Whether you are a renter, landlord, or realtor, you may wonder, how is coronavirus affecting real estate?
As 2020 comes to a close, we’ve seen some interesting trends. House sales in October were up 34% in comparison to 2019. Additionally, there was an increase in the median home price. But there’s more to Illinois’ morphing real estate industry than home prices.
COVID-19 has changed the way real estate operates. At Fausett Law, we’re here to help individuals navigate the changing real estate industry through COVID-19. We have guidance for tenants and businesses.
The State of Illinois has taken several measures to protect both tenants and businesses. Individuals can find updates on assistance programs, FAQ’s, and updated protocols for navigating the real estate industry in Illinois at illinoisrealtors.org.
If you, your family, or your business need real estate legal assistance during these unprecedented times, please call the Law Offices of Lora Matthews Fausett, P.C. at (630) 858 0090.
Our firm has put together helpful governmental and community resources. These resources are here to help answer questions and get you in touch with the best contacts.
What is the rental relief program in Illinois?
Governor Pritzker issued an Executive Order on December 11, 2020. This order aims to protect renters from eviction and/or removal through January 9, 2021. To qualify for this relief assistance, individuals must have experienced economic hardship as a result of COVID-19. Individuals must also fall under the income of $99,000 filing taxes as single/$198,000 filing taxes jointly for the 2020 calendar year. This information needs to be certified in a declaration by tenants to their landlords. You can find more information on the rental relief program in Illinois here.
COVID-19 Related Orders for Illinois Realtors: What you need to know
Working as a real estate agent in the State of Illinois during COVID-19 comes with a unique set of challenges. Providing superior customer service under different – and often changing – guidelines can be stressful. In order to navigate the changes in a way that protects your business and satisfies your customers, it’s crucial to stay up-to-date on Executive Orders and best practices for sanitation and limiting contact.
Illinois is currently under Phase 3 of the Restore Illinois plan. This phase carries fewer restrictions on showing both open houses and properties occupied by tenants during COVID-19. However, it is vital that realtors remain cautious and take all the necessary steps. We suggest consulting a legal opinion to thoroughly protect yourself, your clients, and your agency from both COVID-19 and potential liability.
At the Law Offices of Lora Matthews Fausett, P.C., we’re here to guide realtors through the shifting terrain of operating a real estate business in Illinois during COVID-19. We’re ready to discuss legal requirements for realtors and how to protect yourself best.
There’s no doubt that coronavirus has affected real estate in Illinois. We see these effects from the plummeting prices in May to the robust market in October. As a result, we know that specific measures are necessary to protect your rights as a renter or liability vulnerabilities as a business. You’ll find our comprehensive list of areas of practice here.
For more information on our services at Fausett Law, please give us a call at (630) 858-0090 or visit our resources page. Our team can help you protect yourself and maneuver the shifting real estate landscape during COVID-19.
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