Sellers also must provide past meeting minutes for the buyer’s review. Buyers may not be interested in purchasing property that carries substantial debt for which they will have to pay special (translate: extra) assessments on a monthly or annual basis. The condominium budget will lay out how much money the association collects and spends every year, and how much debt the association has. For example, the Condominium Declaration/Bylaws and Rules and Regulations typically explain condominium governance, management, and items that will affect the condominium owner daily, such as rules concerning pets, noise, renting units, parking, etc. By reviewing these documents thoroughly, buyers can avoid surprises at or after closing. Pursuant to Section 22.1 of the Illinois Condominium Property Act, the seller of a condominium is required to provide certain documents to a prospective purchaser. Before purchasing a condominium, buyers should be diligent to make sure that they are comfortable with their purchase. Condominium Declarations/Bylaws and Rules and Regulations govern condo living, and must be followed to avoid fines, liens, and friction with the neighbors. Condominiums are a form of common ownership, and come with their own set of challenges.
When purchasing a condominium, buyers must be extra-careful.