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Recent Blog Posts
Understanding the Plat Approval Process in Naperville, Illinois
Land development is one of the most complex real estate processes. It requires knowledge of zoning ordinances and regulations, due diligence, organization, and careful planning. It also requires that the landowner or developer seek site plan and plat approval. The following will help you better understand the approval process and provide you with key information on how you can smooth the path ahead.
Who Needs a Site Plan and Plat Approval?
Certain plat developments must seek prior approval through the City of Naperville Development Review Team (DRT). This includes subdivisions, planned unit developments, condominiums, dedication of right-of-way, easements, annexations, and vacation public right-of-ways. However, there may be other developments that must seek approval. Since each project is unique, and because zoning violations can be costly in terms of both time and money, it is important to contact an experienced real estate attorney prior to starting your land development project.
Condominium Development in Illinois
Condominium developments are unique real estate matters with complex laws, bylaws, and legal nuances. This particular branch of real estate law is complicated even further when there are multiple land owners and a necessity for homeowner association (HOA) agreements. As such, it is critical that condominium land developers seek the assistance of an experienced and seasoned real estate attorney.
Initiating a New Condominium Development
Those who wish to initiate a new condominium development are required to follow a set legal process to gain approval. Intent must be declared and an outline of the Association's bylaws, floorplans, and plat development must be submitted. Furthermore, developers need to ensure that the property or land being purchased is free of liens and that it is eligible for development under local, state, and federal zoning laws. This is especially critical since zoning ordinances could delay or hinder development, potentially costing you a lot of time and money.
Protecting Your Interests in Commercial Lease Agreement Disputes
Of all the real estate matters, those involving commercial lease agreement disputes are often the most complex. Governed by complicated contracts and esoteric laws, they could result in a significant financial loss for a business or landowner if handled incorrectly. Such disputes may even result in violations at a local, state, or federal level that could compromise future use of the property. If you are facing a commercial lease agreement issue, understand your rights, and how to best protect them.
Common Commercial Real Estate Agreement Issues
Though real estate agreement disputes come in a wide variety of forms and types, they typically involve two vested parties: the tenant (or business owner) and the landlord (landowner). Some issues stem from a breach of contract. Others are due to improper land use or development. Still others may relate to property damage or failure to maintain the property as outlined in the contract. However, not all disputes are between the landlord and the tenant.
Practicing Due Diligence When Purchasing Commercial Real Estate
Commercial real estate purchases might offer the buyer several opportunities, such as an expansion of their portfolio or an increase in income, but they are also a major investment. This is why due diligence is so critical in commercial real estate transactions. Know your rights, understand the importance of an experienced commercial real estate attorney, and learn how to ensure you have considered all aspects of a potential acquisition through proper and effective due diligence practices.
Your Due Diligence Rights
Under Illinois state law, buyers are permitted a due diligence period (generally 45 to 60 days) once a contract is signed. This time should be used to ensure that the property, and its intended use, will be able to meet all local, state, and federal zoning regulations. If you happen to find a major issue, you can still back out of the deal at this time. However, failure to practice due diligence – or ineffective due diligence practices – could leave you at risk for a substantial financial loss. In some situations, it could even result in the purchase of a property that is useless to you.
Possible Solutions to Zoning Conflicts on Your Property
Before purchasing real estate, most buyers check zoning regulations to ensure the property can be used for the purpose they have intended. Unfortunately, zoning laws can change and cause conflicts for land owners, homeowners, and business owners. Furthermore, if the needs of a property owner change and require an expansion, they may run into zoning issues. Thankfully, there are some strategies that property owners can use to resolve zoning conflicts.
Nonconforming Use
When an existing property or its qualities conflict with a new zoning regulations, landowners or buyers may be able to seek temporary relief under nonconforming use. This allows the property to be used for its current purpose, despite zoning laws, for a limited period of time. However, there are some limitations. Once the amortization expires, the property must be converted to conforming use. Additionally, nonconforming use typically expires if it is abandoned (i.e. a business closes down), or if the building is partially or completely destroyed.
