Illinois Real Estate Laws Effective 2015
On January 1, more than 200 new laws took effect in Illinois. Here is a brief synopsis of these laws related to Real Estate.
PA 98-1106 (SB 2952) “Last known address” now includes e-mail
E-mail addresses are now included in the definition of the term “last known address” in the Self-Service Storage Facility Act. This law provides that notice under the Act shall be delivered by verified mail or by electronic mail to the last known address of the occupant. It provides that a notice sent by electronic mail is presumed delivered when the owner receives a receipt of delivery to the occupant’s last known address. It further provides that a sale shall be deemed to be held at the self-service storage facility where the personal property is stored if the sale is held on a publicly accessible online website.
PA 98-1109 (SB 3044) Amendments to the Real Estate License Act of 2000
This bill amended the Real Estate License Act of 2000 to add the definition of “Broker price opinion” and “Comparative market analysis” to the Act. It provides requirements and reasoning for broker price opinions and comparative market analyses. It provides what must be included in written/electronic broker price opinion/comparative market analysis and requires a criminal background check, including fingerprinting to Illinois State Police, for each new applicant for licensure by examination or restoration.
PA 98-0735 (HB 4784) E-mails for condo associations
Allows condo boards to deliver notices electronically to unit owners with their permission in order to facilitate more effective communication with their members. Also allows a condo owner to designate an e-mail address, postal address, or both, for official purposes and for an association’s records
PA 98-0754 (SB 2597) Seller disclosure in residential sales
A technical change to include “windows” and “doors” in what a seller must include in known material defects when selling residential property. Previously, the law specified “walls”; that language was intended to cover windows and doors as well. This law makes clear that inclusion.
PA 98-0933 (HB 5709) Real estate valuation waiver
Since county engineers are already exempted from having a license for valuation on property under $10,000 this would allow municipal engineers to be equal to county engineers for the purposes of a valuation of property under $10,000.
PA 98-0966 (SB 3286) Access to gated communities for process servers
Requires employees of gated communities provide access to process servers showing legitimate credentials to serve process on a resident of that gated community.
PA 98-0996 (HB 4782) Condo Board Lease
The civil code is amended to allow a condo board of managers to take possession of a property under authorized judgment and within 8 months after the month of termination, may permit or extend a lease for additional terms not to exceed 13 months.
PA 98-1068 (HB 4783) Condo association preventing suing developers
Condo association bylaws are often written with clauses that prevent a property owner from suing a developer. In many cases, there are defects to the condos and the owner must seek the approval of the association to seek legal action. This law does not allow such clauses in association bylaws.
PA 98-0821 (SB 2656) Power of attorney during condominium transfer after death
During any transfer of a condominium residential unit after the death of the owner, any parking or amenity owned and used by the owner is to be included. The law revises the Illinois Residential Real Property Transfer on Death Instrument Act to restrict the agent from exercising certain decision making powers, however it does not restrict the agent from the ability to sell.
PA 98-0836 (SB 2985) Changes regulations for small estate affidavits
Amends the Probate Act of 1975 to requiring anyone executing a small estate affidavit to list and classify the debts of the decedent. Should a decedent’s estate be insufficient to cover the costs of the affidavit, then it shall be paid pro rata. Allows the executor of a small estate affidavit to examine and remove the contents of the safety deposit box of the decedent of the affidavit.
PA 98-1062 (HB 4123) Protections for mobile home owners
Mobile home owners used to run the risk of mobile park owners going out of business or filing for bankruptcy and not being told until the day they are required to leave. The law requires more transparency about who the park owner is and notice requirements should the mobile home owner have to leave.
PA 98-1042 (HB 5322) Electronic voting for condo associations
Amends the Common Interest Community Association Act to allow condo associations with more than 10 units and up to $100,000 in assessments to allow voting, required notices, signatures, consent or approvals through electronic transmission. Associations must make reasonable accommodation, at its expense, for any person to conduct business with the association without the use of electronic or other means.
PA 98-0842 (SB 3057) Amends the Common Interest Community Association Act
Exempts certain provisions of the Act requiring a common interest community unit owner leasing a unit to deliver a copy of a lease to the association if the community instruments provide otherwise.