Costly Repais in South Loop

209907 Resource 199230 199384 199384 1217342655888 1217347369315 Controlled Chicago Condo Special Assessments

Who Is Paying?

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 <place />South Loop</place /> -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" TMDon't Miss the Bus! TM© RepoHomeTourChicago.com - All Rights ReservedTrademark & Patent Pending 9 application/xml false 1717 s prairie ave chicago chicago condo special assessments condo special assessments illinois condominium act south loop condos Costly Repais in South Loop Expensive http://www.chicagobusiness.com/cgi-bin/mag/article.pl?articleId=30344 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 wdiehl 206.81.51.82 false true false false true 199303 false false true false false false true 199230 blog blogsite/RepoHomeTourChicago/web