Special assessment resolutions must be drafted properly

Q. Our condominium association levied a large special assessment a couple of years ago, payable over multiple years. A purchaser of a recently foreclosed unit is alleging that the outstanding special assessment balance has been extinguished because the original date the special assessment was levied predates the six month “look back” period under the Illinois Condominium Property Act. Our association is under the impression that, since the special assessment is payable in monthly installment payments, the buyer remains responsible for the six months special assessment payments, which accrued during the “look back” period, along with all future monthly installments of the special assessment remaining following the buyer’s closing date. Please help explain how to best address this dilemma.   Read the article…………..

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