto any new owner who purchases the foreclosed rental property. 

Requirements for the Purchasing Landlord

New owners of a foreclosed rental property have many obligations to tenants under the Keep Chicago Renting Ordinance. Some of these obligations include:

- Providing written notice of new ownership to tenants. When a new owner takes over a foreclosed rental property, the new owner must provide written notice to all tenants. The notice must inform tenants of the change in ownership due to the foreclosure, identify the new owner, establish where to pay rent and how to request repairs, and must detail tenants’ rights under the Keep Chicago Renting Ordinance (an English, Spanish, Polish and Chinese translation of the Ordinance must be provided). Notice must be given within 21 days of taking ownership, or within seven days of learning a tenant’s identity. The notice can be hand delivered (to tenants over the age of 13) or mailed to the tenant’s address, and an additional notice must be posted on the primary entrance to the property. New owners must collect tenant disclosure forms. 

- Collecting tenant disclosure forms from all tenants. New owners must decide to keep renting to a tenant or to offer relocation assistance. A new owner can decide if a tenant will stay or go after gaining ownership of the property. Within 21 days of taking ownership, the owner must provide tenants with a form requesting information about the tenant. Upon return of the form from the tenant, the owner has 21 days to decide if the tenant will stay or go and must notify the tenant of the decision. 

- If the decision is to let the tenant stay, then the owner must provide the tenant with a renewal or extension of their rental agreement. Any rent increase cannot be more than 2 percent. 

- If the decision is that the tenant must go, then the owner is obligated to provide qualified tenants with a relocation fee of $10,600 within a week of the tenant vacating the rental property. 

These are just a few consideration potential buyers of foreclosed rental properties should consider. If you would like to discuss what legal obligations you might have to tenants of a foreclosed rental property upon assuming ownership, you can discuss your concerns with the skilled Illinois real estate lawyers at our firm. We serve the communities of Schaumburg, Des Plaines, Riverwoods, Kenilworth, Long Grove, Rolling Meadows, Barrington, Arlington Heights, Inverness, and Deer Park. Please call 847-934-6000 to speak to a member of our team.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.


Sources:
http://www.cityofchicago.org/content/dam/city/depts/bldgs/general/Tenant%20Ordinance/Keep_Chicago_Renting_Ord.pdf
https://chicago.legistar.com/View.ashx?M=F&ID=3706622&GUID=A2C5368B-910F-4485-BD73-116F5F10374C

