Chicago Condominium Laws

Chicago and Cook County condominium laws are some of the most sophisticated and stiff in Illinois.

Whether purchasing a condo or for condo association legal issues it is important to talk with a knowledgeable Real Estate Attorney to help you navigate the complexities of Chicago condo law issues.

Why You Need an Illinois Real Estate Attorney?

The sale of a home, whether you’re the buyer or seller, is an incredibly complicated process. When you go through a closing for a home, you’ll immediately notice the extensive amount of paperwork that needs to be filled out and finalized.

If you were to attempt this on your own, you may easily make a mistake that is going to be a problem later on. These problems could affect your tax return at the end of the year, how much tax you’re paying or generally the sale of the home that makes it difficult to receive the paperwork that you need.

An experienced Illinois real estate attorney will review and inspect every important document for any mistakes made regarding the documents such as:

  • Your broker’s listing agreement
  • The specific terms of the sales contract
  • Income and property tax consequences
  • Subdivision covenants, conditions and restrictions
  • Liens and other defects of title
  • Insurance requirements
  • Mortgage terms and lender’s requirements
  • Federal and local statutes regarding disclosures required for real estate and lending transactions.

They will also answer any questions you may have concerning the sale or purchase of a home.

Many people are novices when it comes to real estate and they may easily make mistakes if they don’t really know what they’re doing when buying or selling. An Illinois Real Estate attorney can answer your questions and assist you through the process of home buying or selling so that it can get done quickly and effortlessly.

The Benefits of Having a Living Trust in Cook County, IL.

In the past people used wills to protect their loved ones after their death and to distribute their property to specific people that they may have had a sentimental (or practical) reason that they wanted as a matter of public record.  Wills are far more famous to the general public due to movies and books, while trusts have been used by those who have a certain familiarity with attorneys and the legal system.  Now that we live in an information society it is easy to bring information to the public that they can use to their benefit.  Living trusts are something that is recommend over a standard will.  The federal and state laws that regulate estates and property transfer are extremely complicated, especially where it comes to wills.  As such the probate process to adjudicate the will and administer the property is lengthy and oftentimes produces deleterious effects on the family who just lost their loved one.  Moreover, it is an expensive process and reduces the value of the estate.

Wills, living wills, living trusts, and other end of life documents are difficult to introduce to healthy people because it requires that they think about their own death or the death of people they love.  In order to broach the topic, you have to remind people that as they age they will become less well and may very well end up needing care and special facilities.  However, it is a fact of life that we do age and eventually die.  It is better to prepare while you are younger so you don’t have to think about these things later.  However, it also goes without saying that accidents unfortunately happen to young people.

Having a living trust and a living will reduces the risk for your family.  Living trusts are the most common method of avoiding probate.  They are sometimes called “revocable living trusts” or “revocable trusts”, in case your tax preparer mentioned them last month.  These documents are a legal method of avoiding probate altogether and providing for your family members in the event, not only of your death, but also any extended illness.

It’s alway important to seek the advise of an Estate Planning Attorney to work with you to craft the appropriate Living Trust for your needs.

Illinois Business 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 Business.

Business

PA 98-0776 (SB 1098) Corporate Liability post dissolution
Allows for a corporation that has been dissolved to continue to be liable up to five years after the dissolution.  Any legitimate claim against the corporation could be from any period before, during, or after dissolution up to five years.  The law reverses a decision made by the Illinois Supreme Court.

PA 98-0774 (HB 5701) ‘Ban the Box’ bill
Prohibits employers from seeking information regarding a potential employee’s criminal history until after an invitation to interview or a conditional offer of employment has been extended.  Intended to allow job seekers with criminal history to be considered on their merits and experience rather than being dismissed out of hand for an offense

PA 98-0862 (HB 5622) Payroll cards
This law establishes requirements and regulations for the use of payroll cards by employers – stored value cards offered by some companies to their employees as an alternative to payroll checks or direct deposit. Payroll cards are similar to debit cards and can be used to make purchases or withdraw cash at ATMs. Regulations include prohibiting the employer from forcing an employee to accept a payroll card in lieu of other payment, and ensuring the employer provides a complete written explanation of the terms and conditions of the payroll card account including any fees that may be involved.

PA 98-0911 (HB 4790) Hair braiding licensure standards
Provides that an individual licensed as a hair braider teacher may practice hair braiding without being licensed as a hair braider.  The purpose of this change is to bring the same standards to barber oversight as is done with cosmetology.

PA 98-1037 (HB 4157) Employee status for interns
Adopts the federal definition of “intern” to the Illinois Human Rights Act, giving employee status to unpaid interns at Illinois businesses for the purpose of sexual harassment claims.  An “intern” is considered an employee if:   the employer & intern agree to no wages; employer is not committed to hiring the person; and the closely supervised work provides experience for the benefit of the person performing the work, but does not displace regular employees.

PA 98-1119 (SB 3405) Protecting small businesses from patent trolls
Any person sending demand letters about patent infringement must have an actual legal claim that is valid. Offenders will be subject to sanctions for engaging in a deceptive business practice.

