Subject Index Real Estate Law

The Illinois General Assembly amended the Property Tax Code to raise the maximum income limit for the “Low-Income Senior Citizens Assessment Freeze Homestead Exemption” to $75,000 for tax year 2026, $77,000 for tax year 2027, and $79,000 for tax year 2028 and beyond. 

The Illinois General Assembly amended the Open Space Lands Acquisition and Development Act to expand grant assistance for projects located in distressed communities and distressed locations.

The Illinois General Assembly amended the Condominium Property Act. The board of managers of a condominium association must now adopt a policy to reasonably accommodate a unit owner who is a person with a disability and requires accessible parking. 

The Illinois General Assembly amended the Condominium Property Act. The board of managers of condominium associations must now adopt policies to accommodate unit owners with disabilities who require accessible parking.

The Illinois General Assembly amended the Residential Mortgage License Act. Before taking any legally-binding action on shared appreciation agreements, borrowers must be provided with counseling, which the borrower cannot waive.

On Oct. 9, 2024, the Third District of the Illinois Appellate Court held that compliance with the Property Tax Code’s notice requirements satisfies due process, even if attempts to notify the property owner fail.

The Illinois General Assembly amended the Condominium Property Act. This amendment establishes that a condominium association is prohibited from refusing the sale of a unit, exercising an option to purchase, or disapproving a sale based on any unlawful or discriminatory purpose.

The Department of Financial and Professional Regulation adopted several amendments to the Part titled Home Inspector License Act. All home inspectors and home inspector entity licenses expire on November 30 in even-numbered years.

The Illinois General Assembly enacted the Private Primary Residential Flood Act. The Act regulates private insurers offering primary residential flood insurance to consumers. All insurers must notify and obtain the approval of the Department of Insurance at least 30 days before writing a residential flood insurance policy within the state.

The plaintiff filed a complaint against her condominium association and its acting president who prohibited her from operating her condominium unit as a short-term rental on Airbnb on the basis that the condominium declarations barred short-term rentals.

On Nov. 18, 2020, the Second District of the Illinois Appellate Court held that full interest in real estate may be transferred without the signature of all owners of the property, provided that a meeting of the minds exists.

On Sept. 30, 2020, the First District of the Illinois Appellate Court reversed a circuit court’s judgment dismissing a complaint that alleged negligent misrepresentation on the part of a construction engineering firm for failure to state a cause of action.