(8) 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. (7) A statement setting forth what insurance coverage is provided for all unit owners by the unit ownerвЂ™s association. (6) A statement of the status of any pending suits or judgments in which the unit ownerвЂ™s association is a party. (5) A copy of the statement of financial condition of the unit ownerвЂ™s association for the last fiscal year for which such statement is available. (4) 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. (3) A statement of any capital expenditures anticipated by the unit ownerвЂ™s association within the current or succeeding two fiscal years. (2) 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. (1) A copy of the Declaration, by-laws, other condominium instruments and any rules and regulations. (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: Sections 22.1 (a) and (b) of the ICPA state as follows: The reader should note that the discussion in this article is focused on resale disclosures only, not original sales from developers as those latter sales are governed by different provisions within each Act. For purposes of this article, since the two statutes have the same objectives and contain similar language, we will focus on Section 22.1 of the ICPA. In the ICPA, it is Section 22.1 that contains these mandates, while in the ICICAA, it is Section 1-35. Both Acts contain provisions regarding certain resale disclosure requirements to prospective purchasers of units within the association. In Illinois, condominium associations are governed by the Illinois Condominium Property Act (вЂњICPAвЂќ) while homeowner associations are governed by the Illinois Common Interest Community Association Act (вЂњICICAAвЂќ).

The focus of this article is to provide a brief overview on the disclosures provided in Illinois by a condominium association to a prospective buyer of a unit and: (a) what is mandated by law (b) what current practice is (c) associationsвЂ™ and board membersвЂ™ exposures to claims for failure to comply and (d) action needed to remedy the ills that exist in the market today. Review the complete list of chapter policies we use to govern all CAI Illinois gatherings.ДЄsk us questions about joining, membership, upcoming events, and more. We recognize individuals for their achievements in the community association industry.Д¬AI Illinois is dedicated to building better communities across greater Chicagoland. Get the most out of your experience вЂ“ volunteer! Meet our Board of Directors and find upcoming meetings to attend.

22.1 disclosure form pdf