Recent Posts


Tags

Illinois insurance attorney Barrington employment law firm Illinois trusts attorney Barrington workers compensation attorney landlord Illinois estate planning attorney BAIID DUI attorney drunk driving Rolling Meadows insurance dispute lawyers, insurance dispute drug crime rollover accidents Des Plaines motorcycle accident attorney Rolling Meadows boating crash lawyer Palatine law firm Illinois injury lawyer personal injury lawyer Buffalo Grove corporate attorney auto accidents Deer Park employment law attorney criminal Inverness real estate attorney Arlington Heights wills and trusts lawyers Des Plaines real estate lawyer Class A misdemeanor Deer Park motorcycle accident lawyer employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, Long Grove estate planning attorney Arlington Heights lawyer Chicago insurance claim attorneys unpaid assessment Rolling Meadows real estate attorney drug crimes Schaumburg employment law attorneys Arlington Heights employment law attorneys Illinois motorcycle accident lawyer Barrington injury attorney Rolling Meadows medical malpractice lawyers Employment Discrimination Law construction contracts pet law Rolling Meadows Illinois living will FMLA Palatine civil attorney Buffalo Grove car accident lawyer capital gains tax Illinois construction accident attorney Des Plaines drug lawyer Schaumburg personal injury lawyers digital media accounts, estate planning, Arlington Heights estate planning attorney, Schaumburg personal injury attorney manufacturing paid sick leave residential real estate Riverwoods estate planning lawyer product liability rumble strips foreclosure underfunded trust car accident lawyer Des Plaines civil attorney DUI Palatine corporate law attorneys Arlington Heights estate planning attorney personal injury accidents guardianship attorney hit and run accident Inverness traffic law firm Buffalo Grove traffic attorney contracts Crystal Lake will lawyer license probate fees jet ski accidents Schaumburg elder law lawyer Palatine traffic lawyer car accident lawyers accidental death benefits Buffalo Grove personal injury attorney investment property Illinois law Barrington personal injury attorney unauthorized overtime forming a corporation in Illinois Chicago will attorney speeding Palatine construction attorney traffic deaths pedestrian injuries, pedestrian fatality boating accidents insurance adjusters Illinois employment law attorneys ObamaCare Arlington Heights Traffic Lawyer Schaumburg criminal attorney pay when paid contract probate process life insurance claims condo Illinois traffic laws Rolling Meadows estate planning attorney Crystal Lake employment law attorney Inverness corporate attorney dealing with problem employees insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys Legal Info Illinois workplace discrimination attorney living trust Palatine civil litigation lawyer life insurance lawyer taxes Illinois workplace lawyer Crystal Lake accident attorney IRA trust transfer Buffalo Grove law firm Illinois will lawyer Barrington estate planning lawyer digital evidence Chicago traffic lawyer Illinois insurance disputes Inverness insurance attorney Schaumburg injury lawyer real estate attorneys installment contracts severance agreements spinal cord injuries Chicago corporate attorney health insurance dispute Inverness estate planning lawyer comparative negligence underinsured motorist DGAA medical research Palatine Attorney startup company mortgage Chicago attorney Arlington Heights personal injury attorney traffic laws wills Crystal Lake employment attorney sexual harassment Barrington litigation attorney Illinois workers compensation lawyer controlled substance Crystal Lake tax lawyer Palatine workers compensation lawyer preventing accidents Illinois speeding lawyer Arlington Heights pedestrian accidents employee discrimination workplace sexual harassment Buffalo Grove traffic lawyers commercial leases Schaumburg employment attorney Deer Park traffic lawyer cell phone accidents employee misclassification Schaumburg personal injury lawyer Inverness personal injury attorney nursing home negligence Illinois job attorney Barrington civil litigation attorney employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys School Visitation Rights Act Affordable Care Act Chicago estate planning lawyer Colin H. Gilbert Crystal Lake pedestrian accident lawyer Palatine criminal defense lawyer DUI defense whistleblower protections digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers problem employees pain and suffering denied insurance claims Des Plaines injury law firm Chicago car accident lawyer Illinois registered agent crossover accidents Whistleblower Claims power of attorney for healthcare Chicago biking tips Self-Directed IRA Accounts LLCs Deer Park real estate law firm estate planning for college students murder charges Home Sale Contingencies Illinois Trust Code Crystal Lake traffic lawyer trusts Rolling Meadows personal injury lawyers Illinois traffic attorney bicycle dooring accidents trench injuries Des Plaines collections attorney Buffalo Grove employment lawyer Illinois pedestrian accident attorney trustee Transfer on Death Instrument defective products Illinois LLC creation Arlington Heights car accident lawyer cell phone tower data Buffalo Grove injury lawyer right to work Landlord Tenant Ordinance Inverness real estate lawyer Jay Andrew Des Plaines tax law firm Chicago employment attorney Rolling Meadows DUI lawyer Illinois business law atorneys civil rights violation probate lawyer Kenilworth estate planning attorneys trucking accident lawyers trucking accidents Barrington estate planning attorney South Barrington real estate lawyer Illinois car accident attorney workers compensation first degree murder Schaumburg car accident attorney Crystal Lake personal injury attorney Des Plaines personal injury attorney bicycle accidents DUI penalities Rolling Meadows personal injury attorney wage theft Illinois criminal defense attorney Palatine drug lawyer Des Plaines