Condo Special Assessments: What Buyers and Sellers Need to Know

Special assessments can make condo buyers nervous, but they aren’t automatically a red flag. What matters is why the assessment was necessary, how it’s being funded, the association’s financial condition, and what expenses may be coming next. In my latest article, I look at what buyers should investigate, what sellers should know before listing, who may be responsible for an assessment when a condo is sold, and how special assessments can affect financing. If you own—or are considering buying or selling—a condo in Chicago, Evanston, or the North Shore, it’s worth understanding how special assessments work. Read the full article: Condo Special Assessments: What Buyers and Sellers Need to Know