Real Estate Law

(Murphy, D-Des Plaines; Croke, D-Chicago) amends the Illinois Property Tax Code affecting the Illinois Property Tax Appeal Board. Currently, there is statutory authority in the Condominium Property Act to allow condominium associations to file a joint appeal on behalf of all owners as an association to the Property Tax Appeal Board. But there is no such mechanism in the Code to allow for homeowner associations to file joint appeals on behalf of all owners. Public Act 102-1000 will allow homeowner associations the right to file one appeal on behalf of all owners as condo associations now can do. Effective January 1, 2023. 

(Ford, D-Chicago; Villivalam, D-Chicago) amends the Illinois Human Rights Act to declare Illinois’ public policy is to prevent discrimination based on source of income in real estate transactions. Defines “source of income” as the lawful manner by which an individual is supported and their dependents are supported. Makes it a civil rights violation for specified discriminatory actions because of an individual’s source of income. Effective January 1, 2023.

(Tarver, D-Chicago; Sims, D-Chicago) is the first major update of the Residential Real Estate Disclosure Act since its enactment in 1994. Among its many changes include allowing for electronic delivery and notice of the disclosure and harmonizes this Act with the newer Illinois Trust Code and the Transfer on Death Instrument Act. It also clarifies that a seller does not waive being exempt if a disclosure report is nevertheless delivered. It also includes additional consumer protections for the buyer. Effective May 13, 2022. 

(Croke, D-Chicago; Feigenholtz, D-Chicago) adds a reserve study to the list of records that boards must provide to their homeowners upon request. It also extends the repeal date of Condominium and Common Interest Community Ombudsperson Act to January 1, 2024 (rather than July 1, 2022). Passed both chambers. 

Wheeler, R-North Aurora; Cappel, D-Plainfield) changes the law on providing of information to a prospective buyer by a unit owner. It requires that the principal officer of the unit owner’s association or other designated officer to provide the information specified in Section 22.1 within 10 business days, rather than 30 days, of the request by the prospective purchaser. It changes the fee to be imposed on the unit owner from “a reasonable fee” to “a reasonable fee not to exceed $375” covering the direct out-of-pocket cost of providing and copying the information. An association may charge an additional $100 for rush service completed within 72 hours. Passed both chambers. 

(Ford, D-Chicago; Villivalam, D-Chicago) amends the Illinois Human Rights Act to declare Illinois’ public policy is to prevent discrimination based on source of income in real estate transactions. Defines “source of income” as the lawful manner by which an individual is supported and their dependents are supported. Makes it a civil rights violation for specified discriminatory actions because of an individual’s source of income. Passed both chambers.  

(Tarver, D-Chicago; Sims, D-Chicago) is the first major update of the Residential Real Estate Disclosure Act since its enactment in 1994. Among its many changes include the following: allowing for electronic delivery and notice of the disclosure and harmonizes this Act with the newer Illinois Trust Code and the Transfer on Death Instrument Act. It also clarifies that a seller does not waive being exempt if a disclosure report is nevertheless delivered. It also includes additional consumer protections for the buyer. Passed both chambers.