Purchasing a foreclosure or REO property soon? New ways to charge a prospective purchaser of a foreclosed condominium unit may be coming soon.
Dear Realtors and Illinois Residents:
If you, your clients, or client base are thinking of buying a foreclosed condominium from a bank, contact our Governor today and tell him to send back Senate Bill 2664 for rewrite to have the banks pay for past due assessments, not the buyer for a foreclosed condominium or to leave the existing statutory language.
Here is the link with information on how to contact the Governor: http://www2.illinois.gov/gov/Pages/ContacttheGovernor.aspx
Senate Bill 2664 allows the following:
Purchasing a foreclosure or REO property: When Association’s demand that you pay six months’ worth of expenses, do you have to?
Under what circumstances and to what extent are purchasers of a condominium unit at a foreclosure sale or from a mortgagee liable to an association for unpaid assessments? The Condominium Property Act is ambiguous on this point.
Associations, unsurprisingly have defined “common expenses” to include assessments, fines, late fees, court costs and attorney fees. To be eligible to demand such “common expenses” according to the statute, the association must show that it has “instituted…an action to enforce the collection of assessments.”