PA 98-1051 (HB 5563)   Equal pay investigations
Allows Departments of Labor (DOL) and Human Rights (DHR) to combine Equal Pay and Sex Discrimination investigations and investigate an equal pay violation when a sex discrimination violation is also alleged, so that employers do not have to undergo TWO investigations.

PA 98-1050 (HB 8) Workplace pregnancy accommodations
Provides that it is a civil rights violation for employers: to not to make reasonable accommodations for employees with conditions commonly related to childbirth or pregnancy; to require a job applicant or employee to accept accommodations; to require an employee to take leave for a medical condition related to childbirth or pregnancy; or to retaliate against a person who has requested, attempted to request, used, or attempted to use a reasonable accommodation.

PA 98-0838 (SB 2999) Licensing of roofing contractors
An applicant for licensure must submit to IDFPR evidence that they have an unemployment insurance employer account number issued by IDES, and that there is not a delinquency in payment under the Unemployment Insurance Act.  All persons performing roofing services under the Act shall be licensed as roofing contractors, except for persons who are deemed to be employees of a licensed roofing contractor.

PA 98-0874 (SB 1103) Occupational Safety and Health Act
This new Act, like the two Acts it replaces, applies only to public employers (the federal OSHA Act governs occupational health and safety in the private sector). One new change in the combined Act allows the Attorney General to bring an action in a circuit court to enforce the collection of any civil penalty assessed under the Act.

PA 98-1096 (SB 1778) Resale Dealers Act
The act requires that a resale dealer maintain a standard record book that has been approved by local law enforcement. It provides that the resale dealer shall record a detailed account of each transaction in the record book and establishes additional requirements concerning record books. Further provides that every resale dealer shall require that ID be shown by each person selling any goods, articles, or other things to the resale dealer and establishes additional requirements concerning acceptable forms of ID. It establishes criminal offenses that a person may be charged with for violating the Act, and amends the Pawnbroker Regulation Act to repeal a provision concerning requirements for unregistered buyers conducting business at temporary buying locations. Defines resale dealer.

http://www.thecaucusblog.com/2014/12/new-laws-effective-2015.html

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.

Real Estate/Property

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.

Source: http://www.thecaucusblog.com/2014/12/new-laws-effective-2015.html

Types of Business Structures in Illinois

Starting a new Illinois business can be both exciting and challenging. Whenever you start a business, you will have to select one organizational type from out of all the different business structures. This choice determines how your business will be set up and organized. Making the right choice for your business will generally depend upon the type of business, how you want the business to be run, how many owners the business will have, and the financial situation of the business.

Below are the types of business structures in Illinois that you can organize your new business, along with a brief description of each.

Sole Proprietorship and General Partnership

When a business name is different from the owner(s) full legal name(s), the Illinois Assumed Name Act requires sole proprietorships and general partnerships to register with their local county clerk’s office for registration under the Assumed Name Act. Sole proprietors must have a Federal Employer Identification Number if they pay wages to one or more employees, or file any pension or excise tax returns including those of alcohol, tobacco or firearms.

Limited Partnership

A Limited Partnership is an organization made up of a GENERAL PARTNER, who manages a project, and limited partners, who invest money, but have limited liability and are not involved in day-to-day management. Typical limited partnerships are in real estate, oil and gas, and equipment leasing and family partnerships.

Limited Liability Company

A Limited Liability Company (LLC) is the non-corporate form of doing business that provides its owners with limited liability, flow-through tax treatment and operating flexibility through participation in management of the business. The LLC is well suited for every type of business venture, except banking and insurance, which are prohibited by Statute. Examples of acceptable businesses are: farming, agricultural services, mining, construction, manufacturing, transportation, wholesale and retail trade, investment companies, insurance agents, real estate brokers, all types of real estate ventures, hotels, personal and business services, automotive sales and services, amusement and recreation, health services, accounting, architecture and other professions…

Limited Liability Partnership

If organized as a Limited Liability Partnership under a specific section of the General Partnership Act, partners are not liable for the debts, obligations and liabilities of, or chargeable to the partnership arising from negligence, wrongful acts, omissions, misconduct or malpractice committed while the partnership is a Limited Liability Partnership.

“C” Corporation

A corporation is a distinct legal entity and is the most complex form of organization. A corporation may sell shares of stock, which are certificates indicating ownership, to as many people as is desirable. The shareholders then elect a board of directors, which elects a president and other officers who run the company on a day-to-day basis. Among the advantages of corporate formation are limited liability of the shareholder and ease of transferring ownership. If the name of the business includes the word “Corporation,” “Inc.”,”Incorporated” or “Corp.”, then the business must be incorporated.

“S” Corporation

Electing S Corporation status is an option that must be made through the Internal Revenue Service (IRS) when starting a business. In general, an S Corporation passes through income and expenses to its shareholders, who then report them on their own income tax returns. To qualify for S Corp. status, a corporation must meet several requirements, one of which limits the number of shareholders.

Before selecting a business structure for the business you’re planning on starting, it is highly recommended to consult an attorney with business law knowledge and/or accountant for assistance in determining which Illinois business structure is best suited for your business objectives.