Who's in Charge of Fixing Miami's Aging Condos? (and what about here in Chicago?)

by Michael H. Wasserman

An interesting 20 minute podcast here.

The disaster in Miami calls to light a critical challenge for all condo owners, including owners here in Chicago. Who decides if repairs and who pays? Hint: the owners.

These are two really tough questions to answer. Particularly because condos are for the most part run by untrained volunteers. Few have experience apartment buildings. These volunteers have to not only appreciate the need for action but must then convince their co-owners that the necessary costs must be paid. 

Think these sorts of deferred (ignored) maintenance problems don't effect us localy? Consider the deconversions of Keneally Square or River City back in 2017 & 2018. The over-whelming costs of long deferred maintenance forced owners to sell out at a loss.  Thankfully, no loss of life, but still disastrous outcomes.

This is one of many reasons why Buyers should inspect condo common elements, financial records and meeting minutes.  

Understanding condo association's reserves (if any), capital maintenance schedules (if any). and the community's posture towards making special assessments and capital improvements is an important part of the buying process.

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FHA Loans and Condo Sales - Is Relief on the Way?

By all outward appearances, state government in Illinois has ground to a complete halt, with all eyes focused on the Governor's "problem" and all the related fal - der -rah. Its hardly business as usual in Springfield, but not everything has ground to a halt. Several new bills have been introduced this week. That is not to say that they will be of benefit to we the people. Nonetheless, the cogs and gears are turning, and we are hoping for the best. One such proposal comes from Rep. LaShawn Ford of Chicago's west side, who is himself a real estate broker and entrepreneur . He is the author of House Bill 155 , introduced & referred to the Rules Committee Wednesday. It seeks to address one of the most common problems I am seeing in condominium resale transactions these days; the tension between many Declarations of Condominium and FHA loan guidelines. Many Condo Declarations provide Associations with a "right of first refusal," which basically allows t

So.... about the blawg

Nov. 2022 Hello Dear Reader. I started blogging on this site 15 years ago. Crazy right? May or may not Chicago's longest-running blog about real estate law. I think so, but who knows, Whether it is or isn't doesn't, of course, really matter. Either way, it's been a blast. But things change. We've pulled up the tent stakes here and are relocated on other platforms. Want to follow along? Join us on the mothership I'm also writing on LinkedIn Thanks for everything.

PLM Title Shuttered

Title insurance is a critically important part of any real estate transaction; or at least it should be. The title company guaranties the "quality" of an owners interest in the property - that there aren't any (unknown) liens or defects. No buyer that I work for will purchase a property without it. Title insurance is only as good as the insurer. We want to know that the insurance company, like the Rock of Gibraltar , will always be there. We want to sleep easy at night, knowing that the client is protected. That said, it was a bit distressing to see that PLM Title Company shut its doors, without any forewarning last week. Worse still, this morning's news is that there is a criminal investigation underway - and that we do not yet know why. Old timers like me shudder with memories of the great Intercounty Title debacle five years ago. Here's to hoping that this one is nothing like that one. Set aside the problems involved trying to make a claim against a defun

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