Illinois Appellate Court case – 1010 Lake Shore Drive v. Deutshe Bank

In a recent Illinois Appellate Court case, 1010 Lake Shore Drive v. Deutshe Bank, the Court held that a lender, who acquired a unit as a result of a foreclosure auction, and who subsequently failed to pay post-auction assessments, was liable for both the amount due in … Read More ›

Once the Association obtains a Judgment and Order for Possession, what can it do other than rent the Unit in order to collect on the Judgment?  Many times, Associations do not want to do deal with the stress of being a Landlord.  It can be difficult to find suitable tenants, maintain the upkeep of the … Read More ›

As condominium, townhome and homeowners associations are getting older, the need for maintenance, repair and replacement of the buildings and other property of the association has increased. Lately, I have received a number of phone calls from clients inquiring about the procedures to fund improvements to the property.

My first response is — “Are there funds … Read More ›

BUDGETING
Every Condominium and Homeowners Association is dependent upon a steady flow of assessment revenue to fund its operations and maintain the property. Some Associations have alternative sources of revenue such as laundry room receipts, parking garage fees, golf course greens fees, etc. However, it is assessments which are the “life blood” of the Association whether … Read More ›