Condominium Act Form 4 In Illinois
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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.
The Illinois inium Property Act provides the framework for the creation and governance of inium associations. inium associations may choose to incorporate as Illinois not-for-profit corporations, pursuant to Section 18.1 of the Act, but are not required to do so.
Sec. 4.1. Construction, interpretation, and validity of inium Instruments. be deemed to have the meaning specified therein unless the context otherwise requires.
Buying a condo affords you certain rights such as exclusive ownership of your unit, the authority to rent or lease the unit, and the freedom to use shared facilities without fees. To have a pleasant condo living experience, keep in mind these legal rights for condo owners.
It comes as a surprise to some, but iniums and other forms of community associations are entities that must file income tax returns. Even though community associations are “not-for-profit” corporations in Illinois, income tax filing is required.
Most homeowners associations are governed by either the Illinois inium Property Act or the Illinois Common Interest Community Association Act. Which law applies to your community depends on whether the homeowners association is a inium association.
Understanding Illinois Homeowners' Association Law AspectKey Takeaway HOA Powers Power to regulate common areas, collect charges, levy fines, and foreclose on homes for unpaid liens. Entry to Property Most governing documents allow HOA entry to homes for maintenance under certain conditions.6 more rows
The Illinois inium Property Act provides the framework for the creation and governance of inium associations. inium associations may choose to incorporate as Illinois not-for-profit corporations, pursuant to Section 18.1 of the Act, but are not required to do so.
