Condo foreclosure bill clears committee, now headed to Illinois House

Senate Bill 2664, a bill aimed at protecting buyers when they purchase a foreclosed condo, was voted out of the House Judiciary Committee today by a vote of 13-2. It now heads to the full Illinois House for consideration.

The IAR-supported bill reforms the state’s Condominium Property Act, which currently requires buyers of foreclosed condos to pay six months of regular assessments, past due assessments unlimited attorney’s fees and other fines, fees and costs.

SB 2664 would limit the amount prospective buyers would owe and requires that they be given better notice of what their financial obligation will be before they get to closing. Click here to read more about the bill.

Thanks to all the Illinois REALTORS® who participated in the recent IAR Call for Action, urging legislators to support the bill. Your grassroots efforts make a difference!

Keep an eye out for another IAR Call for Action as the bill comes up for a vote in the full Illinois House.

2014-05-07T12:29:47-05:00May 7th, 2014|Uncategorized|0 Comments

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