Released on = March 13, 2006, 12:38 pm

Press Release Author = Law Offices of Philip J. Berenz, P.C.

Industry = Small Business

Press Release Summary = Selling a condo or town home requires certain disclosures
upon a buyer\'s request according to Illinois law.

Press Release Body = Under the Illinois Condominium Property Act, when a seller
(other than the \"developer\") resells a condominium or town home legally known as a
\"condominium\" (and many are known as such in Illinois and under Illinois law), such
seller is required to obtain from his/her Board of Managers of the association much
information and make it available for inspection to a prospective purchaser upon
demand. In particular, there are 9 \"categories\" of information that a prospective
purchaser can demand such as a copy of the declaration, by-laws, rules and
regulations, certain financial information to name a few of the items \"inside\" those
9 \"categories.\" When buyers request information about your association such as
budgets, the rules and/or regulations and/or any other information in these 9
\"categories\" Seller must be sure to give them the information immediately.

Failure to disclose all properly requested information could cost Sellers dearly. In
a few published Illinois court opinions, the Courts have found that sellers who did
not disclose certain financial information, for example, were required to return the
purchaser\'s earnest money and lose the sale of the property to that purchaser.
Timely and full disclosure is the only route to take when selling a condo or town
home. In other words, \"hiding\" information--especially financial information such as
potential \"special assessments\" for building improvements and/or repairs--will only
land you in a court battle. And most likely, sellers will lose for such
non-disclosure. Disclose, disclose, disclose-promptly upon request!

About the Author: Philip J. Berenz, CPA, JD is a Chicago area attorney who regularly
represents home sellers and buyers having handled in excess of $40,000,000 in
transactions in the past several years alone. His experience with home sellers
allows him to counsel clients to ensure compliance with local, State and Federal
laws in the sale of a home and his guidance is sincere and attentive to the
particular individual circumstances that vary greatly in such monumental
transactions. You can learn more by visiting his web site at
www.counseloroffices.com -the \"Chicago Real Estate
Law Blog .\"





Web Site = http://www.counseloroffices.com

Contact Details = Philip J. Berenz, CPA, JD||350 North LaSalle Street, Suite
900||Chicago ,
60610||$$country||||312-375-6524||pberenz@yahoo.com||http://www.counseloroffices.com