In addition to taking payment via credit cards (e.g. Visa and Master Card) we now take payment via eCheck.

We've recently noticed that RedFin is advertising that it's listing fees for real property is only 1% of the purchase price.  However, upon reading the fine print, here's how that is not at all true: 

We are looking forward to attending CFA's 73d Annual Convention right in our own backyard: Chicago. 

Agata Karpowicz has been selected for ProFinder's Exclusive Best of 2016 list!

People sometimes inquire of our firm about arbitration clauses... Usually, it's because they are faced with one.  Here's an article that goes to that topic: ARTICLE.

Some new homeowners are dealing with "new home heartbreak" because the contract they signed with their builder prevents them from taking action over what they call shoddy construction. - http://abc7chicago.com/1611256/

Please take note that our new main office is now located in SCHAUMBURG.  We continue to have a presence in OAKBROOK by appointment only and we have a new meeting location in the LOOP.  Please direct any and all mail to us to 1901 North Roselle Road, Suite 800 Schaumburg, IL 60195.  If you need to meet with us in Oakbrook or in the Loop, please schedule an appointment specifically for your desired location.

In the case of 1010 Lake Shore Association v. Deutsche Bank National Trust Company

In the case of 1010 Lake Shore Association v. Deutsche Bank National Trust Company, the condo association won summary judgment in its case against a bank over whether the bank extinguished the association’s lien following the purchase of the unit at a judicial foreclosure sale.  The Court interpreted two statutes: section 9(g)(3) of the Condominium Property Act and section 15-1509(c) of the Mortgage Foreclosure Law.   The Court determined that a lien for unpaid assessments by a previous owner is not fully extinguished at a judicial foreclosure and sale unless the new owner “confirms the extinguishment” of the lien by paying assessments incurred after the sale. The lien is statutorily created upon a unit owner’s failure to pay common expenses when due. Even assuming that the condominium association was included as a party to the prior foreclosure action, the bank still was required to take the additional step to confirm the extinguishment by paying post sale assessments.

Recent results of itigation have put a significant burden on buyers of real estate of properties that have gone through a judicial sale or foreclosure.

Irespective of the number of years or the number of times a property has exchanged "owners," buyers are expected to obtain and review the foreclosure record before blessing the purchase of an affected property.  Although very expensive and consuming in light of the time, money, and effort needed to acquire a foreclosure record, not to mention the expertise needed to actually identify the potential jurisdictional defect once the record is obtained, this is becoming a requirement or else the property may be ultimately lost. 

So, buyers, beware and be sure to have adequte representation in those situations.

See Concord Air, Inc. v. Malarz, 2015 IL App (2d) 140639.

United Central Bank v. KMWC 845, LLC

Based on Illinois law, a mortgagee was prevented from suing a mortgagor a 3rd time.  Where the lender had filed an action two times before to recover on the promissory notes and then voluntarily dismissed both actions, the court ruled that a 3rd action was prohibited by Illinois' single refiling rule. The court relied on 735 ILCS 5/13-217, which limits a plaintiff that dismissed a lawsuit to refile within  new 1 year or within the remaining period of limitation, whichever is greater."  It's a harsh ruling for a lender.

Article reflecting on Supreme Court decision in this matter.  Homeowners cannot automatically strip a second mortgage on a home merely because they are underwater.

Illinois Supreme Court rules constitutional a $10 surcharge collected by a county recorder of deeds primarily intended to fund the Rental Housing Support Program, which the General Assembly created to help local governments address the shortage in the state of affordable, decent rental housing... Marks v. Vanderventer

Some legal changes have been proposed to the real estate in Illinois and they affect, among other things, condominiums and foreclosures.  See here for a summary.  The article is titled: Real estate bills raise concerns among...

Here's an article by the SBA (Small Business Administration) that quickly describes a few key points for a small or new business to succeed: 5 Pillars ... 

It's interpreted that consumer collection cases must be filed in the Cook County municipal district court where the debtor lives or the contract was signed. Recently, the 7th Circuit ruled that filing elsewhere violates the FDCPA (Fair Debt Collection Practices Act). See Seusz v. MEd-1 Solutions, LLC, 757 F.3d 636 (7th Cir. 2014). This decisions is retroactive. 

The Small Business Administration (SBA) has an article out about six hurdles faced by small businesses during the holiday seasons.  Their article focuses on small time retailers but I think this often applies to other businesses.  Dealing with employees and social media are on the list.  The article can be found here. 

For those of you just starting out on your business venture, you should have a plan, a roadmap, of where you are headed.  One of those avenues, or the end of your road, may or should be an exit from the business.  Those exits may come in a variety of ways including by way of expiration (simply put, you die).  A happier exist would be to sell your company, your business, to someone else.  To determine how sellable that venture is, you can check out this site where by answering very few key questions, you may just get that answer so, check it out: www.jelson.co/sellabilityscore.html or go here: WEBSITE

It's been a summer of positive results.

On the litigation front:

-We managed to evict tenants who fought hard to cause trouble for the landlord, in record time: under 3 months from filing time.  

-We also settled some matters, including a business deal gone sour where the opping party took an originally offered settlement amount after over a year of being unable to recover from motions to dismiss.    

Whereas on the transactional side:

-We have been working diligently with persons interested in starting new ventures and expanding on old ones.  These matters included contract revisions and creations that may have very long term impacts on those businesses.

Thank you colleagues and clients.    

Illinois law (750 ILCS 28/1 et seq. - the withholding act) specifies information necessary for a wage garnishment to be valid.  If the documentation such as the wage garnishment notice does not contain all of the pieces required, employer need not abide by the notice.  Strict compliance is necessary or else the employer is not subject to the penalty for noncompliance, as per a recent ruling by the  Illinois Supreme Court in Schultz v. Performance Lighting Inc.).

@KarpowiczLaw

I am proud to announce that Adam Anthony Loops will be joing the firm as of counsel.

Welcome to our website. Please feel free to look around.  Some pages are still under construction.