The Illinois Association of REALTORS® has issued a Call to Action urging its members to voice their support for a bill that would reform the state’s Condominium Property Act.
SB2664 adds language to the act to help protect buyers from unpleasant surprises when they purchase a foreclosed condo. As the law is written, buyers of foreclosed condominiums must pay six months of regular assessments, past due assessments unlimited attorney’s fees and other fines, fees and costs.
The change would target cases where buyers show up at a closing thinking they would pay one amount, only to find out that there may be a lot more money needed once all the additional assessments and legal costs are added up. The new language would allow associations to collect unpaid costs and and related legal fees over a nine-month period, but limits the total recoverable amount to the equivalent of nine months of regular monthly assessments.
Additionally, the bill would call for a condo association’s board of managers to produce the information in 14 days instead of the current 30 days, which some have deemed too long in a fast-paced real estate market.
The bill has garnered wide support from groups including the Illinois State Bar Association, the Creditors Coalition, the Community Bankers of Illinois, the Illinois Bankers Association, and the Illinois Credit Unions System.
You can be a part of the effort, too. Click here for more information and to send a note to lawmakers considering the legislation.