Post-Foreclosure Landlords BewareThe relatively new Keep Chicago Renting Ordinance (KCRO) was the subject of an appellate case, Wells Fargo Bank v. Volneat Vanette McCondichie, released on March 31, 2017. Readers will recall that the ordinance requires the first party that takes over a post-foreclosure property, under most circumstances, to either allow the tenants to continue with their lease or to pay a relocation fee of $10,600 to the tenants who vacate.
I had a great time this morning, as always, presenting to fellow attorneys for Chicago Title Insurance Company at their training in Rolling Meadows with respect to updates in landlord tenant law.
Rent control bill introducedChicago-based state legislator Will Guzzardi (39th District – D) has introduced House Bill 2430 which seeks to repeal the Illinois Rent Control Preemption Act. That law, discussed in a previous blog entry, was passed in 1997 and prohibits local governments or home rule units from enacting any law, resolution, or regulation that controls rent. At the time of its passage, then Illinois state senator Barak Obama voted against the law.
2017 Illinois rate announced by IDFPR Well, it took them about two weeks into the new year, but the State of Illinois has released the 2017 security deposit interest rate for those leases governed by the Illinois Security Deposit Interest Act. The law applies to multi-unit residential properties containing 25 or more units for security … Read more
Why most Illinois landlords are wrong about their bad tenants!Many landlords waver at the decision to evict. That’s natural. To most landlords, evictions are scary. Worse yet, Illinois evictions are expensive, uncertain, and take lots of time. Luckily, the vast majority of landlords have never even had to go through an eviction!
Quick hit: mandatory renter’s insurance requirements? No. At this time, there is no ordinance in the City of Chicago that requires that a tenant obtain renter’s insurance. In fact, there is no statute in the State of Illinois that requires a tenant to provide such a policy. Landlords can, as a contractual provision and a … Read more
2017 Rate of Interest on Security Deposits released by Chicago Building Department!It took a few days, but the 2017 Chicago RLTO interest rate summary is now available. Remember, the interest rate for leases governed by the CRLTO entered into in 2017 is .01%. This summary – the WHOLE THING – needs to be attached to any new or renewal lease pursuant to 5-12-170 of the ordinance. For leases entered into in 2017, do NOT use the 2016 form!
New Chicago Recycling Ordinance requires recycling flyerLast summer, the City of Chicago updated the Chicago Recycling Ordinance. That new law went into effect on January 1, 2017. The new ordinance has a direct effect on most Chicago landlords. This law is not optional! The City of Chicago Department of Streets and Sanitation will be conducting inspections to enforce the new law.
Amendments to Lead Poisoning Prevention Act regarding lead mitigation effective January 1, 2017Back in August, 2016, the State passed amendments to the Illinois Lead Poisoning Prevention Act that affect landlords. Many landlords are aware of the federal law that requires landlords of residential rentals built prior to 1978 to disclose information (reports, pamphlets, etc.) of potential lead-based hazards in their real estate. However, many Illinois landlords are unaware of their obligations under the Illinois Lead Poisoning Prevention Act. The new amendments deal with mitigation notices for lead paint hazards in an Illinois rental building governed by the law.
City of Chicago retains same interest rate to be paid on Security Deposits under RLTO for third year in a rowOn Friday, the City of Chicago released the new 2017 security deposit interest rate. The rate is the for security deposits held for leases governed by the Chicago Residential Landlord and Tenant Ordinance (RLTO). The rate has remained steady at 0.01% since 2015.