Naperville, IL 60563
Call Us Today for an Initial Consultation
630-778-3818
Recent Blog Posts
CBD Industry Offers New and Exciting Opportunities for Mall Owners
With widespread mall closures for retailers like Nordstrom, JC Penny, and Macy's, commercial real estate owners are scrambling to fill space. Two major mall franchises have announced plans to add CBD shops to their list of retailers. Learn more about this interesting development in the commercial real estate (CRE) industry, and how it could impact your bottom line.
Mall Franchises Partner with Major CBD Retailer
Two mall franchises, Simon Property Group and Brookfield Properties, recently announced their plans to partner with the major CBD retailer, Green Growth Brands. More than 200 CBD shops will be opened in malls across the country over the next year. With a strong growth history and high-quality products, the CBD company is expected to flourish inside of malls.
Specifically, Green Growth Brands will be featuring its health and beauty stores inside of malls. They own two specific (but different) brands - one focused on soaps and shampoos, the other on the empowerment and wellness of women. The opening of CBD flower shops is also expected in some locations.
Combatting the “Expectations Gap” in Commercial Real Estate
Most everyone knows what it feels like to plan something and set expectations on the outcome, only to encounter an obstacle along the way. Almost immediately, the bottleneck increases stress levels - because, as everyone knows, complications lead to delays and less than optimal results.
In the commercial real estate (CRE) industry, the space in which these losses occur in are known as “expectations gaps.” For the commercial investor and their team, the consequences of a gap can be dire, resulting in lengthy delays and lost income. Learn more about what causes these gaps, and how your firm can overcome them, in the following sections.
CRE Lawyers and CRE Investors - Results vs Expectations
Real estate attorneys are often seen as the “bad guy” in a real estate deal - the reason that bottlenecks occur. This is not the case, however.
Landlords Need to Heed Illinois Lead Laws
Lead can have a devastating impact on the mental and physical development of children. Sadly, the state of Illinois has one of the highest rates of lead poisoning in the nation. In fact, Cook County alone had more than 4,500 children who tested positive for lead poisoning last year. Some of these cases may have been the result of a lack of disclosure. This is allegedly the situation for one landlord who is now facing litigation.
Illinois Landlord Faces Litigation
In May of 2015, news reporters covered a story about two young children who had suffered from lead poisoning. Investigations from the Illinois Attorney General revealed that the lead had allegedly come from their apartment home. Their landlord had reportedly failed to take appropriate action, as required by the Cook County Public Health Department. Because of that, the Attorney General is filing suit against the landlord. This could ultimately result in a temporary closure of the property and hefty fines for any failure to comply with the stipulations for reopening the property.
Rent Withholding – What Every Tenant Should Know About the Right to Repair Act
Although most landlords work hard to keep their properties safe and habitable, some do not. The Residential Tenants’ Right to Repair Act outlines the recourse that tenants have in such situations. It also provides detailed information on the limitations of the Act, which must be followed to ensure the protection of your tenant rights. If you are experiencing poor living conditions or are struggling to have essential repairs made, the following can help you understand how this Act may apply to your situation.
Deducting Repairs from Rent Due
Under the Tenants’ Right to Repair Act, tenants have the right to use a portion of their rent to pay for necessary and reasonable repairs to their dwelling. This right is not without limitations, however. The tenant cannot simply make the repair. Instead, they must notify the landlord, in writing, by registered or certified mail. If a response is not received and the repair has not been made within 14 days of the receipt of the notice, the tenant may then pay a tradesperson to complete the repair. It should be noted that the amount cannot exceed $500 or one-half of the tenant's monthly rent (whichever is lesser). Further, the damage cannot have been caused by the deliberate or negligent acts of the tenant or their animals or visitors.
Tenant Protection for Illinois’ Domestic Violence Victims
Data from the National Coalition Against Domestic Violence (NCADV) shows that approximately 20 people per minute are abused by an intimate partner. In some cases, the violence extends beyond cuts and bruises; the victim's life is truly in danger. What does this mean for you as a landlord? The following explains the tenant protections offered to domestic violence victims under Illinois state law, and it provides you with details on where to find assistance if you need further guidance or advice in a specific tenant-landlord situation.
Examining the Tenant's Rights
Tenants who are being abused by a family member have the right to terminate their lease early, should they so choose. However, they can also request to have their abuser evicted and the locks changed. As a landlord, you are required to comply with these protections. You should also be aware that domestic violence is considered a viable defense to an eviction, which may already be underway by the time you learn of the abuse. Sadly, this can leave you feeling a little caught off-guard, and it may even cause you to overlook your own rights as a landlord.
