Topic: Vacant Property Maintenance
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We are foreclosing on a collateral assignment of interest in a land trust, which secures a business loan. The land trust owns several 1-4 family homes, which currently are vacant, for purposes of fixing them up and selling them. All of the homes are located in Cook County; some may be located in Chicago. Are these properties covered by Cook County or Chicago’s vacant property ordinances, and what are the costs of registration?
We believe that both the Chicago and Cook County registration and maintenance requirements would apply to a lender holding a collateral assignment of interest in a land trust, given that the land trust owns vacant residential properties subject to the ordinances. Both Chicago and Cook County’s ordinances impose registration and maintenance responsibilities on holders of…
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What documentation should we provide to our property managers to show that a residential property has been abandoned? And what documentation should we retain to show our “good faith” determination that a property has been abandoned?
We believe that a certification and checklist would suffice to meet the safe harbor for entering and securing abandoned residential property. We do not currently offer a checklist or certification form, though the definition of “abandoned residential property” should be helpful in preparing a checklist. 735 ILCS 5/125-1200.5. We would recommend consulting with the property…