by Jeff on November 7, 2011
Brought to us from our friends at chicagoeviction.com …
The State of Illinois, by way of Public Act 097-0470, just amended the Illinois Landlord and Tenant Act, adding new section 765 ILCS 705/15, effective January 1, 2012, requiring landlords in counties with a population in excess of 3 million people (ie. Cook County) to change or re-key the locks on a dwelling unit after a tenancy ends. Exempt from the law are (1) owner occupied buildings containing four or fewer units or (2) rentals of a room in a private home.
The law basically requires covered landlords to change or re-key the locks when a tenant moves out and before a new tenant moves in. There is an exception when the tenant, by way of lease, has obtained the right to change or re-key the dwelling unit. The changing or re-keying must occur after the dwelling unit has been vacated and on or before the day a new tenant takes possession. The law defines “changing or re-keying” as any of the following (1) replacing the lock; (2) replacing the locking or cylinder mechanism in the lock so a different key must be used to unlock the lock; (3) changing the combination on a combination or digital lock; (4) changing an electronic lock so that the means or method of unlocking the lock is changed; or (5) changing the means of gaining access to the locked unit so it is not identical to the prior tenant’s means of gaining access to the unit.
The law imposes a harsh penalty on landlords who fail to comply. A landlord who violates the law is liable to the tenant for any damages the tenant may incur if a theft occurs at the dwelling unit that is attributable to the landlord’s failure to rekey or change the lock.
So, in short, at the end of each lease, an owner/landlord should be prepared to change or re-key the door locks on their rental units.
Not unreasonable by any means but new landlords should factor this time and cost into their budget.
Our Chicago Home Search provider continues to innovate. Head to the following link via your mobile device and you will be redirected to the mobile site. Nice ability to view listings and refine your criteria based on your current location. Check it out!
Chicago Home Search: http://idx.diversesolutions.com/search/965/17
1347 N. Mohawk
At 3 bedrooms + den, 3 baths this Old Town duplex is a great alternative to townhome or even single family home living. We’ll be in the middle of all the Old Town action this coming weekend as we are open Sunday, June 12 from 11am to 3pm.
Stop by before or after the Old Town festivities (Old Town Art Fair, Party at St. Mike’s, Wells Street Art Festival). Check out the full image gallery.
- 2241 N. Lincoln – Classic Courtyard
Having shown clients condos in many courtyard buildings over the years and recently bringing a very nice renovated courtyard residence in Lincoln Park to market, my curiosity was peaked. Just what is the history of the chicago courtyard building? I found these great articles online…
The first, from Ultra Local Chicago, focuses on courtyard buildings in Chicago’s Rogers Park neighborhood and gives a great overview of the different courtyard configurations.
The second, from A Chicago Sojourn, provides a nice photo overview of the classic Chicago courtyard building.
Take a tour of 2241 N. Lincoln online for more photos of a classic Lincoln Park courtyard residence.
OPEN HOUSE: Sunday, May 22 from 12pm to 2pm.
Yes, as the title of this post indicates, our Chicago home search has been updated. I am very happy with the updates that have been made and the fact that our property search provider is on the cutting edge. In fact, our property search functionality surpasses that of local brokerages.
That said, there is one major issue I have with the update. Chicago is a city of community areas (77 to be exact) and neighborhoods (hundreds). Buyers commonly search for properties by community area and neighborhood. So as an example if they want to view all Lincoln Park listings they would type ”Lincoln Park” into the neighborhood search field and all results are returned.
Not so any more. For whatever reason, “Chi – ” needs to be inserted before each community area name in the search field. So as an example, if you want to search on Rogers Park listings, you would enter “Chi – Rogers Park”. User friendly, no. Why, I have no idea, but don’t get me started.
I am pushing our search provider to correct this issue so keep posted.
UPDATE: Fixed! Thank you for listening Chicago property search provider.
Click to View Interactive Map
Interesting chart above produced by Fiserv and Crain’s. It illustrates graphically a change in Chicago and (Chicagoland) home prices from Q4 2009 vs. Q4 2010. Those areas in Chicago where prices have fallen most are of course colored in red. The chart is informative as the data is local and brought down to the zip code level. It also compares a full quarter of activity as opposed to month over month which can be skewed.
With a recent uptick in the Pending Home Sales Index in the Midwest it will be intersting to see whether this is reflected in the chart Q1 2010 vs. Q1 2011 results. Hopefully Crains will continue to make this information available on an ongoing basis.
Visit the interactive map and see how your neighborhood fares.
This CNBC bit riled me. Check out the comments as the readers commenting on the post hit the nail on the head.
Here is the proposition at the beginning of the article…
So what if you had a guarantee that even if your home lost value, you wouldn’t lose your initial investment?
A guarantee? Unless there is some institutional (federal, large corporate) backstop of the insurance that is being provided then the answer to the question above is probably no.
We have seen hints of buyer insurance programs offered here in Chicago on a local level and it has been nothing short of a disaster.
As a buyer, do not be lured into a purchase because of an insurance contract. There needs to be some real backing behind the policy, otherwise it is only marketing collateral.
2024 W. Farragut Kitchen Renovation
Our team just took a fantastic new listing to market at 2024 W. Farragut in Chicago’s Bowmanville neighborhood. Prior to listing the home we assessed strengths and weaknesses. The outdated kitchen, the “laminate palace”, as we dubbed it was a major issue.
To compete in the market we recommended a kitchen renovation. Complete with granite countertops, 42″ cabinets, additional cabinet and drawer storage space, refinished floors, undermount sink, full designer glass backspash, and top end fixtures, the result is nothing short of stunning. More photos here.
Lincoln Park 2520 in the Distance
I was driving east on Wrightwood Avenue this morning and Lincoln Park 2520 suddenly caught my eye in the distance. I’m usually preoccupied with small details like keeping the car on the road, but today, the clear view down Wrightwood really made the building stand out against the sky and clouds. They are making great progress as you can see the building rise behind the cranes.
The photo from my smartphone does not do the view justice but click on the photo to see a larger image. Head down Wrightwood towards the lake from at least Racine to get this unique perspective.
by Jeff on March 24, 2011
Some yes, and some no.
Over the past year it seems I have received more questions from appraisers to help them in assessing listings that are not my own than I have ever received before.
Many are in an effort to clarify information from our team closed transactions in the same building or nearby property. Questions range from, was a parking space include in the sale of the unit to whether the unit included an in-unit washer and dryer to level of unit finish. These questions can typically be answered by a thorough assessment of the MLS listing.
Of late however, I have received multiple calls from appraisers regarding our team active or under contract listings. No surprise, but active listings are being used as a data point in property valuation these days. Here is a sample question I received today (address of the property has been removed)…
I would like to use this listing as a comparable in an appraisal. Can you tell me when this unit is closing?
We are all adjusting to a new marketplace so many questions from all sides are expected. That said, the close date is a critical term in the contract that should not be disclosed. As such, our policy is not to discuss any contract term while under contract or beyond.
Just because your property is under contract doesn’t mean it is sold. Ensure your agent is protecting all the confidential details in your contract.