Mediating or Negotiating a Landlord-Tenant Dispute - What Every Tenant Should Know
Living under the roof of another person can require a lot of compromises - but what can you do if compromise fails, or if your landlord refuses to hear your side of thing? Tenants often assume that a lawsuit is the answer, but this method is usually both complex and expensive. Thankfully, there are other tools and resources that tenants can use to resolve issues with their landlords. Learn more about them in the following sections, and discover how a seasoned Naperville real estate lawyer can help you resolve your landlord-tenant dispute.
Negotiating a Settlement with Your Landlord
Many landlord-tenant issues can be resolved through a negotiation - a process in which parties compromise to reach a suitable resolution. You can do this with or without a mediator (an unbiased third-party that can help you and your landlord reach a suitable agreement). To increase your chances of success in the process, try a few of these helpful hints:
Landlord-Tenant Laws - Understanding the Basics of Tenant Rights
Renting out residential property out can give you a steady stream of income and increase your ability to build your wealth or a nest egg for your retirement. There are some risks involved, however.
Tenants may default on their rent or cause damage to the property. You could even be subject to a costly lawsuit if you violate the landlord-tenant laws imposed by local, state, or federal municipalities. Thankfully, by being educated and ensuring you have the right protections in place, you can decrease your risk of such issues. Learn more in the following sections.
Federal Landlord-Tenant Laws
While most landlord-tenant laws are imposed at the state level, the federal government oversees two of the most basic and well-known ones:
The Fair Housing Credit Act - Restricts landlords from discriminating tenants based on their race, national origin, color, religion, sexual orientation or status, or status of disability. It is important to note that this law extends beyond the rental criteria or approval process; it also restricts landlords from making discriminatory remarks in their marketing or advertising; and
Understanding the Basics of Commercial Real Estate Evictions in Illinois
Most commercial tenant-landlord relationships are fairly uneventful. However, there are circumstances in which a landlord must evict their commercial tenant. Generally due to a breach of contract or failure to pay rent in a timely manner, this process can be legally complex. Whatever side you fall on – landlord or tenant – it is important to know how commercial real estate evictions in Illinois work, and how an experienced commercial real estate attorney can help you with the process.
Commercial Evictions Are Governed by Law
When tenants and landlords enter into a commercial rental agreement, they typically do so through a legal contract. Contained within are certain guidelines, agreements, and expectations for property use, rental payments, property maintenance, and any other pertinent details. If a tenant violates any part of this contract, they become subject to an eviction. Landlords must pursue this process in accordance with the law. Specifically, commercial evictions are governed by the Forcible Entry and Detainer Act (735 ILCS 5/9-101), which outlines a timeline and procedure for evicting commercial tenants.
Structuring a Business Sale: Asset Sale Versus Stock Purchase Agreement
When selling or buying a business, a number of factors must be considered, namely how the transaction will be structured. Essentially, there are two primary options: asset value and stock purchase agreement. Understanding the benefits and potential shortcomings of each can help to ensure the best outcome for both buyers and sellers.
Asset Sales
Commonly referred to as cash-free, debt-free transactions, asset business sales do not typically involve the transfer of cash or long-term debts. Instead, company assets and liabilities are sold. Examples include equipment, leaseholds, trade names, licenses. Networking capital, such as inventory, accounts receivable, and accrued expenses are also often included in asset sales.
Buyers may experience some tax benefits, including the ability to “step-up” the company's depreciable basis in its assets. This can reduce their tax responsibility and improve cash flow during the vital first years. It can also provide buyers with some protection from potential liabilities, like contract disputes, product warranty issues, employee lawsuits, or product liabilities. However, certain assets, such as intellectual property, permits, leases, and contracts, may be more difficult to transfer.
The Benefits of Force Majeure in a Construction Contract
A construction project often involves many moving pieces, including supplies, equipment, various contractors and their employees, negotiations with the city over zoning regulations, and more. Even under normal circumstances, it can be challenging to ensure that you are upholding all of the details of your construction contract, and it may be impossible during an unprecedented event like the COVID-19 pandemic. At a time like this, it is important to review your contracts to determine whether they include a force majeure clause that can provide relief.
How the COVID-19 Pandemic Affects Construction Projects
COVID-19 and its effects may make it difficult or impossible to fulfill your obligations as a construction contractor for several possible reasons, including:
1730 Park Street, Suite 117, Naperville, IL 60563
630-778-3818
