What are my options if thedevelpoer defaulted on the property tax bill of my new condo?
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What are my options if thedevelpoer defaulted on the property tax bill of my new condo?
I purchased a newly constructed condo last year. From what I’ve heard, is that the county never received a property tax payment for the year previous to that from the developer. That bill has a final due date of today before it’s “sold off.” I’m not even sure what that means. Being a soon deploying soldier on Active Duty, I’m not in IL and don’t have the available time to take care of this myself. But I still ask, what are my current options and/or if I need to sue him, how much would it cost and what hoops would I need to jump through?
Asked on July 13, 2011 under Real Estate Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
When you purchased your condominium from the developer last year, did you use an escrow company to handle the sale? If you did, typically there would be a preliminary report as to the title of the property being acquired setting forth any liens recorded on it before close of escrow.
If there were unpaid property taxes on your condominium and if there was a preliminary report ordered for you where a final title insurance policy was issued to you, the unpaid property tax bill should have been picked up before close of escrow and the developer would have been required to pay the unpaid property taxes as a condition of closing the sale.
If you received a preliminary report and a final title insurance policy regarding the condominium and there is no mention of the unpaid property taxes by the prior owner, you need to contact the title insurance company and make a claim under your title insurance policy.
If you can afford to pay the unpaid property taxes, you should pay them in any event and then seek recourse under any title insurance policy that did not mention the unpaid amount and go after the developer for reimbursement.
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