Coffee With Your GADs November 2020 Recap

Each month, the Chicago Association of REALTORS® hosts Coffee With Your GADs to keep you updated on what is happening in the government that affects your business. Watch the playback from our November 10 meeting where we were joined by the Cook County Clerk Karen Yarbrough, who discussed the merger of the Clerks office and Recorder of Deeds office.

Updates From Cook County Clerk Karen Yarbrough

Cook County Clerk Karen Yarbrough joined us to discuss the merger of the Clerks office and Recorder of Deeds office. The Record of Deeds office will cease to exist, and the Clerks office will assume the duties of the Recorder of Deeds office. What does this mean for the real estate industry? Karen Yarbrough has been a REALTOR® since the 1970s, so she assured members that having someone in the industry who understands it will be a big benefit to the real estate industry. Deputy Bill Drobitsch discussed the backlog of documents in the office. He said currently there are 44,020 that need to be addressed, but the staff is working overtime and on the weekends to address the issue. All documents dropped at the office prior to October 16 have been recorded, and they are working on the rest. The Clerks office team also discussed new programs and initiatives that Yarbrough has worked to incorporate, including:
  • The Property Fraud Alert Program, which provides a phone call or email when any document affecting your property is filed in our office to avoid fraud from occurring.
  • E-recordings, such as remote notarization, e-signatures and other tools that will make your transactions easier.

Cook County RTLO Call For Action

The RTLO Ordinance that is currently being proposed would restrict the relationship between tenants and landlords, specifically with rent probation costs, a notice of 90 days if the lease is not renewed, no move-in fees are allowed to be charged to the tenant and more. CAR and our GADs have concerns about the restrictions this ordinance would place on property owners and the possibilities for missteps on the side of property owners in the process of the ordinance. CAR will release a Call for Action on Thursday, November 12 for you to voice your concerns about the ordinance to government officials. CAR will also be writing an industry-wide coalition letter that brokerages or organizations can sign to voice your concerns along with other companies and industry associations.

Election Update

Our GADs also briefly touched on the election and what the results could mean for the real estate industry. The team agrees that a Biden administration will likely look at infrastructure investments, health care and tax reform, which would all affect the real estate industry.