The Board of Directors of the Fulton House Condominium Association was scheduled to meet Monday evening to discuss, among other items, levying a special assessment against unit owners for façade repairs and roof replacement. If we’re able to learn the results of the Board meeting and the amount of any special assessment we’ll pass along the details.
Special assessments to cover major building repairs are more common than condo buyers like to think, and they can be costly. In two buildings we’re familiar with recent special assessments amounted to six figures for some owners.
If you’re buying a resale condo you should ensure that your contract requires the seller to provide the disclosures specified in Section 22.1 of the Illinois Condominium Property Act. Carefully evaluating those disclosures, however, is just one step in your due diligence.
You should have a competent, independent home inspector review the property’s common areas. If your inspector is not given full access, that’s a major red flag that you shouldn’t ignore. It’s not uncommon for homeowners’ associations, especially ones that are self-managed or managed by second-rate companies, to ignore needed repairs to a building rather than incur the cost of remedying them.
Tips, Advice, Buying, Condos, Condominiums, Condominium Property Act, Disclosures, Special assessments, Fulton House Condominium