Sep. 25, 2007 - Buying Into A Little Government
The other day, when I was visiting one of the many forums I read
daily, a real estate agent asked a question about a
Condominium Association that changed the rental rules for the
association. The agent's clients had asked the
question. That prompted the agent to ask other agents.
I was in one of my replying moods and it went like this:
"As a REALTOR® and the President of the Board of
Directors of my Condominium Association I see countless REALTORS®
indulging in the listing and sales of condominiums before they are
able to answer condominium specific questions. Not only should they
familiarize themselves with The Illinois Condominium Property Act,
but they need to go over the Declaration and Bylaws and the Rules
and Regulations of each specific Association in which they wish to
do business. They would also be doing themselves and their
clients a favor if they read Article 11 of the NAR Code of
Ethics.
Many residents in condominiums do not realize the importance
of attending association meetings, checking the bulletin board,
reading the association newsletters, etc. This is partly due to the
fact that they are never educated to the fact that they will be
buying into a small government, not just a dwelling place. They are
given a copy (or should be) of the Declaration and Bylaws,
Rules and Regulations, and the budget, for perusal during attorney
review.
Unfortunately, some Associations are run by a Board of
Dictators as opposed to a Board of Directors. If this is the case,
and they do not operate in accordance with the Declaration and
Bylaws as laid out in The Illinois Condominium Property Act, then
your client most definitely can appeal with the help of a competent
Attorney who is well versed in Condominium Law (Robert Nesbit comes
to mind, look him up). However, if the Declaration and Bylaws was
legally amended and your client just wasn't paying attention
then the rules are the rules and there isn't much they
do.
The best way to avoid all of this distress is, as a REALTOR®,
know what you are selling and only sell what you know."
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