Selling a Condo-Disclose Special Assessments

Buyers of condos typically ask for a disclosure statement from the Seller, saying whether there are any special assessments in effect. This only discloses current "approved" special assessments.

What happens if there are no "approved" special assessments, but one is being discusssed, or one is approved after the sale contract is signed?

A recent Illinois appellate case makes it pretty clear that the seller should disclose the "anticipated" assessment to the buyer.

This is a good result: Sellers shoud disclose what they know about the association. The Buyer has no idea what is going on. The seller should disclose everything they know about the finances of the association, including if meetings were held just to talk about special assessments.

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