SB2664 needs only a signature to become law, and the IAR is hoping it happens.
Earlier this month, we wrote about Senate Bill 2664, which having passed the state’s General Assembly was on its way to the governor’s desk, causing a stir throughout the local real estate industry.
The bill, if passed, would make considerable alterations to Illinois’ Condominium Property Act, specifically limiting the money buyers of foreclosed condos can be forced to pay at closing. Several condominium associations have criticized SB2664, suggesting that foreclosure expenses are too unpredictable to force into such a finite structure. But organizations like the Illinois Association of Realtors sing a different tune.
“The current law is written in such a way that a buyer can walk into a closing thinking they owe one amount, only to find out they are getting socked with a much larger closing cost,” the IARbuzz BLOG reports.
To help convince Governor Pat Quinn to move forward with signing SB2664 into law and effectively changing the fabric of the Condominium Property Act, the IAR is asking all concerned citizens and industry professionals to visit the Governor’s website and submitting one of three letters the association has pre-prepared, which can be found here.