Condominium Bylaws Condo Association Format In Chicago
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The age, condition and size of the building – Older buildings may require more frequent and costly maintenance and repairs. Similarly, if a building has not been adequately maintained over time, there may be a need for significant renovations. All of this can lead to higher fees to cover these expenses.
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.
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.
How to write a letter to your board or manager Start with the date, sender and recipient information. You do not need to include the date or address of the recipient if you are sending an email. Write a clear and concise subject line. Get to the point. Offer a solution, if possible. Thank the recipient for their time.
General amendments to inium instruments are governed by Section 27 of the Illinois inium Property Act, which states that an affirmative vote of 2/3 of voting unit owners must approve amendments, unless the inium instruments provide for some other majority vote somewhere between 50% and 75%.
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.
HOA Board Membership Numbers Typically, a board needs at least three members, but the maximum size will depend on state laws and the governing policies. HOA boards can expand where the demands and scope of the association increase due to new homes in the neighborhood or a larger number of residents.
The Illinois General Not for Profit Corporation Act, which governs the vast majority of associations, requires that the board of directors of a corporation consist of three or more directors with the number of directors established in the bylaws.
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.
