Sunday, January 6, 2008

Condo going under? It might get ugly...very ugly....

Mark Pearlstein is one of the deans of condominium law in Illinois, and, while I don't really get much into his area of law, I did like the article he had in today's Tribune, and I am therefore linking it here. The long and short of it is this: if you buy into a condo building that is or ends up in trouble because the developer can't sell units and is in financial trouble, you could end up in trouble yourself. The association has to be turned over anyway and the options for a partially-sold are often not attractive. I'm sure the lenders of the owners will not be enthralled either. In other words: buyer beware.