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…………………
In 2028, all of us who reside in community associations, whether we reside in condominiums,…
After their media investigation @LintonBesser and @NinahKopel from @ABCNews published an article High-profile strata company…
Flooding at a condominium car park along Balmoral Crescent was not caused by rainfall but…
New legislation signed into law this week sets clearer, stricter deadlines for filing loss assessment…
According to Redfin, the median time a Florida home spent on the market was 57…
Residents of affordable developments such as Park City Heights and Central Park Condos told the…