term "Condominium Unit" in foreclosure (auctions, mortgage, mortgage)

[tcs1366]

In the terms written in a foreclosure of a property that is in a HOA .... where it reads...

"If this property is a condominium unit, the purchaser of the unit at the foreclosure sale, other than a mortgagee shall pay the assessments and the legal fees required by The Condominium Property Act"

Would that mean that the purchaser of said property is responsible for all unpaid Dues and incurred legal fees?

If so... if I were to purchase a home like this, is there a way i can find out what fees/unpaid dues there are a head of time?

Thanks in advance,

[rjrcm]

Originally Posted by tcs1366

In the terms written in a foreclosure of a property that is in a HOA .... where it reads...

"If this property is a condominium unit, the purchaser of the unit at the foreclosure sale, other than a mortgagee shall pay the assessments and the legal fees required by The Condominium Property Act"

Would that mean that the purchaser of said property is responsible for all unpaid Dues and incurred legal fees?

Probably, but you should read the Condominium Property Act to be sure. Here is a link: 765*ILCS*605/**Condominium Property Act.

If so... if I were to purchase a home like this, is there a way i can find out what fees/unpaid dues there are a head of time?

Have a title company run a title search. You may also be able to contact the HOA directly and ask how much is due. But you should really do a title search to find out if there are any other liens or fees against the property you may be responsible to pay off.

Thanks in advance,

See above.

[adolpho]

Your contract will (hopefully) stipulate that they will give it to you with all back hoa and taxes paid. I've bought two in the last year, this way. Transfer fees, sids, lids, and other capital contributions are an entirely different matter.

[tcs1366]

but in a foreclosure... I dont think the mortgage holder would do that.

rjrcm -- thanks for that link. I could not find any thing that makes it sound like a single family home would qualify for that.

I'll have the lawyer look it over.

[adolpho]

They are going to have to pay it sooner or later, just like back taxes. In some States, an HOA CAN TAKE YOUR HOME FOR UNPAID HOA FEES.

[rjrcm]

Originally Posted by adolpho

Your contract will (hopefully) stipulate that they will give it to you with all back hoa and taxes paid. I've bought two in the last year, this way. Transfer fees, sids, lids, and other capital contributions are an entirely different matter.

Adolpho, the OP is trying to buy the house at the foreclosure auction. There is no purchase contract to negotiate. At foreclosure auctions, the winning bidder is responsible for paying all outstanding liens etc. If the lender (mortgagee) takes it back, they will cover the costs to clear title when they resell as bank owned.

[rjrcm]

Originally Posted by tcs1366

...I'll have the lawyer look it over.

Good move.

[SandyJet]

If the condo put a lien on the condo pay it back Jack