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Special Assessment Escrow?

By Peter Olson, Esq.

Just thought I'd mention this as another tool to use on the Buyer's side. I represented a buyer earlier this week at a closing and we used this to sock away $5k just in case there's a special assessment in the next six months. In my particular situation a review of condo board minutes over the last year suggested a couple big projects may be happening soon so I just wanted to protect my client. But in a soft real estate market why not use this as the default position on the Buyer's side. Protect your client for another year.

Full post as published by Closing Real Estate in Chicago on October 16, 2008 (boomark / email).