What is a 22.1 Disclosure, and Why is It Important When Buying or Selling a Condo in Illinois?

Are you interested in buying or selling a condominium in Illinois? If so, it is undoubtedly in your best interest to be familiar with the 22.1 disclosure. Illinois law mandates certain disclosures when buying or selling a condo in Illinois pursuant to Section 22.1 of the Illinois Condominium Property Act. Upon request, the owner of a resale condominium shall make the following available for inspection to the prospective purchaser: A copy of the Declaration, by-laws, other condominium instruments and any rules and regulations. A statement of any liens, including a statement of the account of the unit setting forth the amounts of unpaid assessments and other charges due and owing as authoriz

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