22.1 Disclosure Form Pdf
No Comments Association Disclosures Under Section 22.1 of the Illinois Condominium Property Act May 15, 2017 The focus of this article is to provide a brief overview on the disclosures provided in Illinois by a condominium association to a prospective buyer of a unit and: (a) what is mandated by law; (b) what current practice is; (c) associations’ and board members’ exposures to claims for failure to comply; and (d) action needed to remedy the ills that exist in the market today. In Illinois, condominium associations are governed by the Illinois Condominium Property Act (“ICPA”) while homeowner associations are governed by the Illinois Common Interest Community Association Act (“ICICAA”). Irender free download. Both Acts contain provisions regarding certain resale disclosure requirements to prospective purchasers of units within the association. In the ICPA, it is Section 22.1 that contains these mandates, while in the ICICAA, it is Section 1-35. For purposes of this article, since the two statutes have the same objectives and contain similar language, we will focus on Section 22.1 of the ICPA.
Sample 22.1 Disclosure Form
22.1 Disclosure Form Illinois
(a) In the event of any resale of a condominium unit by a unit owner other than the developer such owner shall obtain from the Board of Managers and shall make available for inspection to the prospective purchaser, upon demand, the following. Jan 11, 2018 - Illinois complies statutes chapter 765, section 605/22.1 condominium resales and disclosures in the event of any resale of a condominium unit. Jan 1, 2010 - The enclosed sample forms and templates will require the user to have the Microsoft® Word. Sample 22.1 Disclosure.