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…………………
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