If you’ve recently purchased your unit, considered a refinance, put your unit on the market, or scheduled a move, chances are you’ve interacted with our Director of Sales and Refinancing, Andrea Bodenstein. Andrea has been with Advantage Management for 9+ years and is one of the company’s longest-tenured employees. Andrea is responsible for providing the required sales documents and answering any appraisal-related questions for all of our managed properties.
There are many nuances and legalities involving Sales and Refinancing, and a lot of pertinent Association information that needs to be disclosed to the listing agents, underwriters, lenders, or brokers involved in any unit sale. There are also a lot of documents required to sell or refinance your home, and a lot of questions that can go along with them. Some of Andrea’s most commonly asked questions are:
Q: What is a 22.1 Disclosure, and why do I need one?
A: 22.1 Disclosures are a part of the Illinois Condo Property Act and are required in any unit sale. This document is generally requested and reviewed by the buyer’s attorney. This document is so important because it provides detailed information about the individual unit, and the Association’s health and financial stability as a whole. Buyers need this information in order to make an informed decision about the investment they are about to make, and any misrepresentation of information could lead to severe legal repercussions for the people involved in the sale. To comply with the Illinois Condominium Property Act, the 22.1 disclosure must include:
Association Declarations and By-laws, any Condominium rules and regulations, approved meeting minutes, current annual budget, the Association’s reserve balance, etc.
Any liens in place against the Association, the Board of Directors, or the individual Homeowner
The Association’s capital expenditures, as well as their financial status for the current fiscal year
Any funds in the Reserve Account that are earmarked for specific projects or expenses
Any lawsuits or pending litigation that the association is involved in
Information on the building’s common area insurance or the Master Insurance policy for the Association
Q: What is a Paid Assessment Letter, and why do I need one?
A: A Paid Assessment Letter is a letter that is required by the title company from the Management company or the Board of Directors that is provided before your closing. The PAL states the seller has paid their monthly Assessments in full and is in good financial standing with the Association. If there are any ongoing special assessments the PAL will also reflect they were paid in full by the seller; this ensures the new buyer will not be responsible for any unpaid funds associated with the unit once they take possession. If the seller does have a balance due, that amount can be included on the PAL and paid at closing (depending on how the buyer and seller privately decide to work it out), and the title company will reflect those changes on the final Settlement Statement.
Q: How do I get in touch with Andrea for additional questions?
A: Andrea can be reached during business hours at 312-475-9400 or at ABodenstein@Advantage-Management.com