A couple of things to keep in mind. First, you'll need a survey of the property to properly locate a fence on the property line. When you purchase the home, usually the lender will require a recent survey. You can use this survey to locate the fence properly. The second thing you need to consider is the impact of village code on the setback of the fence from the property line or the public way and any constraints on the size or type of fence that can be installed. The property is located in Franklin Park and will go through a pre sale inspection prior to closing. You can take this opportunity to ask the inspector about the fence. If you like, you could also contact Inspectional Services in Franklin Park and probable ask some general questions. The contact on their website is:
Paul Sharp, Director
I don't believe there are any HOA concerns here.
I attached a link to their website below.
Best of Luck.