What Do You Need to Know About Condominium Law?
The regulations governing condominium homeowner's associations are often complex. There are specific rules about how the boards of these associations must conduct official business and what powers the associations have to enforce the rules against members who are not in compliance. An experienced attorney can help you navigate these complex matters.
Controlling Documents
Condominium homeowner's associations control all of the common areas of a building and are responsible for making sure all the unit owners pay their fair share of the fees for the operation of the association and the maintenance of the common areas. Each association has a declaration that sets forth the basic duties and rules of the association. If the board tries to exercise a power that is not listed in the declaration, a unit owner will likely be able to sue the board.
Illinois Commercial Litigation FAQs: Part 2
Commercial litigation can be a complex area of law and especially confusing in the wake of a lawsuit. It is important to understand your rights as a business owner and the litigation process overall. In the first part of our series, we reviewed a few frequently asked questions (FAQs). Below are some additional matters you should be aware of regarding commercial litigation.
What Should I Do if I Think the Company May Get Sued?
If you have reason to believe that you or your business may be sued, you need to take action to preserve all documents potentially related to the lawsuit. This also includes documents in electronic form such as emails and text messages. Failure to preserve these documents can harm your case and result in severe penalties. You should also speak with a lawyer immediately to develop a plan of action. You should not wait for a lawsuit to be filed before meeting with a lawyer.
Illinois Commercial Litigation FAQs: Part 1
You did not get into business hoping to be dragged into court. However, sometimes the only way to protect your business is through a lawsuit. Commercial litigation is intimidating and mysterious to many business owners. If someone is threatening to file a lawsuit against you, or if you believe you may need to file a lawsuit to protect your investment or business, you need to understand your rights and how the litigation process works. Below are several common questions businesses have about commercial litigation.
What Are Some Common Types of Commercial Disputes?
Commercial litigation covers almost every type of legal problem a business can run into. Some of the most common types of commercial disputes include:- Breach of contract
- Problems with government agencies
- Employment disputes
- Fraud
- Interference with a business relationship
Commercial Litigation: Taking Action Against a Breach of Contract
Whether it is used to cover the terms of a rental property, outline the specifics of a business transaction, or define a code of ethics and/or integrity, contracts are designed to ensure all parties hold up their end of the deal. If a party fails to fulfill their part of the contract, indicated they have no intention of fulfilling their part of the contract, or makes it impossible for the other party to fulfill their end of the contract, this is known as a breach of contract. If this happens, the wronged party may be able to take legal recourse.
Lawsuits for Breach of Contract
Before a lawsuit can be filed for a breach of contract, certain stipulations must be in place. Firstly, a contract must generally be in writing (few oral agreements qualify). Moreover, the contract must fall within the Illinois Statute of Frauds limitations, which includes:
- The sale of a real estate property,
Complying With Securities Laws in Real Estate Private Placement Deals
When working on a real estate deal, there are often many different regulatory and compliance issues to consider. Some of the most difficult to and complicated issues have to do with federal securities regulations.
Real Estate and Securities Law
The Securities and Exchange Commission (SEC) has sweeping authority to regulate and police securities throughout the United States. While many people do not think about real estate when they think about securities, actions like syndication of real estate deals, the formation of LLCs for real estate development, and seeking investor funds all fall under SEC regulations. Securities law strictly regulates how investments in securities can be solicited and even who is allowed to invest in the first place.
Exceptions to the Rule
Many real estate investments seek to qualify for an exception to many of the most onerous restrictions and requirements that the SEC places on investments by making a private placement (also called a private offering of securities) under Regulation D. It allows investors to raise up to $5 million without having to go through the complex public offering process. One of the key requirements for making a successful private placement that complies with Regulation D is a private placement memorandum (PPM).
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630-778-3818
