L.K. from Will County, Illinois writes:
Dear Mister Condo,
Mister Condo replies:
L.K., depending on state law and/or governing documents it is quite common for the association to know all of the details of the units within the association, including who is residing in the unit, whether they lease or own, and the mortgage holder information. It isn’t because the association is nosy or is interested in your particular details. The association needs to know these things so they can prepare reports necessary for insurance and financial institutions. For instance, if the association is asked to provide the percentage of units mortgaged to a lending institution, how else would they know if the owner didn’t provide that information? It is a common practice. All the best!