Real Estate Focus Newsletter

Real Estate Focus: Winter 2017

Fixing your "broken" condo building

It has become a common scenario. At the height of the real estate market years ago, zealous real estate developers converted hundreds of dated and neglected apartment buildings into condominium developments. Real estate investors, both experienced and newbies alike, were attracted to promises of heathy investment returns and ease of resale. The recession hits and the developer can no longer complete the originally intended construction, much less continue to sell the remaining units in the building. What’s left is the classic busted condominium project and the investors who already closed on their units are left holding the bag.

Fast forward to the present time and those investors who still own their units in these projects and didn’t already lose them in foreclosure are starting to see a way out of this investment gone wrong.

To read more, click here.

Corporations and LLCs must have legal representation at administrative hearings

Gone are the days when business owners could represent their LLC or corporation in an administrative hearing. For many years administrative law judges hearing cases in the City of Chicago allowed non-attorney representation for matters regarding ordinance violations. In recent years it has been determined that non-attorneys appearing on behalf of such entities at administrative hearings were committing the unauthorized practice of law. Unfortunately, many business owners are unaware of this requirement and they continue to attend administrative hearings without legal representation.

To read more, click here.

Will Governor Rauner pay my mother's real estate taxes?

Q: My mother’s widowed neighbor told her that Governor Rauner pays his real estate taxes. (Frankly, I think he’s been smoking too many pine cone seeds.) Can you please confirm my opinion of the mental state of my mother’s neighbor?

A: Not only is your mother’s neighbor not mentally challenged, but he is correct and I suggest that your mother bake him a pie for informing her of a valuable State of Illinois program designed to aid senior citizens. The law in question is identified as the Senior Citizens Real Estate Tax Deferral Act.

To read more about the eligibility requirements for this Act, click here.

Featured Attorneys

K. Shaylan Baldwin,
Principal and
Practice Group Leader

sbaldwin@chuhak.com

Kara Allen,
Associate

kallen@chuhak.com

Arnold E. Karolewski,
Principal

akarolewski@chuhak.com

Is there a topic you would like to see covered in the newsletter?

Send us an email.

Our real estate attorneys are mindful of the knowledge clients need—information directly affecting their lives and businesses. To that end, we invite you to take a peek at what's going on with our Condominium and Community Association practice group. They have numerous presentations on topics that may be of interest to you, including:

Navigating City of Chicago Ordinances
De-conversions
Condo board issues

If any of these interest you, or to suggest a presentation that would be beneficial to your group, please contact practice group leader Steven Bloomberg.

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