DUI attorney overtime violations Policy Cancellation Joliet general practice lawyers drug possession senior citizens South Barrington real estate attorney Fourth of July employees fatal car accidents Des Plaines personal injury lawyers DMV dram shop law living trust benefits employment lawyer Illinois insurance claims lawyers Rolling Meadows personal injury lawyer Schaumburg probate attorney Illinois elder law attorney Barrington business law firm college kids Forcible Entry Palatine traffic accidents car accident Illinois real estate new real estate form Illinois corporate lawyer Illinois employment lawyer Kenilworth estate planning attorney Rolling Meadows insurance dispute lawyers Rolling Meadows business lawyer wills and trusts Chicago trucking accident attorney icy parking lots marijuana insurance agent negligence meal breaks Mount Prospect wills and trusts lawyers Crystal lake insurance dispute attorney Illinois jet ski accident lawyer insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys sexual images independent contractor rollover car crashes wrongful termination premises liability real estate contract estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Illinois employee rights attorney. distracted driving accident victims Illinois insurance claim dispute lawyers Arlington Heights traffic attorney uninsured motorist Illinois wills and trusts Retaliatory Discharge Illinois tax attorney landlord tenant law Crystal Lake traffic attorney Crystal Lake employment lawyer Des Plaines medical malpractice attorney real estate workers comp TBI Schaumburg estate planning lawyer tax attorney real estate attorney Long Grove real estate lawyer financial advisors Rolling Meadows employment attorney insurance negligence license revocation life insurance policy Illinois medical malpractice claim breach of contract Rolling Meadows insurance lawyer ken apicella pet bites elder abuse Rolling Meadows traffic attorney real estate leasing traumatic brain injuries Illinois insurance lawyer living trust vs will Illinois traffic attorneys clemency traffic accidents license reinstatement marijuana crimes attorney insurance dispute attorney boating DUI healthcare claims Illinois attorney Schaumburg wrongful death attorney unfunded trust disability benefits Chicago will attorney, social media platforms, Illinois estate planning lawyer, blended families Barrington criminal lawyer irrevocable trust Crystal Lake estate planning lawyer Schaumburg Attorney Arlington Heights medical malpractice lawyer Chicago employment lawyer PTSD GM ignition switches Palatine business attorney fiduciary rule delay motorcycle accident Rolling Meadows insurance attorney Mount Prospect real estate lawyer low-ball insurance settlement estate planning attorney construction accidents insurance claim dispute insurance claim Illinois personal injury Palatine employment law lawyer estate planning no contest clauses in terrorem provision foreclosed rental property Barrington real estate lawyer Illinois DUI attorney Illinois employment laws CAM Kenilworth estate planning lawyer Exclusions Crystal Lake insurance lawyer Illinois Sales Representative Act traffic tickets liens probate claims process Barrington Illinois estate planning lawyer traumatic brain injury Schaumburg construction accident lawyer Arlington Heights criminal lawyer bike accident Des Plaines personal injury lawyer employment attorney Schaumburg real estate lawyer criminal record job lawyers Illinois Workers’ Compensation Commission Schaumburg traffic lawyer loss of consortium anesthesia errors eluding a police officer hiring employees estate planning lawyer food poisoning pedestrian accidents internet Arlington Heights real estate lawyer Buffalo Grove personal injury lawyer Mt Prospect Attorney Attorney Ken Apicella privacy Illinois estate planning law firm products liability Illinois estate planning caretaker rights driving Schaumburg drug defense lawyer changes to mortgage law defective products lawyer Arlington Heights wills and trusts lawyer wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Illinois employment law personal injury attorney car crash injuries Schaumburg estate planning attorney Chicago lawyer insurance disputes Illinois trucking safety Inverness elder law lawyer Arlington Heights injury attorney compensatory time distracted driving accidents back injuries coronavirus sole proprietorship estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, Illinois lawyer slip and fall civil litigation attorney Crystal Lake civil litigation lawyer drugs Illinois home inspection estate planning trusts Illinois personal injury lawyers pizza emoji Illinois wills and trusts attorneys special needs trust probate claims employment law, Illinois employment laws truck collisions Illinois insurance claim dispute lawyer Illinois medical malpractice case Des Plaines accident attorney Buffalo Grove probate lawyer caregiver insurance denial appeals Crystal Lake medical malpractice attorneys Illinois wrongful termination lawyer Deer Park medical malpractice attorney Palatine personal injury lawyer Buffalo Grove medical malpractice lawyers Illinois insurance dispute lawyers personal injury claims deed transfer healthcare Home Remodeling Repair Act personal injury law firm Arlington Heights TBI attorney comp time Mount Prospect elder law attorney field sobriety test Palatine punch death deadly crashes Palatine probate lawyer Crystal Lake car accident lawyer Barrington Traffic Lawyer Illinois bicycle safety Inverness injury lawyer BUI personal injury involuntary manslaughter Illinois boating accident lawyer insurance denials Illinois defective products attorney natural gas Long Grove estate planning Des Plaines pet law attorney Schaumburg civil litigation attorney BAC Illinois workers compensation attorney federal regulations for LLCs operating agreements Palatine corporate attorney commercial leasing Illinois Probate Act of 1975 Illinois Smoke Detector Act Rolling Meadows employment law attorneys Rolling Meadows corporate lawyer