Costly condo disclosure papers can hit buyers where it hurts

A condominium sale easily generates hundreds of pages of association documents, and each one costs money. Who pays varies, but buyers frequently get stuck with the bill.  “I’ve seen document fees run into four figures,” says Sara Benson, principal managing broker at Benson Stanley Realty and president at Association Evaluation in Chicago.  Section 22.1 of the Illinois Condominium Property Act requires owners to provide various documents and records to prospective buyers who request them. They include the governing documents and statements concerning reserve balances, litigation, insurance and anticipated capital expenditures.     Read the article……………


Related Articles

Condo owners want hydrant fee eliminated (MA)

About 100 local condominium owners packed a meeting Monday night to get the selectmen/water commissioners to rescind a fee for

I-Team: Board rejects plans for new pool regulations (NV)

A plan that could have caused the closure of hundreds of swimming pools in southern Nevada has been shelved by

Closed session and executive session are the same

Q. Can you please clarify the difference between a “closed session” and an “executive session” of the board? I know