Whether you’re selling your home or considering refinancing, preparing the necessary documents is a key part of the process. At Advantage Management, we have a dedicated member of our staff to help you navigate this.
Our Director of Operations, Andrea Bodenstein, has been with Advantage Management for over 15 years. She’s responsible for providing essential sales documents and answering appraisal-related questions for all our managed properties.
Andrea receives a lot of questions about the process, and here are some of the most common ones she hears:
Q: What is a 22.1 Disclosure, and why do I need one?
A: A 22.1 Disclosure is a document required by the Illinois Condo Property Act for any unit sale. It’s an important part of the due diligence process and is typically reviewed by the buyer’s attorney. The disclosure provides a detailed look at the health and financial stability of the entire association. It’s crucial for helping buyers make informed decisions and protects everyone involved from legal issues.
This document must include:
- Association Declarations and By-laws
- Condominium rules and regulations
- Approved meeting minutes
- Current annual budget and reserve balance
- Any liens against the Association, the Board, or the individual homeowner
- Information on capital expenditures and the Association’s financial status
- Details on any pending lawsuits or litigation
- Information on the building’s master insurance policy
Q: What is a Paid Assessment Letter (PAL)?
A: A Paid Assessment Letter, or PAL, is a letter from the management company or board of directors that a title company requires before closing. The PAL confirms that the seller has paid their monthly assessments in full and is in good financial standing with the Association. If any special assessments are due, the letter will also show that they have been paid, ensuring the new owner doesn’t inherit any unpaid funds.
Q. How do I stop my monthly payments.
A. If you are on ACH where we pull money from your account each month the payments will stop when you order your paid assessment letter. If you are on bank payments or web payments, you will need to contact them to stop the payments.
Q: How do I get copies of my association’s governing documents or minutes?
A: You can find these documents on our website. Just visit Advantage-Management.com, click on “Current Homeowners” in the top menu, and log into your account. Your association’s documents are stored there for you to download. If you need your login information, please contact your property manager.
Q: How do I order my 22.1 Disclosure or Paid Assessment Letter?
A: The process starts on our website. Go to Advantage-Management.com, click on “Current Homeowners,” and then click the middle box to sign up for Homewise to place your order.
Q: Are there fees for these documents?
A: Yes, there are fees for obtaining these documents, similar to the fees from your lender or attorney. The sale or refinancing of your unit is a transaction specific to you, not the entire association.
Q: How can I contact Andrea with more questions?
A: Andrea can be reached during business hours at 312-475-9400 x3 or by email at ABodenstein@Advantage-Management.com.
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