Legal Question in Real Estate Law in Illinois
condo purchase
We wanted to buy a condo in a renovated building but found the owner of the bldg. is behind on his taxes. If he has money problems and goes under, what happens to the people with units in the bldg.? Are they responsible for anything more than their share of the taxes since they took possession, and how will they retain services like electric and gas, etc. when some of that is in the bldg.wner's name? Would this be a risky purchase for us?
1 Answer from Attorneys
Re: condo purchase
It very well could be. It depends to some extent on what the status of things are. Is there an active association formed yet? If not, the obstacles are probably too much to overcome. If so, you'd have to see how current the bills are.
Also, have the PINs (tax bills) been separated yet? A lot depends on the answers to questions such as these. Then once that info is available, a real estate attorney would probably have to research things because these are pretty complicated matters. I wish I had an easier answer for you.
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