This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condominium Bylaws And Declarations In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00452
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Word;
Rich Text
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FAQ
Tips for Enforcing Condo Association Rules and Regulations Communicate the rules and regulations effectively with residents. Be consistent in your enforcement. Use graduated penalties. Hire a good property management company.
Most homeowners associations are governed by either the Illinois inium Property Act or the Illinois Common Interest Community Association Act.
Whereas single-family homes are governed by a homeowners association, a inium development is governed by a COA. What is COA? Simply put, COA means inium owners association. This COA and its member homeowners work together to maintain the value of the units and shared common elements.
Most governing bodies also don't take complaints unless they are specific to their jurisdiction or have evidence to back up their claims. If a homeowner suspects their HOA is doing something illegal, it is best to report it to local authorities. Other than that, homeowners may need to seek advice from a lawyer.
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.
If the inium instruments do not provide otherwise, 2/3 unit owner approval is required to amend the governing documents. The inium instruments can provide for necessary approval of up to 3/4 owner approval, however. The approved amendment would then be recorded and would become effective upon recording.
On the flip side, board members can be held personally liable if they engage in illegal activities, breach their fiduciary duties or personally benefit from association transactions.