Re-financing and Selling

 

If you are re-financing OR selling, you should do the following: 

​

You must notify the Board in writing.  Whether you are re-financing or selling, please fill out the Selling/Refinancing Notification Form and mail/e-mail it back to the Board.  If you are selling, at the time of listing the property (either privately or by real estate agency) it is mandatory to advise the Board in writing of your intention to sell.  Please provide listing agents’ address and phone number for Board use.  

 

When a contract is accepted provide the Board the following information in writing:

1. Date of closing

2. Purchaser’s name, address and phone number

3. Purchaser’s attorney's name, address and phone number

 

Please inform your mortgage and/or real estate agent of this website as it provides them with needed Information such as:

• The monthly assessment is $235.

• Willow Wood Villas is FHA approved.

• Willow Wood Villas Condo Association relinquishes “The Right of First Refusal” on selling of property therefore, no special letter stating same is required at closing.

• Pets are allowed consistent with the City of Palos Heights Ordinances and according to the Rules and Regulations.

• We are not currently allowing additional rentals.

 

Be familiar with the required forms and documents.  There are three common Board-related forms that pertain to a Closing or Refinancing.  The first is a Certificate of Insurance that will be sent directly to the financing bank, and a hard copy mailed or e-mailed to you upon request.  This can be directly requested online through www.hruskains.com. They will require your name, address, closing date, and bank’s name, address, and fax number.  There is no fee for this form. 

 

Our insurance agent’s information is: 

​

Marc Levin, Hruska Insurance

10040 W. 190th Place, Mokena, IL 60448

Phone: (708) 798-5700, Fax: (708) 798-1475

www.hruskains.com.

 

If you are selling, a financial statement from the Board called a Certification of Paid Assessments is required.  This document states that the monthly assessments and any other outstanding fees/fines have been paid.  In order for the Board to issue this document, these fees must be in the treasurer’s hands and must cover the period through closing.  It may be necessary for you to prepay fees and collect overage at the time of closing from the buyer.  There is a $25 fee for this form.

​

The third form is an Homeowner’s Questionnaire/Disclosure Form required by your financing institution that the Board completes.  (Sometimes, only the first two forms are required.)  There is a $25 fee for this form.

​

Lastly, it is the responsibility of the seller to provide the buyer a complete copy of the Declarations, By-Laws and Amendments which you were provided at your closing, an updated copy of the current Rules and Regulations, and a blank copy of the Owner/Resident Information Form which the new owner must complete and forward to the Board.  Should you not have your copy of the Bylaws for closing, a non-certified copy may be obtained from the Board, at a cost of $25.00.

​

There is a $25 fee for any additional forms that may be required. 

​

Failure to follow all of these necessary procedures including proper notification of intention to sell may seriously delay the closing process.  Failure of the Seller to provide a Buyer with any of the above forms and documents is a Violation of the Rules and Regulations and is a fineable offense.