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Vacant Townhouse Homes for Sale and Other Houses to Register With City

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By : John Cutts    99 or more times read
Vacant townhouse homes for sale and other empty residences in the city of Elgin, Illinois might soon have to register with the city, undergo inspection and get property insurance if the city council's plan is to be put into action. According to members of the council, the proposal is aimed at keeping track of foreclosure numbers in the area.

Local authorities have estimated that there are currently over 1,000 vacant properties of different types in the city, including foreclosed homes for sale in Elgin, IL, vacant office buildings, empty dwellings and other unoccupied pieces of real estate. However, Mayor Ed Schock has recommended that if an ordinance is put in place, the focus should first be on residential properties, with commercial properties probably coming in later.

Under the proposal, groups or individuals holding notes on Elgin, Illinois foreclosure homes will be required to pay a registration fee of $200 and an inspection fee of $500. These properties will also be required to acquire liability insurance with coverage worth between $500,000 and $2 million, with the amount dependent on the type of structure and the size of the property.

The proposal also requires owners of vacant townhouse homes for sale, family houses and other empty residential properties to submit maintenance and repair plans for their empty properties. Those who fail to do so could be required to pay daily fines ranging from $100 to $750. When it comes to inspections, the main focus, according to the council, would be on code compliance.

In addition, the vacant properties would also be inspected based on possible unlawful improvements, signs of being unlawfully occupied and safety and living conditions. Local authorities have stated that the move was designed to protect communities from blight often caused by foreclosures and the absence of people who buy foreclosed homes for sale.

Members of the council have revealed that the proposal has been patterned after similar projects already in use in at least 39 municipalities of Illinois. They revealed that just like these neighboring communities, Elgin would also like to prevent the negative impact of vacant townhouse homes for sale and other empty residential properties.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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