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

 

I've had a number of conversations recently with condo owners, including board members, who are in the dark about the association's financial position. They are not receiving financial reports regularly from either the board Treasurer or the association's manaagement company, and they literally have no idea how much cash the association has on hand.

When it comes to condo living, one of the greatest sources of conflict is money. Depending on the size of the condominium association, there could be huge amounts of money at stake. Not knowing what is there and how funds are being used should sound an alarm for any condo owner. All owners absolutely have a right to know the details about their association's financial health.

When there is a lack of transparency in providing documentation about financial matters, there exist the opportunity for those managing the association's funds to commit fraud. It's unpleasant to think that a neighbor or management company could be siphoning funds, but the reality is that it happens.

Owners have a legal right to examine the associatoin's financial records upon written request. At HausFS we believe that financial records should be shared proactively and consistently, and that owners should not have to go to special lengths to obtain information about how the board or their management company is managing their money. 

If you are not receiving regular financial information from your board or management company, call us. We can help.

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