In the closing days of its January term, the Illinois Supreme Court agreed to decide an issue of considerable potential importance to the real estate bar – when does a foreclosure sale on a condominium unit extinguish the Association’s lien for assessments incurred before the sale closed? In 1010 Lake Shore Association v. Deutsche Bank National Trust Company, the First District Appellate Court, Division 2 held that where the new owner fails to pay post-sale assessments, he or she can remain liable for pre-sale assessments. Read more…….
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