On December 20th, 2017, Illinois governor Bruce Rauner signed into law Public Act 100-0571, which reduces many Illinois LLC filing fees (including new LLC formations and annual report fees) by up to 70%!
Until the change in the law, filing fees for a new LLC were $500 and the annual report fee was $250. They have now been reduced to $150 for a new LLC filing and $75 for the LLC annual report filing.
Also known as a lease option, a rent-to-own contract allows renters to lease a property and, at the end of the lease (usually one to three years), have the option to purchase the home at a predetermined price. Ideal candidates for a rent-to-own option are potential home buyers who dream of ownership but are also concerned they haven’t saved up enough cash for a down payment.
As a renter, you must be cautious before you sign a rent-to-own contract. There are many stipulations… READ MORE
Mortgage fraud schemes are the intent to materially misrepresent or omit information on a mortgage loan application in order to obtain a loan or to obtain a larger loan that could have been obtained had the lender or borrower known the truth.
With today’s inherent complexity of real estate transactions, particularly those involving investors, offers ample opportunity to commit fraud.
Fannie Mae recently created a report that outlines common characteristics that accompany most fraud-for-profit schemes, and identifying them can be helpful in determining whether a loan is part of a larger fraud scheme. To view the report: http://bit.ly/2xFjTmp
The average Chicago Property Taxes increasing by 10% this year this year following City Hall and Chicago Public Schools tax hikes to pay for police, fire and teacher pensions, according to calculations released Tuesday by the Cook County clerk’s office.
As a result, the owner of a city home determined to be worth $224,500 will pay nearly $4,000 in property taxes this year — an increase of about $363.
Read the rest of the article directly on the Chicago Tribune website:http://trib.in/2uS39qD
On December 2nd, 2014, the Chicago City Council passed an ordinance that will raise the minimum wage for Chicago workers to $13 per hour by 2019.
Here is the chart of the currently planned wage increases.
https://www.cityofchicago.org/city/en/depts/mayor/supp_info/minimum-wage.html
About 200 new laws took effect on Jan. 1, 2017, in Illinois.
Here is an article from Patch.com that briefly talks about 25 of those laws: http://bit.ly/2kS0ye2
In 2016, lawmakers in 31 states and Puerto Rico have introduced legislation regarding foreclosures. Ten bills and resolutions have been enacted or adopted thus far. The list below contains legislation regarding regulating foreclosure consultants and distressed property purchasers, amending the foreclosure process to address concerns regarding so-called robo-signing and protecting tenants’ rights who are renting homes facing foreclosure.
Here is the link to the rest of the article which lists each state and the legislation they passed: http://bit.ly/2iiKldP
Two Illinois statutes govern the handling of tenant’s security deposits by landlords:
Starting in 2017 all condo associations in Chicago must have recycling services at their building. The Chicago Department of Streets and Sanitation (DSS) will handle enforcement of the ordinance that includes a 30-day warning period and graduated penalties for non-compliance.
To learn more about the ordinance visit: http://bit.ly/2feM8CL
On June 22, Chicago City Council passed an Airbnb ordinance that would increase taxes on short-term rentals to 21 percent.
To learn more about this ordinance: https://www.illinoispolicy.org/?p=37432