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?
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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?
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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…