In June we posted a blog suggesting all buyers be thorough in research when purchasing a home. This point becomes significantly more important when purchasing a property within an association. In a standard offer to purchase we utilize for clients, a paragraph contains language as a contingency to protect the buyer. The Illinois Condominium Act requires a seller, in a real estate transaction, to provide the buyer all related association documents including: Covenants and Restrictions, Declarations, By Laws, Special Assessments, and Reserves. See below for a recent story on a building in the South Loop -1717 S Prairie Avenue - facing the financial challenge of special assessments. Important to consider when a building has a history of special assessments, it could impact buyer demand, appreciation factor, and most definitely market value. "Great Homes @ Great Prices with Expert Guidance Along the Way" TM Don't Miss the Bus! TM © RepoHomeTourChicago.com - All Rights Reserved Trademark & Patent Pending | 
