Condo Association Rules For Renting In Chicago
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FAQ
Inium associations in Chicago are primarily regulated by state law, specifically the Illinois inium Property Act (ICPA). This act governs the creation, management and dissolution of iniums in Chicago and throughout Illinois.
No, there is not a way to ``leave the HOA'' without moving. The HOA covenants are tied to the property permanently.
How can a homeowner file a complaint against an HOA in the state of Illinois? Homeowners can file a complaint against an HOA by contacting the Illinois Department of Financial and Professional Regulation. The state offers a dispute resolution service for certain issues, or legal action can be taken.
The short answer to whether you can enact limits on renting condo units in Chicago is yes. Associations can restrict owners from leasing their units entirely or enact other restrictions to limit the amount of rentals within the association.
The ICPA requires that all Chicago condo boards elect a minimum of three managers to serve on their association board. This must include a president, who leads meetings and membership; a secretary, who manages board minutes; and a treasurer, who tracks the associations' finances.
The Disclosure Summary is a simplified, standardized disclosure document for potential condo purchasers. Developers must make this document available when they offer condos for sale, including at open houses and other showings.
