New Law= Less Crappy Condos
According to an article from CBS Chicago, Mayor Daley has proposed a new law that will benefit renters and potential buyers of apartments being converted into condominiums and newly constructed condominiums. The article reads:
The ordinance will establish a Condominium Registration Program, in which developers must show they have provided notice to existing rental tenants before a conversion, and shown buyers detailed information. The ordinance will also increase the required notice period for tenants from 4 to 9 months and require relocation assistance. Thirdly, the ordinance will require developers to provide a disclosure summary to prospective buyers about building conditions.
If you know me, or have read my blog before, you will not be surprise at my elation upon reading about this new ordinance. I believe that this is the first step towards a real estate industry that is characterized by honesty, disclosure, and transparency. It is the first step towards putting an end to crappy construction and improving the quality of life for Chicago residents.
I have been doing home inspections for over 25 years and I have found newly constructed or renovated condominiums to be in the absolute worst condition. I have advised my children, my employees, my friends and my families to NEVER purchase a condominium and i have done so with good reason; poor construction standards, and poor construction quality.
The passing of this new ordinance which forces developers to disclose the conditions of the building will help new home buyers make better decisions but will also encourage developers and contractors to utilize better quality materials and build up to code and industry standards. I look forward to the improvements this law will encourage.
Hopefully, the next ordinance will read as follows:
“Developers and contractors must also go on notice that independent home inspectors must be granted access to all common areas and that refusing inspectors access to common areas should be cause for revoking their contractor’s or real estate license and a hefty fine imposed.”