REO Condominium Purchases
by Juan Vaglienty, Esq.

  Buyer beware when purchasing a bank owned condominium unit.  Illinois law allows the new purchaser of a bank owned condo to be responsible for unpaid assessments for a unit up to 6 months worth prior to the foreclosure sale.  A buyer should be ready and aware of this potential liability when purchasing a bank owned condo.  The cost for these unpaid assessments should be considered when purchasing such a unit. 

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