State of Illinois finally announces their 2017 security deposit interest rate

2017 Illinois rate announced by IDFPR Well, it took them about two weeks into the new year, but the State of Illinois has released the 2017 security deposit interest rate for those leases governed by the Illinois Security Deposit Interest Act.  The law applies to multi-unit residential properties containing 25 or more units for security … Read more

Move-out inspections in Illinois and bad faith

movingvan“Moving Week” ends today with a final installment about move-out.  If you have ever seen me at a speaking engagement on landlord-tenant law, you have probably heard me opine about what I think is a great way to manage risk when a tenant moves out.  I think landlords should go out of their way to make sure that they have an opportunity to conduct an in-person move-out inspection walk-through with a tenant.  Personal contact is the key.  The landlord is there.  The tenant is there.  Any damage or lack of damage is mostly obvious and it is pretty darn difficult for a tenant to claim that the door is not broken when both the landlord and the tenant are standing in front of the broken door!

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Illinois Security Deposit Return Act amended to protect tenants from foreclosure

State of IllinoisThe Illinois Security Deposit Return Act was amended over the weekend.  House Bill 1674 amends both the the Illinois Mortgage Foreclosure Law and the Illinois Security Deposit Return Act.  The law is intended to protect the security deposits of tenants whose landlords go into foreclosure by first amending the foreclosure law to require that for mortgaged real estate, a court ordering a Sheriff’s foreclosure sale shall also require that the foreclosed property owner shall transfer all security deposits received and interest thereon to the foreclosure purchaser along with an accounting of the deposits that includes the name and address of each  tenant whose money is held.

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