Are you considering buying a foreclosed rental property located in Chicago? If so, you need to know about the amendment to the Chicago Municipal Code that went into effect on September 24, 2013.
The City of Chicago enacted the Protecting Tenants in Foreclosed Rental Property Ordinance, commonly known as the Keep Chicago Renting Ordinance (KCRO). It requires banks to either allow renters in good standing and who pay their rent to stay in their homes; or requires that they pay tenants relocation funds of $10,600 to leave the building to enable an easier transition from their housing. This also standardizes the “cash for keys” process. If an owner fails to comply, penalties apply, the qualified tenant shall be awarded damages in an amount equal to two times the relocation assistance fee.
The Ordinance applies to any person who acquires ownership of a property pursuant to a judicial sale of a foreclosed rental property, after the sale has been confirmed by the court and any special right of redemption has expired; or mortgagees that acquire ownership of a property through foreclosure or a deed in lieu of foreclosure.
Bradford Miller Law, P.C. can help you stay within the law when purchasing a rental property that has gone into foreclosure. Being a Chicago landlord law attorney, we have handled many situations and can help you with any issues you come across. If you need help with a legal matter or need advice contact our office at 312-238-9298 for a FREE 15-minute consultation. You may also wish to check out our website for useful landlord information along with the City of Chicago website to review the KCRO in full.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
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