Development at “Any Cost” Could Lead to Expensive Litigation

Illinois zoning and land use lawyersMost everyone has met at least one person who would scam their own family member. Perhaps it was a car salesman, or maybe it was that guy who sold you a less-than-authentic piece of jewelry for a “bargain” price. Where you would not expect to meet one of these people is in the land development industry. Unfortunately, these opportunists do exist, and they can give the industry a bad name. They can also drive up costs for other land developers, and may ultimately find themselves in costly litigation. Learn more about how to avoid being one of “those” developers, and how you can improve the overall success of your project.

Zoning Requirements and Your Development Project

Every new housing or land development project must follow local, state, and federal zoning regulations. Unfortunately, the verbiage and requirements of those zoning laws can be complex and confusing, even for seasoned land development veterans. To make matters worse, regulations vary from one area to the next, and the laws are constantly changing. None of this matters when it comes to compliance, however. In fact, failure to comply can result in project delays, extra costs, and even possible litigation if you fail to correct the issues or intentionally deceive investors.

Illinois Planning Director Facing Litigation

Although litigation against land developers are rare, they do occur. Take the recent case against the former planning director of Tinley Park village. Accused of taking shortcuts and intentionally deceiving trustees, she could be forced to pay $75,000 for her alleged infraction, along with punitive damages to the community. In the meantime, the community is being forced to make costly revisions to the area, which residents and investors say never should have been needed.

Protecting Your Project and Interests

Despite the low prevalence of such litigations, it is important for land developers to know how they can protect their projects and financial futures. First, one should never ignore zoning ordinances or requirements. Second, honesty is crucial – especially when there are investors involved. Lastly, land developers can seek experienced assistance from a real estate development lawyer. Not only can this ensure their rights and interests are protected, but it can also reduce stress levels over trying to navigate the complex zoning regulation process.

Contact Our Naperville Real Estate Lawyers

If you need assistance with your land development project, contact the Law Offices of Lindell & Tessitore, P.C. Dedicated and experienced, our Naperville real estate lawyers strive to provide outstanding representation to suit your needs. Schedule a consultation by calling 630-778-3818 today.

Source:

https://talkingracine.files.wordpress.com/2017/05/complaint.pdf

Common Challenges in Real Estate Development

Naperville real estate attorneysReal estate development can build your wealth and investment portfolio, but only if you play your cards right. There are numerous challenges, potential pitfalls, and unique obstacles that must be faced. Failure to account for any one of them can result in a delay or even complete loss in your project. Learn more about these challenges and how you can mitigate them with help from the following information.

Difficulty Seeing the Bigger Picture

Government projects often move quickly, but private real estate development usually take much longer. There are numerous reasons for this, and each development project is unique, but the lesson is that patience is crucial. Developers also need a certain amount of vision – an ability to see the bigger picture – to be successful over the long-term. So, before you purchase a property, consider some of the following questions:

  • What do you want to accomplish five, ten, and twenty years from now?
  • How well does the project you are planning align with your goals?
  • What will your next project be?
  • Is there a cheaper or more effective way to reach your goal?
  • Are there any major project issues that might compromise your success?

Zoning and Land Development Issues

Of all the challenges that developers face, those pertaining to zoning and land development are often the most complex. Even more challenging are the potential delays, fines, and alterations in master plans that often accompany zoning and land use issues. Thankfully, there are some ways to work around these often confusing and frustrating matters – namely ensuring you have the assistance of an experienced land use and development lawyer by your side.

Funding for Land Development

Over the last several years, funding for land development projects has become more difficult to obtain. Part of this is due to the Great Recession. However, there are other factors at play. Banks and lenders are now facing more scrutiny, and so they must be more critical when making funding decisions. A high failure rate in the industry has also led to extra scrutiny. Learning how to overcome these challenges can take time, but an attorney by your side may improve the odds of success.

Contact Our Naperville Real Estate Lawyers

At Lindell & Tessitore, P.C., we give you the confidence of knowing your project is resting in the hands of a competent advocate. Dedicated to ensuring your land development project is a success, we offer personalized and attentive services to suit your needs. Learn more about how our Naperville real estate lawyers can assist with your next project. Call 630-778-3818 and schedule your consultation with us today.

Source:

https://www.naperville.il.us/contentassets/f6f4d1b8766c4564bde31277f00f444b/pzc-by-laws-update-3-1-17.pdf

http://ww2.cfo.com/credit/2017/05/banks-cre-lending-policies/

Steps to Take Before Buying Commercial Real Estate

Naperville real estate investment lawyersStepping into real estate investment and development industry can be a smart choice. It can It is also an extremely risky industry, full of esoteric laws and complexities. There are regulatory hurdles and fewer lenders than there used to be. Thankfully, there are some ways to mitigate against these risks. The following explains how.

Look at Long-Term and Short-Term Issues

Although real estate investment can (and often does) offer a long-term payout and tax deductions for things like utilities, insurance, and other related expenses, there are also some short-term financial drawbacks that you must consider. For example, it is important to understand that you will have less liquidity once your money is invested in real estate. There are also costs associated with investing, like inspection fees, purchasing taxes, and more.

