Contracts
What is a 'condominium rider' to a standard Illinois real estate purchase contract?
AA document releasing the condominium association from liability
BAn addendum addressing condominium-specific issues like association approval, budget review, minutes, and special assessments✓ Correct
CA rider that allows the buyer to add a co-signer to the purchase contract
DA form transferring the parking space separately from the unit
Explanation
A condominium rider (or addendum) modifies the standard purchase contract to address issues specific to condominium purchases, such as: the buyer's right to review association financials and governing documents, the seller's obligation to disclose pending special assessments, association approval requirements for the buyer, and how association fees are prorated at closing. Illinois law gives buyers specific rights to review condominium documents before being bound.
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