The Illinois Legislature passed Senate Bill 2664. It is now up to the Governor to decide whether to sign the bill into law. The Senate Bill 2664, if passed into law, will be very useful to buyers of foreclosed properties that are in a condominium association. Currently, buyers are discovering after signing the contract, that there are major back assessments and other fees owed to the associations. This bill will help the buyers financially, as it caps the amount of money the buyer pays to the association to no more than the amount of the unit’s unpaid monthly assessments for the 9 month period preceding the foreclosure. The listing agent includes the monthly assessment costs on the property description. With this new bill, if it passes, the buyer can multiply that amount by 9, and determine their maximum fees owed to the association. This can help buyers budget accordingly.
Another benefit of SB 2664 for buyers is the proposed requirement that associations provide information about the unit within 14 days, including condo documents and amounts due. Currently, associations have 30 days to provide information to buyers. If the bill is signed, and the association is self-managed, the association will be required to provide information to the buyer within 21 days.