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As we enter the autumn season and approach 2024, condominium associations across the United States are readying themselves for significant change in legislation that is likely to enhance corporate transparency and combat illegal activities, such as money laundering and various other illicit activities. This comprehensive law, the Corporate Transparency Act, or the “CTA” as it is commonly referred to, will have far-reaching implications for many kinds of business entities, particularly condominium associations. For legal guidance regarding how this new law will impact condominium associations, contact a lawyer to ensure you have the legal protection necessary to have a complete
Continue Reading What to Know About the New Corporate Transparency Act 

 
The legalization of marijuana in many states has raised concerns regarding the impact of marijuana smoke in shared places, particularly in condo buildings. For those experiencing such situations, you may be wondering what you can do if you feel bothered by the aroma of marijuana in your condominium building. Consider contacting an attorney experienced in condominium law, as they will likely be able to help assist you in navigating this tricky situation. 
Understanding Legal Restrictions

  • Review condo association laws – Start by reviewing the condo association’s bylaws and rules. These documents often address smoking policies and may provide

  • Continue Reading What Can I Do About Marijuana Smoke in a Condo?

    You may be thinking about selling your condo because you want something bigger or you are moving out of the area; whatever your plans might be, it is important that you follow new changes to the condominium law so that you have a smooth transaction. As the seller, you will need to gather key documents, including the condominium’s rules and guidelines, which are known as the Declaration and by-laws, to share with the potential buyer. An Illinois attorney can help make sure that you adhere to Section 22.1, which went into effect at the beginning of this year.
    Understanding the
    Continue Reading What Should I Know Before Selling My Condo in Illinois?

    A condo association must occasionally change rules that are no longer working or introduce new rules to manage a new situation. It is normal and natural that the rules and procedures condo owners are subjected to may need to be updated from time to time. However, initiating those changes may be a process. A condo association cannot simply create new rules during a board meeting and have them take effect immediately. While it would likely be easier for condo associations to respond to changes and problems in the community if this were the case, requiring that certain steps be taken
    Continue Reading What a Condo Association Should Know About Rule Changes

    Selling a business is a complex process that involves numerous legal intricacies. While it may be tempting to handle the sale on your own to save money, consulting with a business law attorney is essential to ensure a smooth and successful transaction. Today, we will discuss the importance of hiring a business law attorney when selling your business and how their knowledge can protect your interests throughout the selling process.
    Comprehensive Knowledge of Business Law
    A business law attorney possesses specialized knowledge in the legal aspect of selling a business. They are well-versed in the relevant laws and regulations, ensuring
    Continue Reading The Importance of Hiring a Business Law Attorney When Selling Your Small Business 

    Dog lovers and those who would prefer not to have dogs around must often cooperate in communal living environments like condos. Most dog owners are unwilling to give up their pet, who they may view as a member of their family. However, there are limits to what a condo association must legally accept when it comes to pet ownership. Some condos are not pet-friendly at all and bar residents from owning a dog entirely. Others restrict the breed and size of dogs permitted to live on the property. However, there are a wealth of legal exceptions that may apply to
    Continue Reading What You Need to Know About Dogs Restrictions and Condo Associations

    Starting in 2020, the use of marijuana for recreational purposes became legal in Illinois. While adults are allowed to possess and use a certain amount of marijuana or marijuana products, those who do not use these substances may be concerned about how they will be affected. In particular, people who live in close proximity to marijuana users may be bothered by the smell of marijuana smoke, or they may worry that the use of drugs by others could potentially put them at risk. As they address concerns about marijuana use by residents, condominium associations will need to understand what types
    Continue Reading Can Condo Associations in Illinois Prohibit the Use of Marijuana?

    Fannie Mae and Freddie Mac play an important role in the real estate market. These government-sponsored enterprises (GSEs) purchase mortgages from lenders and help maintain stability in the mortgage markets. To ensure that a loan can eventually be purchased by Fannie Mae or Freddie Mac, lenders will need to make sure mortgages conform to certain requirements. In situations where potential buyers are considering purchasing a condominium, a condo association will be required to provide certain types of information to ensure that it meets the requirements of Fannie Mae and/or Freddie Mac. By understanding the types of forms that will need
    Continue Reading Understanding Fannie Mae and Freddie Mac Forms for Condo Associations

    In the 21st century, global climate change is an increasingly important issue that concerns individuals, businesses, and governments. To help address this issue and limit activities that could accelerate climate change, governments at the national, state, and local levels are taking steps to implement new policies that are meant to reduce carbon emissions and improve energy efficiency. The City of Chicago has begun to put a variety of measures in place that will help reduce emissions and achieve carbon neutrality in the future. Because Chicago’s decarbonization strategy will affect multiple buildings and properties throughout the city, condominium associations will need
    Continue Reading How Will Chicago’s Decarbonization Strategy Affect Condominiums?