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How to transition from a foreclosed condo owner to a new owner


Question:

condo assessment fee transition during new ownership 052714 resized 600

A condo owner was foreclosed on the 15th of the month. They had paid that month's assessment fee and were in good standing. The new owner who bought the condo unit at auction does not take possession of the unit until 30 days after a deed is issued, which is a week after the sale.

Should the original owner receive a refund of half a month? If so who should pay the second half of the current month assessment and going forward until the new owner takes possession? The condo association is in Du Page County, Illinois.


Answers (8)

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