Fresno Republican Newspaper Redirect- 404 File Not... -
[Cached Version]
Published on: 3/21/2001
Last Visited: 3/21/2001
It sounds so basic , but you wouldn't believe how many people buy condo units , even lawyers and professionals , without ever reading the declaration or bylaws , says Michael C. Kim , a senior partner at Arnstein & Lehr in Chicago.It's not like when you buy a single-family home and the only thing you have to worry about are the zoning restrictions and the building code , Kim says.You have a private set of covenants that will control the use of the property.It will also determine your participatory rights and the governance of that property..An attorney also should be aware of any statutes or regulations that provide for disclosures by the homeowners association to prospective purchasers and perhaps seek to incorporate those disclosures as conditions of the contract , Kim says.Disclosures can tell a buyer , for instance , about the financial condition of the association , or whether the property is due for major repairs or improvements that could result in higher or special assessments for owners and whether the association is involved in litigation.
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Before that ruling , Kim says , the general assumption of homeowners was that common areas and facilities were part of each residence and thus subject to implied warranty claims , just as defects in a swimming pool , driveway or fitness room of a single-family house is covered by the implied warranty of habitability.Now , multifamily development residents in Illinois will need to resort to new legal theories to recover for defects in common areas , he says.Homeowners associations often find themselves caught between developers and property owners on a number of issues.It is not surprising , therefore , that the time demands on lawyers representing associations can be grueling.A lawyer advising associations may spend many evenings attending board meetings run by volunteer directors.Moreover , the job requires expertise in a number of areas.