The title should cover all future liens and unpaid bills. However, expect but verify should be your plan here. Make sure to get "Owner's title" coverage. This is usually standard, but make sure your Attorney is on the ball about receiving and reviewing the title report. The owner pays for this in Illinois, and it protects you against any liens or other burdens to the property that may have occured before your closing date.
Also, make sure to use a Loan Officer who knows what this means, and how to ensure it is present on your title report and transaction. In my office we don't just receive documents, we actually read and address issues in them.
Finally, you have a right to request a copy of the Condo Association docs, and specifically their financials and budget, to make sure they are financially solvent. Your agent should be able to get that from the Seller's Agent, or your Attorney from the Seller's Attorney.
Remember, you have a limited Attorney review period based on your contract terms, so check that and try to get things done for you in that period.
Finally, check again before you sign the papers at closing, to make sure nothing has changed from before.
As a buyer, you have a right to ask as many questions as you need to, to ensure your full protection. Any of your chosen professionals that is unwilling, or unable to answer your questions should be considered a liability to your cause. Do not hesitate to replace them.
I wish you the very best in your transaction.
Please feel free to contact me should you have any further questions.
Nike Fasanya, CMC
Marvel Ventures Mortgage, Inc
The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.