Take a look at chicagoclosings.com which we intend to be our vehicle to discuss issues related to commercial and residential real estate closings in Chicagoland.
Just as in 2015, the 2016 Security Deposit Interest Rate for leases and tenancies governed by the Chicago Residential Landlord Tenant Ordinance is: 0.01%
The Illinois Security Deposit Interest Act requires certain landlords to make annual payments of interest on the security deposits of their residential tenants. Every year, the State of Illinois determines the rate to be paid. For 2015, the State of Illinois has announced that the interest rate to be used in calculating interest payments under the Act is 0.005%. This is the fourth year in a row that the rate has been set at 0.005%
Here are the historical rates for the current and prior year.
The Chicago Residential Landlord and Tenant Ordinance requires that the Comptroller of the City of Chicago determine the interest rate to be paid to tenants for leases governed by 5-12-080 of the Chicago Residential Landlord and Tenant Ordinance (CRLTO). The new rate is (drum roll please): Continue reading
The Chicago Residential Landlord and Tenant Ordinance dictates that the City of Chicago must determine annually the interest rate to be paid to tenants for leases governed by 5-12-080 of the Chicago Residential Landlord and Tenant Ordinance (CRLTO). This year, the rate has dropped a bit. The new rate is (drum roll please): Continue reading
As most home buyers and sellers know, the FHA helps buyers purchase homes. They do this by “insuring” loans on behalf of buyers who might not be able to otherwise afford a conventional loan. As a result, FHA buyers can still get financing with lower credit scores and lower down-payments than a conventional buyer. However, not all real estate properties qualify for an FHA loan. Continue reading
As our population ages, more and more attorneys are dealing with clients with cognitive impairment. What is cognitive impairment? One clinical definition is “A change in intellectual capacity characterized by a loss in both memory and executive functioning.” (Dr. Stafford Henry). Continue reading
The Cook County Sheriff has added a “civil process lookup” function to its website. Plaintiffs can now check on the status of service of process on their lawsuits without having to call or go to the Sheriff’s office. Bravo to Sheriff Dart for embracing technology and getting some efficiency into the process.
The New Year is a crazy time for Chicago landlords. The first thing they need to do is to figure out the new security deposit interest rate to pay their tenants on CRLTO covered leases initiated in the new year. The Chicago Residential Landlord Tenant Ordinance requires landlords in covered tenancies to pay interest on residential security deposits based upon the interest rate provided by the Comptroller of the City of Chicago in accordance with 5-12-081 of the CRLTO. The Comptroller has released the rate in a press release today. For leases entered into from January 1, 2013 to December 31, 2013, the interest rate to be used for the CRLTO is .023%
Landlords can also find the security deposit interest rate for past years on our website.