Yes, you can sell a condo while the association is considering a special assessment. However, you should investigate the proposed project and the association’s finances before listing. Even if an assessment has not been formally approved, the issue may affect the asking price, negotiations with the buyer and your expected proceeds at closing. A Special Assessment Does Not Have to Be Final to Affect the Sale Condo owners sometimes assume that a potential assessment does not matter until the board takes a formal vote and establishes the amount. In practice, the problem can affect a sale much earlier. The association may already be: Collecting bids for a new roof Reviewing…
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Cook County Condo Assessment Appeals: Should Your Condo Board File as a Group?
When Cook County reassesses a condominium building, individual unit owners often focus only on their own assessment notice. That is understandable. But it may be too narrow. For many condominium buildings, the better question is whether the condo board should review the assessments across the entire building and consider a group appeal. Why Condo Buildings Are Different Condominiums are often easier to compare than single-family homes because similar units may exist in the same building. A building may have several units with the same floor plan, same square footage, same number of bedrooms and bathrooms, same tier, similar views, and similar amenities. That creates a useful opportunity. If similar units…
