Illinois Supreme Court Agrees to Decide Whether Third Party Buyer is Liable for Delinquent Assessments to Mortgagee’s Subsidiary

According to Section 9(g)(4) of the Illinois Condominium Property Act, any purchaser of a condominium unit who acquires a property either at a foreclosure sale or by post-foreclosure purchase from the mortgagee must pay the last six months’ worth of delinquent assessments on the unit. 765 ILCS 605/9(g)(4).  So where the wholly-owned subsidiary of the original mortgagee buys the property at the foreclosure sale and subsequently sells to a third party, is that subsidiary a “mortgagee” under the statute, triggering the duty to pay back assessments? That’s the question which the Illinois Supreme Court agreed to decide in the final days of the January term, allowing a petition for leave to appeal in Wing Street of Arlington Heights Condominium Association v. Kiss the Chef Holdings, LLC, a decision from Division Three of the First District.     Read the article………….


Related Articles

Ruling Reminds Associations of Significant Consequences Resulting from Failure to Maintain Common Elements

Maintaining the common elements and areas is one of the primary functions and responsibilities of community associations.

Court Invalidates Restriction on Dues Increases in Association’s Bylaws

In late 2011, the board of directors of the Sudden Valley Community Association approved a budget that increased the membership

Who Picks Up the Tab for Delinquent Condo Owner Assessments?

While we are all starting to enjoy what is looking like a resurgence in condominium development and sales in South