Illinois pet lawyer commercial real estate minimum wage Schaumburg IRA benefits cell phone modern family estate planning Illinois Transfer on Death Instrument rest breaks Rolling Meadows traffic law firm appealing an insurance claim life insurance head on collisions boating under the influence trust payments owner responsibility probate Palatine trusts lawyer insurance dispute Rolling Meadows criminal lawyer Illinois real estate lawyer Barrington medical malpractice lawyers insurance claim delay Illinois employment attorneys Des Plaines claims law firm attorney fees Rolling Meadows Traffic Lawyer Detainer Actions traffic violations murder defense license suspension Rolling Meadows tax attorney FSLA power of attorney insurance agents underage DUI dog bites Illinois small business pregnant women subcontractor pedestrian accident Des Plaines criminal attorney insurance claims natural gas explosion medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers holiday statistics Crystal Lake medical malpractice lawyer Palatine insurance lawyer Des Plaines insurance attorney institutional trustee digital assets pedestrian-automobile accident gift taxes insurance claim denial surgical mistakes Do Not Resuscitate Des Plaines drug crimes lawyer Des Plaines Traffic Lawyer Crystal Lake injury attorney medical malpractice Rolling Meadows drug defense attorney Inverness accident lawyer Palatine employment attorney Illinois traffic accident lawyer agent Long Grove estate planning attorneys Illinois personal injury lawyer condo association Arlington Heights accident attorney swimming pools Super Mario breathalyzer test Fair Labor Standards Act Barrington drug crime attorney Family Medical Leave Act income distribution deducation insurance attorney homestead rights small business denied insurance claim Food and Drug Administration's Food Safety Modernization Act elder law Illinois probate lawyer Deer Park traffic accident attorney Liquor Control Act Deer Park personal injury lawyer Deer Park criminal attorney Arlington Heights personal injury lawyer llinois Real Estate Lawyers Association Rolling Meadows employment law attorney federal crimes Buffalo Grove insurance claim dispute lawyers liability claims reckless homicide social media after death car collision loopholes vacation home fines Inverness DUI lawyer Palatine employment lawyer Arlington Heights tax lawyer unpaid overtime Chicago insurance law firm revenge porn Rolling Meadows criminal attorney workers compensation benefits jet ski Illinois personal injury attorney POA Des Plaines real estate attorney estate attorney blood alcohol content Illinois Illinois Human Rights Act Schaumburg insurance lawyers texting while driving business litigation vacation home Schaumburg corporate attorney brain injury Illinois traffic ticket lawyer consent to a search Deer Park workers compensation lawyer Barrington attorney Illinois collections attorney Illinois insurance claim attorney Crystal Lake personal injury lawyer personal injury claim Illinois rollover accident lawyers estate plan traffic crimes work unions motorcycle accident lawyer Rolling Meadows probate lawyer home inspection lawyer Arlington Heights car crash attorneys golf accidents Rolling Meadows accident lawyer car crashes employee rights Crystal Lake business law attorneys advance healthcare directive insurance claim denials Colin Gilbert Crystal Lake car accident attorney employment law Deer Park accident attorney suspended license child safety digital information Barrington criminal defense lawyer criminal law Inverness probate lawyer Illinois red light cameras murder Illinois Wage Payment and Collection Act Schaumburg estate attorney traffic offenses Barrington employment attorney privacy laws Illinois mortgages employment contract Arlington Heights wills and trusts attorney IRS Long Grove real estate attorney expungement criminal defense traffic violations defense real estate closing personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys drug crimes lawyer insurance claim dispute attorney Crystal Lake pet attorney Crystal Lake bike accident lawyer medication errors estate tax wrongful death corporate law Long Grove wills and trusts attorneys Chicago estate planning medical malpractice claims Arlington Heights Attorney Arlington Heights employment attorney Arlington Heights trucking lawyer Federal Food Drug and Cosmetic Act hands free device car accidents medical malpractice compensation Inverness civil lawyer automated cars civil litigation Crystal Lake law firm Palatine injury attorney ACA car crash Palatine estate planning lawyer real estate zoning Illinois employment law attorney construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation overtime pay Palatine elder law attorney Schaumburg criminal law attorney denial of life insurance Illinois employment law firm Illinois medical malpractice lawyers Thanksgiving Illinois driving without license IRELA Arlington Heights wills and trusts attorneys texting and driving Des Plaines real estate lawyer fiduciary rule Barrington employment law attorney trauma after an accident Arlington Heights insurance attorney Schaumburg medical malpractice lawyer Barrington personal injury lawyer rent to own real estate contracts Crystal Lake criminal defense attorney preventable medical errors fault based insurance Rolling Meadows marijuana attorney mass shooting Illinois medical malpractice attorney Buffalo Grove real estate attorney Buffalo Grove criminal defense lawyer DNR liability Rolling Meadows Attorney Illinois business lawyer slip and fall accidents creditors Rolling Meadows car accident lawyers Deer Park DUI lawyer filing a medical malpractice claim Crystal Lake medical malpractice law firm Rolling Meadows litigation lawyer medical marijuana bad faith insurance claims Barrington boating accident attorney gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys living wills Illinois civil litigation lawyer drunk driving statistics dynasty trusts spinal cord injury Palatine real estate lawyer

Archive