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……………


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