In response to the ruling, IREM and the National Association of Realtors have drafted a policy statement that addresses the burden of proof issue and other apparent excesses. Scheduled for release in , the proposed revisions include several burdensome provisions, reported Chet Fitzell, a property manager for Eugene Burger Management Corp.
Special Report: Multitude of local authorities soak Illinois homeowners in taxes
A proposed cap on security deposits is arbitrary, ignores basic risks of property ownership, would narrow the pool of applicants and force owners to hike rents in order to make up for lost revenue, Fitzell commented. Expanded requirements to inform tenants of property left behind could require owners to keep units vacant for up to days, resulting in lost revenue, he added.
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Special Report: The 7 Biggest Mistakes Homeowners Make When Hiring A Realtor
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