New Headaches For Owners Of Foreclosed Rentals In Chicago

Law360, New York (August 29, 2013, 1:58 PM EDT) -- In June 2013, the Chicago City Council passed the “Keep Chicago Renting” ordinance by a vote of 45-4. The ordinance goes into effect on Sept. 3, 2013. Parties who obtain title to rental properties via foreclosure after Sept. 3 (defined as “owners”) will face new regulations, new costs and new headaches.

Owners must, within 10 days of taking ownership, register the property with the city’s buildings commissioner. The registration fee is $250.

Within 21 days of taking ownership, Owners must make a good-faith effort to identify...
To view the full article, register now.