Have you ever thought about whether a homeowners’ association (HOA) is the right fit for you? When people find the right home, often they do not stop to think about how HOAs affect the purchase of the home, and how HOA living will affect them. Today, let’s talk about some of the pros of being part of a homeowner’s association. Next week, we will look at the other side. First, let’s understand what an HOA is. An HOA is a governing structure for a planned community. While there are technical differences between an HOA and a condominium association, for the purposes of this article and next week’s follow-up, when we refer to an HOA we mean a planned community, regardless of whether it’s a single-family home community, condominium association, townhouses, or rowhouses. The HOA board (and HOA manager, if the HOA has a management company) maintains community standards, sets rules,… read more →
This Article is the third in a series about new real estate related laws in Illinois, effective in 2025. The Illinois Legislature has passed Public Act 103-0754, effective January 1, 2025, which states landlords must inform tenants if the property they are renting is in a Federal Emergency Management Agency (FEMA) Special Flood Hazard Area. This disclosure must be made in writing prior to signing the lease. Specifically, the landlord must disclose if the rental property or any portion of the parking areas have been subjected to flooding in the last 10 years. What happens if a landlord fails to comply with this new law and the tenant subsequently becomes aware that the property is located in a Special Flood Hazard Area? Well, the tenant may terminate the lease by giving written notice of termination no later than the 30th day after the tenant learns the property is in a… read more →
In 2024, Illinois had one of the highest foreclosure rates in the United States. As a whole, the United States is seeing a rise in foreclosures, though it is nowhere near as bad as the recession of 2008. If you are in the market to buy a home, you might have seen listings for properties that are foreclosed and possibly being sold below market value. However, foreclosures are very different from normal real estate transactions, so it is important to know your risks before moving forward. Essentially, foreclosure is when someone defaults on their mortgage and the bank ends up repossessing the property. Therefore, when buying a property in foreclosure, the seller is the bank, not an individual. Unlike an individual, who can make certain representations about the property and has knowledge of its ins, outs, and problems, the bank really knows nothing about the physical condition of the property. … read more →
This Article is the second in a series about new real estate related laws in Illinois, effective in 2025. There are good landlords, and there are bad landlords. The worst of the bad landlords can make life miserable for tenants. Pushed against a wall, tenants might complain to the authorities or try to exercise their rights in some other way. The Illinois Legislature has passed Public Act 103-0831, effective January 1, 2025, to prohibit landlord retaliation. If a landlord violates the new law and sues the tenant, the tenant will have a viable defense and can go after the landlord for damages. The tenant could terminate the lease and demand a return of the security deposit with interest, plus any prepaid rent. If the landlord has tossed the tenant out of the unit or threatened to throw him out, the tenant can recover possession of the unit. The tenant may… read more →