At any time that a condominium unit transfers ownership the seller or the buyer are required to settle up the prior owner’s balance of assessments. If they do not, the new owner becomes responsible for the remaining balance due from the prior owner. This process is normally addressed by the condominium association issuing what is called a paid assessment letter. Most all title companies in Illinois require that a paid assessment letter be issued when a unit is transferred so that they know if there is a balance due from the seller prior to the buyer taking title. This balance is either paid by the seller prior to the closing or paid at the time of the closing.
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