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

Archive