Section 22.1 of the Illinois Condo Act lets buyers demand certain information from the seller prior to committing to the purchase.
This makes sense! After all, buyers should have…
- A copy of the Declaration, by-laws, other condominium instruments and any rules and regulations.
- A statement of any liens, including a statement of the account of the unit setting forth the amounts of unpaid assessments and other charges due and owing.
- A statement of any capital expenditures anticipated by the unit owner’s association within the current or succeeding two fiscal years.
- A statement of the status and amount of any reserve for replacement fund and any portion of such fund earmarked for any specified project by the Board of Managers.
- A copy of the statement of financial condition of the unit owner’s association for the last fiscal year for which such statement is available.
- A statement of the status of any pending suits or judgments in which the unit owner’s association is a party.
- A statement setting forth what insurance coverage is provided for all unit owners by the unit owner’s association.
- A statement that any improvements or alterations made to the unit, or the limited common elements assigned thereto, by the prior unit owner are in good faith believed to be in compliance with the condominium instruments.
- The identity and mailing address of the principal officer of the unit owner’s association or of the other officer or agent as is specifically designated to receive notices.
It’s up to the buyer to ask for this information, but knowing that any buyer’s attorney worth his salt will ask for it, I always come prepared to listing presentations ready to ask the questions. The answers to these questions can actually be useful in attracting and keeping buyers.
Wouldn’t you be interested right away in a condo where
- 100% of the condo owners are up to date on paying their assessments?
- the condo reserves (i.e. savings account) equal 24 months’ worth of assessments?
- an engineering study (less than 6 months old) shows that no maintenance items are anticipated in the next 2 years?
- no outstanding lawsuits exist against the building?
- any improvements to the condo are definitely in compliance with the rule/ regulations and declarations?
Of course you would!
Buyers want to know that there is little risk in buying your unit — no special assessment will be levied against them a month after closing, no big project is about to commence, and they won’t be required to yank out the hot tub you advertised and they paid so dearly for.
So tell the buyers NOW! Don’t wait for them to ask! Have me tell them in print and during the showing just how wonderful your home really is!
Tomorrow: The Importance of Responsive Property Managers, or, Who Works for Whom, exactly?For information on buying or selling your condo, contact Anne Rossley at Prudential Rubloff.