As of January 1, 2023 a new update to Illinois law went into effect that requires the disclosure for a sale of a condominium association.

 

Several states, along with Illinois require sellers in condominium, homeowner association, or townhome community associations to disclose information to prospective buyers.

These disclosures can include various documents including the association’s:

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• Assessment status

• Rules and regulations

• Budget

• Reserve funding

• Status of any pending lawsuits

• Insurance coverage

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 Section 22.1 of the Illinois Condominium Property Act updated as of 1/1/23

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The Illinois Condominium Property Act (ICPA) is a state law that governs the creation and operation of condominiums in Illinois. It establishes the legal framework for the ownership, management, and control of condominium properties. This includes rules for the establishment of condominium associations, the rights and responsibilities of condominium owners, and the procedures for resolving disputes.

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Section 22.1 of the ICPA outlines the details of the required disclosures and deadlines:

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• Information requests (in writing) must be completed within 10 business days of the requests excluding weekends and government recognized holidays.

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• The fee covering the direct out-of-pocket cost of providing and copying the requested information may not exceed $375, unless it is a “rush job” (completed within 72 hours) in which the association can charge an additional $100.