KSN attorney, Omar Malik, recently released a podcast episode in which he discusses the challenges he and his team faced while closing a $6.15M deconversion sale amidst coronavirus. He also discusses the deconversion process, applicable legislation, and changes in the closing process.

Listen to the podcast here.

Are you an investor owner who rents out your condo unit?

If so, there is important information you need to know about the recently passed Fair Notice Ordinance for Chicago residential properties. 

All leases or tenancies that expire on or after 9/20/20 must give the following notices to the tenant for termination, non-renewal, or rent increase:

1. If a tenant has resided in the property for, or has a lease term of fewer than 6 months, you must provide 30 days' notice of your intent to terminate, a notice of non-renewal, or intent to increase the rental rate.

2. If a tenant has resided in the property for, or has a lease term between 6 months and 3 years, you must provide 60 days' notice of your intent to terminate, a notice of non-renewal, or intent to increase the rental rate.

3.  If a tenant has resided in the property for, or has a lease term of more than 3 years, you must provide 120 days' notice of your intent to terminate, a notice of non-renewal, or intent to increase the rental rate.

Additionally, the Governor will be extending the order banning the filing of new eviction cases and the enforcement of the order of possession until 8/22/2020. 

There is pending litigation to overturn this Order.  

For pending eviction cases, there is a chance that the court may continue all the cases until after 8/22. 

Until the order expires, you can 

  1. File and proceed on commercial evictions
  2. File evictions for tenants that pose a direct threat to the health and safety of other tenants or the property.
  3. Serve 5 day, 10 day, 30 day, or non-renewal notices on tenants. In Chicago, you will need to follow the requirements for the non-payment of rent. 

Jason Knowles of ABC 7 Chicago's I-Team interviewed Lauren Peddinghaus of Haus Financial Services, LLC for a story on condo assessments and COVID-19. The segment aired on the 10 p.m. newscast on Wednesday, July 28th.

Watch the story to learn more about how the pandemic is affecting condo unit owners who may be struggling to pay their monthly assessments.

As a response to the recent rise in COVID-19 cases, Mayor Lightfoot is reinstating certain restrictions that will take effect Friday, July 24 at 12:01 am. 

Among these restrictions is that guest entry will be limited to five per unit to avoid indoor gatherings and parties.

While not mandatory, the City is asking buildings to enforce this through their front desk attendant and/or displayed signage. 

The new guidelines also adjust in part the Restore Illinois: Phase 4 guidelines relative to fitness centers. 

Read the full press release, here

 

Do you have questions about association maintenance or project planning?

If so, tune into a condo/HOA live panel discussion that will be streamed live on Youtube on July 21 from 4-6 pm. 

In this live Q&A, you’ll hear from industry experts about the realities of capital improvement projects, how to pay for projects, how to schedule multiple contractors, the process and timing for projects, and how to communicate with homeowners. 

Tune in to the event, here

 

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