Illinois Compiled Statutes 765 ILCS 605/22.1 – (a) In the event of any resale of a condominium unit by a unit owner …
Current as of: 2024 | Check for updates
|
Other versions
(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:
(1) A copy of the Declaration, by-laws, other
(1) A copy of the Declaration, by-laws, other
|
condominium instruments, and any rules and regulations.
|
(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.
|
(3) A statement of any capital expenditures
|
anticipated by the unit owner’s association within the current or succeeding 2 fiscal years.
|
(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.
|
(5) 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.
|
(6) A statement of the status of any pending suits or
|
judgments in which the unit owner’s association is a party.
|
(7) A statement setting forth what insurance coverage
|
is provided for all unit owners by the unit owner’s association.
|
(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.
|
(9) 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.
Terms Used In Illinois Compiled Statutes 765 ILCS 605/22.1
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(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.