Subject: Re: tax sale redux
From: Michael E. Rutkowski \(First Properties\) (michaelrut@firstpropertiesllc.com)
Date: Wed Feb 12 2003 - 13:29:26 CST
Jim,
In response to your email quoted below:
> Thanks for that information on tax sales, John. Out of curiosity,
> could you or perhaps 1P provide some information on the possible
> traps and pitfalls that we, as a collective, might face if and when
> units or parking spaces were sold at auction, if any? Other than
> the likely default in assessment fees as well, are there any
> potential problems that other associations have faced?
As a collective, there are no pitfalls. As an individual, if you don't pay your taxes, you can lose your property. It makes no difference to the association who owns the spaces. Just as if you sold your unit and/or parking space on the open market, title would transfer to a new owner. That would also happen if the taxes are never paid. (this would be at least 2 years down the road, I think).
Beyond that Jim, what you're really asking for is legal advice. Not only am I not qualified to give it, but as a licensed broker, I specifically forbidden to do so.
I'm hoping you don't interpret that statement as me simply "brushing off" the question. Understand, in real estate, there is fine line between "relaying information" and giving legal "advice." The former is OK, the later can strip me of my license.
To be honest, I have never gone throught the tax sale process, and my knowledge is very limited in this area. The one thing I do know, if you pay the tax, the problem is solved. Hopefully, that is what everyone will do. If some owners don't they will need to contact their attorney for advice.
As far as the association is concerned, again, it matters none who owns the property (any owner will have to pay the assessments).
I hope this helps.
Michael E. Rutkowski
First Properties, LLC
Phone: 312.829.8900
Fax: 312.829.8950
----- Original Message -----
From: "Jim Thomas" <jthomas@sun.soci.niu.edu>
To: "Vanguard Discussion" <discuss@vanguardlofts.com>
Sent: Wednesday, February 12, 2003 12:52 PM
Subject: tax sale redux
>
> Oh - an addition to Tom's useful primer on how/where to pay the bill:
> The cook county collector clerk emphasized that--as it says on our bill,
> we CANNOT use a personal check for the back taxes, although we can for
> the current taxes. So, be sure to take a money order, cashier's check,
> or certfied check along.
>
> jt / 501
>
>
>
>
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