Real Estate Law

(Welch, D-Westchester; Steans, D-Chicago) allows the board of managers to lease a unit to a bona fide tenant for a term that may commence at any time within eight months after the month in which the date of expiration of the stay of judgment occurs but may not exceed 13 months from the date of commencement of the lease. It removes language providing that the term of the lease is not to exceed 13 months from the expiration of the stay of judgment unless extended by order of the court. The court may permit or extend a lease for one or more additional terms not to exceed 13 months per term on motion of the board of managers and with notice to the dispossessed unit owner. Effective January 1, 2015.

(Smith, D-Chicago; Steans, D-Chicago) allows a governing board to adopt and amend rules and regulations (l) authorizing electronic delivery of notices and other communications required or contemplated by the Act to each unit owner who provides the association with written authorization for electronic delivery and an electronic address to which such communications are to be electronically transmitted; and (2) authorizing each unit owner to designate an electronic address or a U.S. Postal Service address, or both, as the unit owner’s address on any list of members or unit owners that an association is required to provide upon request. Effective January 1, 2015.

(Haine, D-Alton; Kosel, R-Mokena) allows an association to waive the current statutory requirement in its community instruments that a leasing unit owner must deliver a copy of a lease to the association. Effective January 1, 2015.

(Barickman, R-Bloomington; Sims, D-Chicago) makes several changes to the Illinois Transfer on Death Instrument Act. (1) Makes the recording of a notice of death affidavit a permissive action that can be taken by the beneficiary to confirm title to the residential real estate but is not a mandatory requirement to perfect title. (2) Allows a bona fide purchaser for value and without notice before the recordation of a lis pendens for an action to set aside or contest the transfer on death instrument ("TODI") to take free and clear of any such action or contest. (3) Clarifies that acceptance of the TODI by the beneficiary during the owner's lifetime is not a requirement. (4) Eliminates the right of an agent acting under a durable power of attorney from creating or revoking a TODI. But it doesn't affect the agent's right or power to sell, transfer, or encumber the residential real estate if so authorized under the POA. (5) Clarifies that only substantial compliance with the execution formalities is required. Effective January 1, 2015.

(Bivins, R-Dixon; Demmer, R-Dixon) expands the small estate affidavit (SEA) statute to include much more detailed information about the known debts of the decedent. Requires the affiant to sign under a notary public to aid in the enforcement of the civil and criminal penalties for misusing a SEA. Syncs up the SEA and the Safety Deposit Act. It applies to estates in which the decedent's date of death is on or after January 1, 2015.