Appraisal

Recent Negligent Misrepresentation Case in Illinois Should be a Warning to Appraisers

by Ryan Endsley and Charles R. Franklin The First District Appellate Court of Illinois recently published a new opinion, 21 Kristin Condominium Association v. Pioneer Engineering & Environmental Services, LLC. It raises concerns of importance for appraisers and other professionals in the business of providing information. In 2006, Pioneer conducted a Property Condition Assessment (PCA)…

Cook County Judges Rule Illinois Appraiser License Act Only Applied to Federally Related Transactions

For the second time in a year, different judges in the Circuit Court of Cook County have found that the IDFPR over reached and did not have the authority to prosecute a real estate appraiser on a matter involving a non-Federally Related Transaction (“FRT”) prior to January 1, 2015. Neither case determined whether the IDFPR…

Condo Deconversions: Proceed With Caution

Written by Allie Haling, Charles Franklin, and Craig Capilla There is a growing trend in the Chicagoland real estate market and other urban areas in Illinois where developers and investors are looking to deconvert condominium projects into rental apartments. This deconversion process is governed by Section 15 of the Illinois Condominium Property Act (the “Act”)…
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