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Recent Blog Posts
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.
Partnerships in Commercial Development: Why You Should Be Wary and How You Can Mitigate the Risks
Commercial development projects are, by nature, risky endeavors. They are typically larger than residential projects, often require more funds, and have an added layer of complex regulations and requirements. When you add in a potential partnership, things can get even trickier. Learn why you should be wary of a partnership in commercial real estate development, and how you can mitigate against the risks if you decide to move forward.
Understanding the Unique Challenges of a Partnership
There might be a dozen or more sayings that justify a partnership (i.e. two heads are better than one), but they often downplay the unique challenges that one might face. For example, partners might take a synergy approach, only to realize that each member has grown or changed over the course of the partnership. Another potential challenge is the differing of opinions, morals, work ethic, and beliefs. Even more concerning is that this particular issue often emerges at the worst possible times – when speaking to the media, dealing with investors, or closing a deal.
Renting Commercial Property - What Every Business Owner Should Know About Commercial Property Leases
Most Americans have rented a home, apartment, or condominium at some point in their lives, but only a small fraction rent commercial spaces for their businesses. As such, many renters are unaware of the differences between commercial and residential leases. Yet, as the following explains, these differences can catch you off guard, especially if the market turns or your business fails. Learn how to mitigate against such situations, and discover how an attorney can help protect you with your commercial lease agreement issues.
Commercial Leases versus Residential Leases
Despite any misconceptions that commercial renters may have about commercial leases, they are significantly different than residential leases. In fact, the agreement itself is not standard. Instead, it reflects each landlord's needs and preferences. Second, they are often longer and can cost you a great deal more money if you breach the contract. Flexibility and negotiability are also lower in commercial leases, and there are fewer consumer protections. All these aspects, when combined, make for a potentially catastrophic situation for commercial renters.
Resolving a Commercial Real Estate Dispute
Commercial real estate disputes can be frustrating, complex, extremely costly. Thankfully, there may be ways to solve issues with less stress, money, and effort. Learn more about resolving your commercial real estate dispute, including when to seek assistance from a legal professional, with help from the following information.
Types of Commercial Real Estate Disputes
Disputes in commercial real estate are, most often, related to contracts, development, land use, or title issues. For example, land developers may experience arguments or potential litigation over:
- Tenant's breach of a commercial lease;
- Tenant's use of property;
- Fair market value of the home;
- Construction development contracts;
- Worksite personal injury cases;
- Easements preventing the intended use of land or property;
Examining the Pros and Cons of Commercial Real Estate Investment
Commercial real estate investment is one of the biggest and most lucrative markets in America, but how do you know if it is the right option for you? First, you must determine if you have an interest in the market itself. Then, you must weigh the potential advantages and disadvantages to determine if you or your company may be a good candidate. Learn more about these pros and cons of commercial real estate investing with help from the following information, and discover how an experienced real estate attorney can help you get started off in the right direction.
Income Potential versus Financial Risk
One of the best reasons to start investing in commercial real estate is the earning potential. Whereas the annual return on residential properties typically ranges from only about 1 to 4 percent, commercial real estate has a return of about 6 to 12 percent. However, there are also some serious financial risks in the commercial real estate market. For example, commercial real estate properties typically require a much larger investment than residential properties.
Are Solar Farms the Next Big Land Development Boom?
To be successful as a commercial land developer, one must know how to recognize trends. A dose of creativity helps too, but it is trends – or the possibility of them – that can make or break you. Based on all the new solar farms going up around Will County, it is easy to assume that they will be the next big land development boom. Is this assumption correct? What are the potential risks of getting into solar farm development? The following explains, and it provides you with details on finding assistance with your land development project.
Farmers Trading in Their Crops for Solar
Farming is a respectable profession – one that takes a lot of hard work and dedication. It also does not pay very well, which is why some farmers are eager to turn their farm land (or at least some of the unused portions) into money-making solar farms. The impact to the land and surrounding area is minimal, and farmers who convert their land stand to make four times as much with solar as they would with crops. Solar farms also give back to the community (including schools), and they decrease our reliance on fossil fuels.
Five Things to Consider Before Purchasing That Investment Property
The real estate investment industry can be lucrative for the financially savvy, but it can also ruin investors that refuse to do their homework. Furthermore, there are several potential pitfalls that one must avoid when first entering the industry. Learn how to avoid them, and discover how an experienced real estate lawyer can assist with the transaction on your next investment home purchase.
Condition of the Property
While some investment properties may have little to no damage, others may have serious issues. These properties, which are often referred to as distressed properties, can give you more return on your investment (ROI), but only if you are realistic about the time and money it will take to make the necessary repairs. It is also critical that you consider what repairs must be made before anyone moves in since you will not be collecting rent at that time.
How Might the President's Immigration Plan Affect the Commercial Real Estate Market?
As the political environment in America heats up, and individuals begin to consider how the proposed government changes may impact their personal lives, it becomes more clear that everyone has a reason to be concerned. For those in the commercial real estate (CRE) market, the major concern is President's proposed immigration party. Learn more about why the two are connected and discover how an experienced real estate lawyer can help you mitigate against any possible problems in your next commercial project.
Proposed Immigration Plan Could Impact CRE Market
Last month, President Trump announced that the number of immigrants allowed into the United States would decrease drastically over the next decade – to about half. Unfortunately, such a plan could negatively affect the CRE market is several ways. First, it could hurt the labor market. That, in turn, could impact the housing market. Secondly, the budding area of Chicago and its surrounding suburbs may be in trouble if the President's legislation passes. Families may opt for another place to live. Businesses may leave. Worst of all, Illinois – a state that has been struggling tremendously with budgets and fiscal decisions – may never fully recover.
Dealing with Environmental Issues in Your CRE Development Project
Environmental issues can arise in any real estate transaction, but their potential consequences are often most severe in commercial real estate (CRE) settings. Part of the reason for this is simple: CRE projects involve more time, money, and resources. However, there are some additional obstacles that CRE investors may face when dealing with environmental issues. Learn how to mitigate against such issues in the following sections, and discover how an experienced real estate attorney can help protect your interests in your next CRE development project.
Common Environmental Concerns in CRE Development
Environmental concerns in CRE development projects can include soil and water contaminants, building contaminants, and noxious gas or vapor contaminants. Mold, lead, asbestos, and radon are some of the most commonly seen contaminants in real estate. Contamination may originate either onsite (from the activities of builders and previous owners) or off-site (contaminants that have leeched or been brought onto the work site).
Commercial Real Estate Booming Across the Country – Does It Suggest an Uptick for Illinois?
The commercial real estate market is booming all throughout the country, but does that necessarily mean that Illinois is in for a boom of its own? Not in the least. In fact, even novice trend predictors will tell you that you cannot make buying decisions based on trends alone. Instead, a wide array of variables must be considered – and some of them may be unique to the state, county, or city in which you wish to buy or develop property. So, whether it is zoning laws, market trends, or population growth projections that are encouraging you to examine Illinois, consider the following tips for deciding if this area may be right for your next project. You shall also learn what an experienced real estate attorney can do to ensure your best interests are protected.
Taking a Closer Look Commercial Real Estate “Boom”
1730 Park Street, Suite 117, Naperville, IL 60563
630-778-3818
