changed, and causing a sale to fall through by unreasonable delays may cause financial harm to both the buyer and the seller. This may also result in a damage claim against the association, particularly if the board cannot demonstrate it had the authority, opportunity and business reason to follow through with exercising the right of first refusal.
So why withhold the waiver? If it is the association’s goal to require a new owner orientation to review policies and rules of the association, then the board should consider alternative methods to obtain compliance. While new owners receive the rules and regulations of the association, they rarely have the time during this busy moving process to read and understand all of the rules. Instead, consider these suggestions: 1) Provide a simple, easy-to-read, excerpt from the rules and regulations that relate to moving; 2) require a move deposit that is subject to refund after the move is complete and a new owner orientation has taken place.
Don’t take any chances and know the rules of the game. Associations are encouraged to review their rules, regulations and policies with their attorneys to ensure compliance with laws and industry best practices. Avoid having to need that “Get Out of Jail Free” card and instead pass “Go” and enjoy life on Park Place!
Is your bank helping to improve your Association?
Since 1948, Itasca Bank & Trust Co. has earned a solid reputation for strength, stability and trust. We’re here to satisfy your fi nancial needs and build great communities. Our future is committed to providing outstanding service to Community Associations and the property managers who serve them throughout Chicagoland.
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Call for more details. Mark Stelter at x 220,
markstelter@itascabank.com For more information contact: Shaping the future! Two Convenient Locations!
308 West Irving Park Road Itasca, IL 60143
One East Irving Park Road Roselle, IL 60172
Phone: 630-773-0350
itascabank.com
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