Further, the market can dictate just how much you earn in any given month or year. Rent prices may go up, but they can also fall. Recessions can result in job losses, and that can cause you to lose tenants. Most investors also understand subsequent investments are the key to making it big – so you will need a plan, not just for this purchase, but also the next one, and all the subsequent ones after that. It needs to be one you can realistically implement, even during a down period.

Shop for the Right Property and the Right Lender

Jumping into an investment property or signing with a lender too quickly can result in serious consequences, including a substantial loss of funds. For example, you might take lending terms that are less than optimal, or you might purchase a property that is a prime location but too costly. Alternatively, you might buy a property that has an enticing price but is unlikely to be rented or resold.

So, how do you avoid making such mistakes? You start by shopping around for the right property and right lender; weigh the pros and cons, take the time to understand your market, and get more than one opinion. Then you practice due diligence before closing out the contract. Lastly, do not pursue a real estate deal on your own; instead, contact an experienced real estate investment lawyer for assistance.

Contact Our Naperville Real Estate Attorneys

At Lindell & Tessitore, P.C., we work to ease the real estate investment process. Skilled and experienced, we can provide you with the knowledge and confidence you need to make sound decisions for your portfolio. Learn more about how our Naperville real estate lawyers can assist you. Call 630-778-3818 and schedule your personalized consultation today.

Source:

https://www.unionbank.com/Images/8912239_Article10_vF.PDF

Rent Withholding – What Every Tenant Should Know About the Right to Repair Act

Naperville tenant rights lawyersAlthough 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.

Additional Exclusions to the Right to Repair Act

The Right to Repair Act only covers residential tenants; commercial tenants do not have the same rights. Further, the Act does not apply to condominiums, public housing, or not-for-profit corporations that provide dwellings to residents. Owner-occupied homes with six or fewer houses are also excluded, as are mobile home units, which are covered under the Mobile Home Landlord and Tenant Rights Act.

Additional Tenant Requirements Under the Act

In addition to notifying the landlord by mail of the necessary repair, the tenant must also ensure that the repairs are made in compliance with all applicable zoning and administrative laws, as well as any other local ordinances. Further, the repairs must be done by a professionally licensed or certified tradesperson or laborer with adequate insurance coverage for potential injuries, damages, or negligence. The tenant is responsible for ensuring that these requirements are met. Further, the tenant is responsible for any damage that is caused to the dwelling or property by the tradesman or laborer they hired.

Using the Act in Defense of Eviction

Although the Act does protect tenants, it does not prevent a landlord from pursuing the eviction process. Tenants can use the Act in their defense, only if they have met all requirements and provisions outlined within the Act. To avoid missing any of the elements within the Act, tenants are highly encouraged to contact an experienced lawyer before making repairs under the Right to Repair Act.

Contact Our Naperville Tenant Rights Attorneys

At Lindell & Tessitore, P.C., we fight to protect the rights of tenants who have experienced unfair or unjust treatment. Knowledgeable and experienced, we can fight for you. Learn more about how we can help with your landlord-tenant dispute. Call 630-778-3818 and schedule your personalized consultation with our Naperville tenant rights attorneys today.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2605&ChapterID=62

Common but Potentially Devastating New Investor Mistakes

Naperville real estate lawyers Real estate investment can be a lucrative business or hobby, but it should not be embarked upon lightly. The world of real estate investing – be it residential or commercial – is complex and full of potential pitfalls. Fall into any one of these traps and you could be at risk for a financial loss. In contrast, you can increase your chances of turning a profit by avoiding these common new investor mistakes.

Not Having a Plan Prior to Purchase

All too often, new investors get excited about an opportunity and jump on a property before they even have a plan. This is not how real estate investing should work. Rather than purchase a property and then decide what to do with it, you should know what you want to do and then search for a property that fits that vision.

Expecting to Get Rich Quick

Like most honest business ventures, real estate investing is not a “get rich quick” scheme. It is painstaking research. It may mean late nights and early mornings. Sometimes all your hard work pays off. Other times, you realize you have made a poor decision. Learning, growing, and expanding your portfolio, a little at a time, is usually the path to success. Just keep in mind that it will not happen overnight.

Failing to Perform Due Diligence

Although you may have to move quickly on a deal, you should never skip the due diligence process. Instead, you should ensure you check on deeds and zoning issues. Know if there is a lien on the property. Examine tax records to ensure the landowner does not owe back taxes. Better yet: hire a real estate attorney to help you through the process. Not only can this help to ensure you know the truth about the property you are thinking about purchasing, it gives you more time to focus on the other aspects of your investment business.

Trying to Handle the Process Alone

There is a time and place for independence and self-sufficiency, but the real estate market is not one of them. You will need sound advice on tax issues, a sounding board when deciding when and how to invest, and a slew of other helpful aids to assist you through your deals.

Start by contacting Lindell & Tessitore, P.C. for assistance. Experienced in handling real estate investment projects of all shapes and sizes, our Naperville real estate lawyers can help minimize the risk of a poor investment. Call us at 630-778-3818 today and schedule your personalized consultation to learn more.

Source:

http://www.bankrate.com/finance/money-guides/10-lethal-mistakes-for-real-estate-investors-1.aspx