July 29, 2008

Chicago Condo Special Assessments

Who Is Paying?

In June we posted a blog suggesting all buyers be thorough in research when purchasing a home. This point becomes significantly more important when purchasing a property within an association.

In a standard offer to purchase we utilize for clients, a paragraph contains language as a contingency to protect the buyer. The Illinois Condominium Act requires a seller, in a real estate transaction, to provide the buyer all related association documents including: Covenants and Restrictions, Declarations, By Laws, Special Assessments, and Reserves.

See below for a recent story on a building in the South Loop -1717 S Prairie Avenue - facing the financial challenge of special assessments. Important to consider when a building has a history of special assessments, it could impact buyer demand, appreciation factor, and most definitely market value.

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	Costly Repais in South Loop
	Expensive
	http://www.chicagobusiness.com/cgi-bin/mag/article.pl?articleId=30344

Topic Tags: 1717 s prairie ave chicago, chicago condo special assessments, condo special assessments, illinois condominium act, south loop condos

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