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Parks & Recreation in 60432 : Real Estate Advice

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Mon Mar 25, 2013
Michael Sims answered:
The quick answer is Yes they can assess. The longer question is are you responsible to pay them. Depending on when you purchased the home you may have already been bound by the covenants and/or special assessments. Many home purchasers do not fully understand what they have to pay for down the road, when they purchase a home. We are all excited at the closing table, and after the papers get shoved into a file, a drawer and eventually a storage box, we forget about the special assessment commitments. If you purchased the home recently, the money may have been escrowed at the title company or there may be other ways it could have been paid for. You should call the attorney who handled your closing and have him to do the legwork. Who knows, the HOA may be assessing something they do not have to. ... more
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