Can the seller terminate contract due to environmental defects in ILLINOIS?

This tax credit is great in that it ensures we are building environmentally friendly properties while also creating tax savings that provides greater cash flow to reinvest in other projects or properties.

My hypothesis is there could be unique considerations around:  1) insurance, 2) environmental diligence, 3) due diligence like estimating vacancy, and 4) how best to research leasing comps because commercial leases are so different among other items.

Compared to conventional, the closing costs will be somewhat higher, the origination costs could be between 2.5-4pts, upwards of $2k for an appraisal and environmental docs is not an existing rental unit... but you could be looking at rates in the low 4's provided none of the 5 of you have low credit.Cheers!

Many local gov't will require a feasibility study, environmental surveys, storm water run off reports, etc... it varies from county to county, state to state, but be aware. 

You will need a commercial narrative report (commercial appraisal), possible environmental report and the land may need top be surveyed to get the proper ALTA endorsements from title.

@Sharon F Bondurant Here are a few policies/coverages that typically are not included in the standard Rental Dwelling policy.1)  There are 2 policies, General Liability and a Pollution policy that could respond to your claim example ("I got sick in the home and it must be the air from the air ducts").Your current policy should already include General Liability (GL). 

Because if a buyer doesn't have to get their own mortgage on the property, it will bypass the environmental inspection, appraisal, etc. - speeding up the closing timeline.

When the structure is serviced by an individual sewage disposal system, the applicant shall have the existing or any new system approved by the department of environmental management.

I would only recommend in A/B class neighborhoods otherwise guests will be turned off and you'll have environmental factors that disrupts your operations.