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With the rise in apartment rents, we are being approached by developers to assist with the acquisition and de-conversion of condominium buildings to apartment rental properties in Chicago. Although this may seem like a daunting process, it really only involves the following steps: (1) obtaining the vote of unit owners to sell the entire condominium building; and (2) legally de-converting the condominium building.

Make sure you strictly comply with the lease notice provisions for exercising an option to renew and extend in Illinois.

On June 22, 2016, the Chicago City Council voted 43-7 to enact an ordinance amending Titles 2, 3, 4 and 17 of the Municipal Code regarding Shared Housing Units and Vacation rentals (the “Shared Housing Ordinance” or “SHO”). Chicago Mayor Rahm Emanuel signed this legislation on June 24, 2016, and the Shared Housing Ordinance was published in the City Council Journal of Proceedings on July 20, 2016 at pages 27714 through 27770.

On June 22, 2016, the Chicago City Council voted 43-7 to enact an ordinance amending Titles 2, 3, 4 and 17 of the Municipal Code regarding Shared Housing Units and Vacation rentals (the “Shared Housing Ordinance” or “SHO”). Chicago Mayor Rahm Emanuel signed this legislation on June 24, 2016, and the Shared Housing Ordinance was published in the City Council Journal of Proceedings on July 20, 2016 at pages 27714 through 27770.

With the current rate of construction, there is no surprise that the number of mechanic’s liens filed has skyrocketed. Since we have experienced an uptick in our real estate clients requesting assistance, I thought it would be a good time for a refresher.

Make sure you pay your past due 2014 taxes, Cook County just announced the tax sale date, June 3, 2016.

Consider this set of facts. During the development of residential properties, several separate and distinct condominium associations were created by the developer. There were six condominium associations with 260 homes. A separate master association controlled and administered the common elements of the six condominium association

Although it took a lot longer than most experts expected, the U.S. housing market has experienced a slow and steady rebound in the wake of The Great Recession. As prices and purchases are finally on the rise nationwide, so are confidence levels, which are gradually returning to pre-recession levels.

Real estate is real estate, right? You bought a house, and that’s exactly like buying a commercial building, right? Wrong. Though there are certainly many similarities between the two processes, there are some things you should know if you’re taking your first dive into commercial real estate.

A cautionary tale for home buyers who are seeking title insurance to protect themselves from potential third-party claims on the property.