765 ILCS 605/765 ILCS 605/22.1

Resale of condominium unit; disclosure to prospective purchaser

resaledisclosuresale

Plain-English summary

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.

Not legal advice. Statute reference is for education only. Confirm citations on official sources and consult a Illinois attorney familiar with community associations.

Statutory text

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Sec. 22.1. (a) In the event of any resale of a condominium unit by a unit owner other than the developer such owner shall obtain from the Board of Managers and shall make available for inspection to the prospective purchaser, upon demand, the following:

A copy of the Declaration, by-laws, other condominium instruments, and any rules and regulations.

A statement of any liens, including a statement of the account of the unit setting forth the amounts of unpaid assessments and other charges due and owing as authorized and limited by the provisions of Section 9 of this Act or the condominium instruments.

A statement of any capital expenditures anticipated by the unit owner's association within the current or succeeding 2 fiscal years.

A statement of the status and amount of any reserve for replacement fund and any portion of such fund earmarked for any specified project by the Board of Managers.

A copy of the statement of financial condition of the unit owner's association for the last fiscal year for which such statement is available.

A statement of the status of any pending suits or judgments in which the unit owner's association is a party.

A statement setting forth what insurance coverage is provided for all unit owners by the unit owner's association.

A statement that any improvements or alterations made to the unit, or the limited common elements assigned thereto, by the prior unit owner are in good faith believed to be in compliance with the condominium instruments.

The identity and mailing address of the principal officer of the unit owner's association or of the other officer or agent as is specifically designated to receive notices. (b) The principal officer of the unit owner's association or such other officer as is specifically designated shall furnish the above information when requested to do so in writing and within 10 business days of the request. (c) Within 15 days of the recording of a mortgage or trust deed against a unit ownership given by the owner of that unit to secure a debt, the owner shall inform the Board of Managers of the unit owner's association of the identity of the lender together with a mailing address at which the lender can receive notices from the association. If a unit owner fails or refuses to inform the Board as required under subsection (c) then that unit owner shall be liable to the association for all costs, expenses, and reasonable attorney's fees and such other damages, if any, incurred by the association as a result of such failure or refusal. A reasonable fee, not to exceed $375, covering the direct out-of-pocket cost of providing such information and copying may be charged by the association or its Board of Managers to the unit seller for providing such information. Beginning one year after the effective date of this amendatory Act of the 102nd General Assembly, the $375 fee shall be increased or decreased, as applicable, by a percentage equal to the percentage change in the consumer price index-u during the preceding 12-month calendar year. "Consumer price index-u" means the index published by the Bureau of Labor Statistics of the United States Department of Labor that measures the average change in prices of goods and services purchased by all urban consumers, United States city average, all items, 1982-84 = 100. An association may charge an additional $100 for rush service completed within 72 hours. (Source: P.A. 102-976, eff. 1-1-23.)

Synced from the Florida Legislature’s official site. Verify the current version before citing.

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Resale of condominium unit; disclosure to prospective purchaser

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