Illinois Statement of Covenant for Board Members
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How to fill out Statement Of Covenant For Board Members?
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FAQ
Usually, Houillon says, there must be a minimum of three board members, and the number can increase based on the size of the building or HOA and interested parties. Unless a building doesn't have a management company, the specific titles of the individual board members don't matter much.
HOA and condo board members should know, though, that they are not completely immune from personal liability. If the court finds that a board member engaged in fraudulent or malicious behaviors, they will be held accountable for their actions.
HB 5246 ? Document request, deadlines, and fees Starting January 1, 2023, House Bill 5246 will reduce the timeframe for condominium associations in Illinois to provide certain disclosures under Section 22.1 of the Illinois Condominium Property Act (unit resales) from 30 to 10 business days.
General amendments to condominium instruments are governed by Section 27 of the Illinois Condominium Property Act, which states that an affirmative vote of 2/3 of voting unit owners must approve amendments, unless the condominium instruments provide for some other majority vote somewhere between 50% and 75%.
In Illinois, Section 22.1(a) of the Illinois Condominium Property Act describes the information that the owner must obtain from the board for inspection by a prospective purchaser, upon demand, in the event of any resale of a condominium unit by a unit owner other than the developer.
Sec. 9.1. (a) Other liens; attachment and satisfaction. Subsequent to the recording of the declaration, no liens of any nature shall be created or arise against any portion of the property except against an individual unit or units.
If you are selling your condo in Illinois, state law requires that you provide the buyer with a disclosure report. This report must include information about any known material defects with the unit. If you do not disclose these defects, you could be held liable for any damages that occur.
The Act at Section 2 (e) defines common elements. It states: "2 (e) "Common Elements" means all portions of the property except the units, including limited common elements unless otherwise specified."