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Tech Tips in 60619 : Real Estate Advice

  • All32
  • Local Info1
  • Home Buying14
  • Home Selling3
  • Market Conditions0

Activity 2
Mon Mar 29, 2010
Dominic Valenti answered:
As a developer myself I can tell you that every subdivision has a Subdivision Agreement between the municipality and the actual developer. This document usually dictates what the developers responsibilities are as they relate to infrastructure, size, and monotony. This is not to be confused with an association, which someone else mentioned. There could also be “deed restrictions” imposed by the original developer also. Be sure to have your attorney read every document referenced on your title report to verify what these are. The other item you need to verify is the Letter of Credit (LOC), which is issued by the developer’s bank and presented to the municipality to insure that all improvements required have been made. If the developer has become insolvent there’s a good chance his LOC has been withdrawn which in turn could make you responsible for further completion of the work. Be careful and call a pro. Good Luck! ... more
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Wed Apr 30, 2008
Jim Roth answered:
Eddie, does the developer still control the association? And if I understand your question the lien is what he is unwilling to do i.e "refuses to take legal action". The unit owners will not be able to transfer title without a paid in full assesment letter from the association or developer regardless. ... more
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