What your Condo Association Needs to Know About the New Fannie Mae and Freddie Mac Lending Guidelines The Surfside condominium collapse led to significant reform in the condominium lending industry. In Lender Letter LL-2021-14, Fannie Mae and Freddie Mac implemented temporary lending guidelines in
What an Illinois Condo Needs to Know About Easements for Cable and Internet in Accordance with Sections 14.3 and 18.4(o) of the Illinois Condominium Property Act Having quality access to cable television and internet has become nearly an absolute right to many homeowners, and the need
Do We Have to Make All Board Meetings Open to the Members of the Association? Three of the most frequently asked questions by boards of condominiums and common interest communities are: (1) do all the unit owners get invited to every board meeting; (2) what constitutes
Legal Requirements for Adding Property to an Illinois Condominium In Illinois, a developer can reserve the right to add property to a condominium at the time of the recording of the original declaration. This is an important right in that it allows a developer to make
What Happens When a Failure to Maintain an Illinois Condo Leads to Distressed Condominium Property Status Under the Illinois Condominium Property Act? Unfortunately, there are times in which issues within a condominium can lead to a determination that the condominium is “distressed.” The Condominium Property Act
Illinois Court Rules in Favor of Association in Eviction Action Even Though Board was Not Properly Elected Recently, the First District Court of Appeals discussed a situation where a unit owner claimed that an eviction action filed by her condominium association was not proper because the
