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Illinois Ch. 765 ILCS 605
Illinois Condominium Property Act (765 ILCS 605)Governs property submitted to the condominium form of ownership in Illinois under 765 ILCS 605. Covers definitions, sharing of common expenses and the assessment lien (with judicial foreclosure in the same manner as a mortgage), powers and duties of the board of managers, master associations, association records and member examination rights, and the resale disclosure a unit owner must furnish a prospective purchaser.Official source
§ 765 ILCS 605/2
Defines the terms used throughout the Condominium Property Act, including declaration, parcel, property, unit, common elements, unit owner, majority, condominium instruments, common expenses, reserves, unit owners association, developer, and limited common elements.
§ 765 ILCS 605/9
Requires each unit owner to pay a proportionate share of common expenses, sets the budget and reserve requirements, and creates the assessment lien. Unpaid common expenses and fines, with interest, late charges, attorney fees, and collection costs, become a lien on the unit prior to most other liens. The lien may be foreclosed judicially, by an action brought in the name of the board of managers in the same manner as a mortgage of real property.
§ 765 ILCS 605/18.4
Vests in the board of managers all powers, duties, and authority of the association, including operating and maintaining the common elements, adopting and distributing the annual budget, levying and collecting assessments, employing personnel, obtaining insurance, adopting rules and regulations, and imposing late charges and reasonable fines after notice and an opportunity to be heard. Board members owe the unit owners the care required of a fiduciary.
§ 765 ILCS 605/19
Requires the board of managers to keep specified association records at the principal office and gives members the right to inspect and copy them on written request, with a 10-business-day response deadline and a fee-shift for members who prevail in an enforcement action. Lists records the association need not disclose, such as employee, litigation, and other-owner financial records.
§ 765 ILCS 605/22.1
On any resale of a unit by an owner other than the developer, requires the owner to obtain from the board and make available to a prospective purchaser specified disclosures, including the governing documents, a statement of liens and unpaid assessments, anticipated capital expenditures, reserves, financial condition, pending suits, and insurance. Sets a 10-business-day response deadline and caps the fee the association may charge.
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