Posted on July 31, 2023 in Uncategorized

Selling a business is a complex process that involves numerous legal intricacies. While it may be tempting to handle the sale on your own to save money, consulting with a business law attorney is essential to ensure a smooth and successful transaction. Today, we will discuss the importance of hiring a business law attorney when selling your business and how their knowledge can protect your interests throughout the selling process.

Comprehensive Knowledge of Business Law

A business law attorney possesses specialized knowledge in the legal aspect of selling a business. They are well-versed in the relevant laws and regulations, ensuring compliance with local, state, and federal requirements. From structuring the transaction to drafting and reviewing contracts, an attorney can navigate the complex legal landscape and address any potential issues that may arise. 

Proper Business Valuation

Determining the accurate value of your business is crucial for a successful sale. Business law attorneys have experience working with valuation professionals who can assess various factors such as financial records, assets, intellectual property, goodwill, and market conditions to determine an appropriate selling price. Ensuring a fair valuation protects your financial interests and helps attract potential buyers.

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 Posted on July 13, 2023 in Condominium & Homeowner Association Law

Dog lovers and those who would prefer not to have dogs around must often cooperate in communal living environments like condos. Most dog owners are unwilling to give up their pet, who they may view as a member of their family. However, there are limits to what a condo association must legally accept when it comes to pet ownership. Some condos are not pet-friendly at all and bar residents from owning a dog entirely. Others restrict the breed and size of dogs permitted to live on the property. However, there are a wealth of legal exceptions that may apply to some dog owners, allowing them to have a dog in a condo that generally prohibits dogs or certain types of dogs. Yet, it is also important for condo associations to be able to exclude aggressive dogs from the premises and to enforce certain rules that apply to dogs and their owners, such as a requirement that dog owners pick up their dog’s excrement right away. If you live in or plan to move into a condo with a condo association, you may want to speak to an attorney regarding whether your dog can join you in living there. 

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 Posted on June 22, 2023 in Condominium & Homeowner Association Law

Starting in 2020, the use of marijuana for recreational purposes became legal in Illinois. While adults are allowed to possess and use a certain amount of marijuana or marijuana products, those who do not use these substances may be concerned about how they will be affected. In particular, people who live in close proximity to marijuana users may be bothered by the smell of marijuana smoke, or they may worry that the use of drugs by others could potentially put them at risk. As they address concerns about marijuana use by residents, condominium associations will need to understand what types of rules may be put in place to limit, restrict, or prohibit these activities.

Bylaws Limiting the Smoking of Marijuana

The Cannabis Regulation and Tax Act, which legalized marijuana use in Illinois, included provisions detailing how condominium associations may limit the use of marijuana. This law changed Section 33 of the Illinois Condominium Property Act (ILCPA) to state that an association may limit or prohibit the smoking of cannabis within individual units. However, other methods of consumption of marijuana, such as vaping or edibles, cannot be restricted within owners' units or limited common elements such as private balconies or patios.

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 Posted on June 12, 2023 in Condominium & Homeowner Association Law

Fannie Mae and Freddie Mac play an important role in the real estate market. These government-sponsored enterprises (GSEs) purchase mortgages from lenders and help maintain stability in the mortgage markets. To ensure that a loan can eventually be purchased by Fannie Mae or Freddie Mac, lenders will need to make sure mortgages conform to certain requirements. In situations where potential buyers are considering purchasing a condominium, a condo association will be required to provide certain types of information to ensure that it meets the requirements of Fannie Mae and/or Freddie Mac. By understanding the types of forms that will need to be filled out, condominium associations can make sure they are taking the correct steps to protect the interests of their members.

Appraisal Forms and Condominium Project Questionnaires

In many cases, mortgage transactions will require appraisals. This will ensure that the full value of the property being purchased is understood. In most cases, an interior and exterior appraisal will be required, and either Fannie Mae Form 1073 or Freddie Mac Form 465 will need to be filled out to prove a report of the appraisal of an individual condominium unit. If an exterior-only appraisal will be sufficient, Fannie Mae Form 1075 or Freddie Mac Form 466 may be filled out. For appraisals of detached condominium units, Fannie Mae Form 1004 may be used. Freddie Mac Form 70 may be used for interior and exterior appraisals of detached units, or Form 2055 may be used for exterior-only appraisals. For manufactured homes located in condominium projects, Fannie Mae Form 1004C may be used. Freddie Mac Form 70B may also be used for manufactured homes, and Form 465 will also need to be attached as an addendum.

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 Posted on May 10, 2023 in Condominium & Homeowner Association Law

In the 21st century, global climate change is an increasingly important issue that concerns individuals, businesses, and governments. To help address this issue and limit activities that could accelerate climate change, governments at the national, state, and local levels are taking steps to implement new policies that are meant to reduce carbon emissions and improve energy efficiency. The City of Chicago has begun to put a variety of measures in place that will help reduce emissions and achieve carbon neutrality in the future. Because Chicago’s decarbonization strategy will affect multiple buildings and properties throughout the city, condominium associations will need to understand the impact of these policies and the steps they can take to maintain compliance with regulations.

Preparing for Decarbonization and Electrification

Decarbonization may include multiple types of efforts meant to reduce greenhouse gas emissions. Many of these concerns will be related to the construction of new buildings, and they may address manufacturing building materials, transporting materials to building sites, and equipment used during construction. During a building’s life cycle, decarbonization may be related to the operation of a building, including the use of heating, cooling, and ventilation systems, as well as the materials and equipment used when performing repairs and maintenance.

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