As a property management company, it’s our job to stay on top of the latest developments in Chicago real estate, including those in the legal domain. Here are some changes that have already taken place this year, or are slated to take place in the near future.
Real Estate License Act of 2000
In August 2019, Governor Pritzker updated the Real Estate License Act of 2000 to include new rules realtors have to follow. Generally speaking, the changes will provide consumers with more transparency and a better homebuying experience.
Just Housing Amendment
New updates to the Just Housing Amendment: Though the exact requirements have not yet been released, this is a good summary of what is likely coming down the pike. There are some expected updates to the reasons a landlord can use to reject an applicant.
Recreational marijuana and effects on real estate: Though marijuana is now legal to possess and smoke in Illinois, buildings retain control over what happens on the premises. Landlords do have the right to ban smoking in buildings and offices.
Have a question on real estate legal matters in Chicagoland? We’re here as a resource for you. Reach out to us for more information!