SB2664 makes needed changes to the Condominium Property Act by limiting some of the money buyers of foreclosed condos face paying at closing.The bill is on Gov. Pat Quinn’s desk awaiting signature, and your help is needed now.
Why is this bill important? The financial crisis left hundreds of foreclosed condos throughout the state. Now that the market is regaining momentum, the current law is an impediment to getting these properties back into private ownership.
Current law allows condo associations to force buyers to pay six months of regular assessments, any past due special assessments, fines and legal fees. That can add thousands of dollars to a transaction. SB 2664 sets the maximum amount that a buyer must pay at nine months times the “regular monthly assessments” for the unit.
The current law is written in such a way that a buyer can walk into a closing thinking they owe one amount, only to find out they are getting socked with a much larger closing cost. SB2664 provides a better advance notice that should take the mystery out of what amount a buyer ultimately has to pay.
There are ways you can help fight for property rights
2. Call the Governor’s office at (217) 782-0244. Tell officials there that you want him to sign SB2664. Make sure your call is recorded as being in support of SB2664. It’s unlikely you will be asked for details.
3. Print out one of the three letters IAR’s team of lobbyists have crafted. (find them here, here and here) Add your name and address to it, sign it and send it to: The Honorable Pat Quinn, Governor of Illinois, State Capitol, Room 207, Springfield, IL 62706.
Your voice matters. IAR needs a strong showing of support for this bill. Already, previous calls to action have flooded lawmakers’ inboxes and phone lines. Now we need to make sure Gov. Pat Quinn knows how important an issue this is to our members.
Show the Power of R. Take action on SB2664 today!