Pekin, IL asked in Real Estate Law for Illinois

Q: How can I buy a piece of property, which is currently owned by a dissolved (20-30 years) home owners association?

I live on a small lake in Illinois with about 42 homes on it. Sometime in the late 1980's or early 1990's, the home owners association was completely dissolved. Several of the common outlots were sold to private citizens, except one outlot. This outlot has sat without any tax bill since 1982 when it was sold to the home owners association from the developer. How can someone go about buying it from an entity that doesn't exist?

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1 Lawyer Answer
Alexander Ivakhnenko
Alexander Ivakhnenko
  • Wheeling, IL
  • Licensed in Illinois

A: You may start with the county's assessors officer to determine those necessary legal entities to initiate your purchase, if merited at that time.

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