Landlord Trend: Government required tenant checks

by

EnglishflagForeign law may make its way to America

I want to alert landlords to a disturbing trend that has hit European landlords and could hop the pond.  Probably in response to refugees and/or immigrants, England passed, as part of its Immigration Act of 2014,  a law known as “right to rent“.  I know, my readers are already thinking – this must be a pro-tenant law.  Maybe a tenant’s bill of rights or something like that?  Nope.  Just the opposite.  Instead, English landlords are being required to perform what amount to immigration checks on their tenants. 

Read more

Announcing our newest blog – chicagoclosings.com

by

I know many of my readers come here looking for information about landlord-tenant related law.  Before you can be a landlord, you have to buy a property.  After you read this blog about landlording, you might want to sell your property!  That’s where we come in.  In addition to handling landlord-tenant related matters, we also … Read more

2016 Illinois Security Deposit Interest Rate Released

by

State Rate Released The IDFPR has issued a news release indicating the new security deposit interest rate for 2016 for those tenancies governed by the Illinois Security Deposit Interest Act.  The rate technically goes up from last year’s rate.  The IDFPR release reads as follows: The Illinois Department of Financial and Professional Regulation, Division of … Read more

Update on 2016 Illinois security deposit interest rate & more

by

hotlineA few quick updates: First, the Illinois Department of Financial and Professional Regulation has not yet posted the 2016 Security Deposit Interest Rate for tenancies governed by the Illinois Security Deposit Return Act on their website (update: the rate has been released).  I’ve scoured the website and can’t find it.  This is the first time in many years that the information was not readily available in the first few days of the new year.  I called the IDFPR hotline and spoke to someone in the banking department who had “never heard of” what I was asking but gave me an email address of someone who might.  More updates on this as I have them.

Next, I am pleased to note

Read more

2016 Security Deposit Interest rate for Chicago

by

2016sdiCity of Chicago interest rate to be paid on Security Deposits under CRLTO remains unchanged

The City of Chicago has released the new interest rate for 2016.  That rate, for security deposits under rental agreements governed by the Chicago Residential Landlord and Tenant Ordinance, is unchanged from 2015 and will be set 0.01%.  

Read more

2015-2016 Cook County winter eviction moratorium set

by

Cook County sets annual holiday break from evictions For 2016-17 holiday eviction moratorium, click here The Circuit Court of Cook County has determined by way of General Order 2015-04 that the winter eviction moratorium has been set for the time period from December 18, 2015 to January 4, 2016.  That means that the Cook County … Read more

Landlord’s need to pay careful attention to City budget negotiations

by

freerideRahm’s budget will impact landlords

As we get moving on the new rental season (lots of Chicago landlords like to rent from October to September), Chicago area landlords need to keep their ear to the ground regarding the recent developments coming out of City Hall.  Savvy landlords will hedge their bets by building some of the risk of major cost increases into rents for the new year.  Those who don’t might get caught off guard.

Read more