Posts Tagged ‘property owner’
The Illinois Condominium Property Act and the Chicago Condominiums Ordinance require condominium associations to comply with requests of unit owners to review Association records within thirty (30) days of written request for the records. Both laws provide that a wrongful failure or refusal to produce the records will entitle the unit owner to reimbursement of the unit owner’s attorney fees if the unit owner is forced to retain an attorney to obtain access to the records.
The Chicago Ordinance permits the unit owner to inspect the Association’s books and records of account for the previous ten (10) years, including but not limited to itemized and detailed records of all receipts and expenditures. The Ordinance does not require the unit owner to state any purpose in order to obtain access to the records.
In the case of the Illinois Condominium Property Act, records are divided into two categories. The first category, which includes the association’s declaration and by laws, articles of incorporation, meeting minutes and insurance policies, is freely available for inspection by unit owners and does not require that the inquisitive owner state any reason for the request. The right of a unit owner to inspect other documents of the association requires that the unit owner provide the association “a proper purpose” for the inspection. In the case of those other records, the unit owner must submit a written request for the records “stating with particularity the records sought to be examined and a proper purpose for the request”.
Logan Law, LLC condominium attorneys have represented Illinois condominium associations for forty five years and have a depth of experience and knowledge of Illinois condominium law. Feel free to contact a Logan Law, LLC attorney whenever you need an attorney experienced in condominium or community association law.
Real Estate taxes in Cook County, Illinois are always a year behind. Thus, the real estate taxes Cook County property owners pay in 2015 are the 2014 taxes. Because real estate taxes constitute a lien against the real estate, it is customary for real estate taxes to be pro-rated as part of any real estate sale closing, based upon the most recent ascertainable taxes.
Cook County real estate taxes are billed in two installments. To make matters even more complicated, the Cook County Treasurer computes the first installment bill based upon 55% of the bill for the prior year. Thus, the first installment of 2015 taxes is billed based upon the 2014 taxes, with any difference between 2014 and 2015 actual taxes being billed in the second installment.
Because taxes have historically increased over time and Cook County tax billing lagging by a year, it is customary that real estate tax pro rations be based upon an escalation factor. Thus, purchase contracts frequently provide that the tax pro ration will be based upon 105%, 107% or even 110% of the most recent ascertainable taxes, to provide a cushion when the buyer must pay the actual tax bill for the year.
Feel free to contact an Illinois attorney experienced in handling all aspects of real estate closings for both buyers and sellers at Logan Law, LLC, if you have questions about the sale of your Chicago area real estate or any other area of the laws governing the purchase or sale of real estate.
Real estate law is very important. Whether you are a buyer or a seller, make sure you understand the legality of the situation you are in. Our attorneys are prepared to work with you. Our Chicago Real Estate Lawyers handle it all for Chicago area property owners. We look forward to working with you soon.