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Informational Guidelines for Closing Requests from Lieberman Management Services

Are you selling or re-financing on your home? If so, here is what you need to know.

Lieberman Management Services takes pride in providing quality service to all homeowners who are in the process of selling their homes. To ensure that each closing is processed quickly and efficiently, we ask that you review our procedures listed here. Each request for closing documents is handled with care, and we want you to be aware of the general timelines, types of information needed, and any other specific requirements for an Association so that your request in handled in an efficient and professional manner. Not all properties have the same closing requirements so your attention to detail is greatly appreciated.

Frequently Asked Questions

QUESTION: Who should be the “Point of Contact” between the seller and LMS?

ANSWER: All documents and requests should be coordinated with the seller’s attorney. This will eliminate duplicate requests being submitted and ensure that all requirements are met. Realtors, sellers, buyers, mortgage companies, etc. calling in for the same requests only delays the process. Your cooperation is appreciated.

QUESTION: What is the first step in the process?

ANSWER: You need to request a “2 Page Order Form.” This can be done on-line. Simply scroll down to the “Search” area. Type in the name of the Association, and you will be linked to the related documents for that property. You can also request this from the Resident Service Department. Simply call 847-459-0000 or 312-202-9300 and ask for this form. It will be sent to the caller (via regular mail, fax or email). Upon receipt, please review the form and complete the form out in its entirety.

QUESTION: What could delay the processing of the request?

ANSWER: Missing or unclear information will delay the processing of your request. The information must be completed and returned with payment prior to any information being processed. Your documents will not begin processing, regardless of the date received, unless all requirements are met. We will not follow up on incomplete packets, and we ask that the seller’s attorney be the point of contact for all related concerns. Please audit and ensure that all of the information has been completed. All requests must be made using this format. Information will not be processed through verbal requests.

QUESTION: How can payments be made?

ANSWER: LMS accepts checks and credit card payments, Visa and Mastercard. If you are sending back the 2 Page Order Form via Fax, these are only accepted if being paid by Credit Card. All other requests are to be mailed in to the LMS office at 355 W. Dundee Rd., Buffalo Grove, IL. 60089, once the entire packet has been accumulated. Please also note that fees associated with the request for documents must be paid separately from any Association related moving fees or deposits. Please refer to the Association’s moving policy for those details.

QUESTION: What information is needed to process the request?

ANSWER: Resident Services can provide you with the following:

• Seller and Buyer informational page- “2 Page Order Form”
• Document Order and Payment form- “2 Page Order Form”
• Closing Checklist for your specific Association
• If applicable, the Right of First Refusal Packet (ROFR)

QUESTION: How quickly will the request be processed?

ANSWER: All requests are processed within specific timelines, depending on the level of service requested and pursuant to the Illinois Condominium Property Act (where applicable). Although state law allows thirty (30) days for the processing of this information, processing occurs as listed below, once the complete packet is received:

• “Normal” processing occurs within five (5) business days
• “Priority” processing occurs within three (3) business days, and are billed at a premium rate. (Excludes Associations with ROFR)
• “Express” processing occurs within one (1) business day (6:00 p.m. close of business) will be billed at a premium rate. For any requests received after 2:00p.m., the processing time will begin with the next business day. (Excludes Associations with ROFR)

QUESTION: What if my Association has the “Right of First Refusal”?

ANSWER: If the association has the “Right of First Refusal,” the processing of the documents is dependent upon the Board of Directors. “Priority” and “Express” options are not available.

QUESTION: Why does LMS charge fees for the Paid Assessment Letter?

ANSWER: The charges are for the liability the letters carry as well as the preparation of the information. In accordance with the Illinois Condo Law Act, the assigned fees are noted to be fair and reasonable.

QUESTION: What if the Paid Assessment Letter needs to be revised?

ANSWER: Any changes to the Paid Assessment Letter will result in new fees being charged. Please refer to the 2 Page Order Form.

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