mardi 29 août 2017

Selling a Condo and Assessment Delinquency

My question involves real estate located in the State of: Illinois

I am selling my condo and have a closing date in two days.

I am also treasurer of the condominium association and
have been filling out the paperwork for the association
for this sale.

We are a six unit building, and unfortunately, one
of the owners is behind on their assessment payments
by three months. I filled out a questionnaire for
the lender three weeks ago in which I stated that
we had one owner behind on their assessment.


The buyer's lender just called me (in my capacity as treasurer,
not seller) and said that the loan would not be approved
because one of the owners was delinquent.

He told me that I needed to fill out a new questionnaire
stating that all units in the building were paid up
and also write a letter explaining why things changed.

In short, he asked me to lie. He said "look, the buyer
wants to buy your condo and you want to sell it". He
also said that the buyer is "a good friend of my wife".


So, do I fill out a new form/write a letter in which
I lie and say that the delinquent account has been paid
up? If I don't, I won't sell my condo to the current buyer
(who made their offer on July 20), and have to start
showing the place again.

If I do lie, how much potential trouble can I get in?


I am in Illinois.


Selling a Condo and Assessment Delinquency

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