Illinois Provisions That May Be Added to A Pooling Or Unit Designation
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FAQ
A Section 15 or deconversion sale is a sales transaction in where the buyer purchases all the units in an association pursuant to Section 15 of the Illinois Condominium Property Act, 765 ILCS 605/15 (the Act).
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. 22.1 Disclosures in Illinois Community Associations | The KSN Blog ksnlaw.com ? blog ? 221-disclosures-illinois... ksnlaw.com ? blog ? 221-disclosures-illinois...
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.
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."
Ing to Sec. 12 of the Illinois Condominium Act ("ICA"), the property insurance policy for the association must cover the structural elements of the building including the following: Interior and exterior walls, foundation and roof. Common areas of the building such as the lobby and hallways. Condominium Property Insurance - Rudolph Kaplan rudolphkaplan.com ? condominium-property-insur... rudolphkaplan.com ? condominium-property-insur...
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%.
