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

Homestead Rights in Illinois

Web Admin - Thursday, October 23, 2014

homestead rights in Illinois, Palatine estate planning lawyerWhile there are many well known government programs and policies designed to provide relief during difficult economic times, there are other laws people can take advantage of that are less commonly talked about. One of these laws is known as “homestead rights.” Homestead rights are a protection provided by Illinois law that provide certain immunities from debt collection efforts by creditors. However, these immunities are not absolute, so it is important for people exercising their homestead rights to understand the exact limitations of those rights.

What Homestead Rights Are

Homestead rights are a statutory protection against creditors designed to help people avoid becoming homeless because of changing economic circumstances. The rights allow the debtor to exempt $15,000 worth of real estate from the collection efforts of creditors or their agents. Additionally, if a married couple owns the home, then they can pool their homestead rights together to protect the same house. This gives them an exemption of $30,000. This exemption also survives the death or desertion of a spouse. The exemption can also be passed down to the children of the married couple, at least until the youngest child turns 18.

Illinois' homestead laws are also slightly different than the laws in some other states. Many states choose to restrict the amount of acreage that a person can use the homestead exemption on in addition to capping the total value of the property. Illinois has no such acreage cap. This means that the size of the property is irrelevant to the homestead rights, and that it is purely an issue of how much the land is worth.

What Homestead Rights Do Not Protect

Notably, homestead rights do not provide absolute protection against every type of creditor. For instance, the state legislature wrote an exception into the protection for the purposes of state taxes, so if the creditor is the state of Illinois then the exemption does not apply. Similarly, homestead rights are created by state law, which federal law can supersede, so they provide no protection against the federal government's collecting taxes either. The rights also do not function in many circumstances where the money owed is related to the property itself. A person who uses the house as collateral for a mortgage does not get protection if their home is being foreclosed. Additionally, if the person owes money to contractors for doing work on the home, then the homestead rights do not apply to those debts. Further, the homestead rights can be signed away in writing, which would also remove their protection.

If you have questions about your homestead rights or some other property interest, talk to an experienced Palatine, Illinois estate planning attorney today. Our firm helps clients in many northwest suburban towns including Barrington, Long Grove, and Arlington Heights.

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.


Recent Posts


Tags

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

Archive