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All tagged Condominium Law
New Fannie Mae condo requirements seek to improve the real estate landscape. Overall, this move followed a condominium building collapse in Surfside, Florida.
Under Illinois real estate law, condominium lawsuits tend to be commonplace. Oftentimes, residents take up issues with their building associations, and vice versa.
In January of 2021, Cook County passed the new Residential Tenant Landlord Ordinance. This ordinance took aim at establishing protections for renters.
In 2021, Illinois activated several new laws for the real estate industry, including the Condominium Property Act. While Illinois did not make any changes to the law in 2020, this latest addition represents the sole change for 2021.
In recent years, numerous Chicago condominium developments have undergone “deconversions” to transform them into apartment buildings. As a matter of fact, between 2016 and 2018, there were 20 total deconversions made in the City of Chicago. This possibly stems from the upward trending apartment rental market in conjunction with Chicago’s slowing home buying market, along with the devaluation of many units in condominium projects.
Last month, a new Chicago ordinance went into effect in an attempt to slow the spree of recent condo-to-rental deconversions.
Imagine buying the condominium unit of your dreams.
The flooring is finished. The kitchen has new Whirlpool appliances built in. You can’t even hear your neighbors through the walls. Everything is perfect.
Until it isn’t.
A couple weeks in, you notice water seeping into the unit. But it’s not just a tiny amount.
Naturally, you report the case to the condo association and they call up the manufacturer. But the manufacturer insists that they did everything by the book. And now, we have a legal dispute on our hands.
