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 authorized and limited by the provisions of Section 9 of this Act or the condominium instruments.
A statement of any capital expenditures anticipated by the unit owner's association within the current or succeeding two fiscal years.
A statement of the status and amount of any reserve for replacement fund and any portion of such fund earmarked for any specified project by the Board of Managers.
A copy of the statement of financial condition of the unit owner's association for the last fiscal year for which such statement is available.
A statement of the status of any pending suits or judgments in which the unit owner's association is a party.
A statement setting forth what insurance coverage is provided for all unit owners by the unit owner's association.
A statement that any improvements or alterations made to the unit, or the limited common elements assigned thereto, by the prior unit owner are in good faith believed to be in compliance with the condominium instruments.
The identity and mailing address of the principal officer of the unit owner's association or of the other officer or agent as is specifically designated to receive notices.
Whether you are buying or selling a condo in Illinois, the 22.1 disclosure provides a great deal of information that can make or break a transaction. Do not make the mistake of attempting to represent yourself in your upcoming real estate transaction. It is well worth the small investment to obtain the representation of experienced attorneys who have a proven track record of guiding their clients through the inherent complexities of closing a real estate transaction. So minimize your stress in your upcoming purchase or sale, and contact the law firm of Ball & McCann, P.C. today. Our skilled attorneys are well versed in the Illinois Condominium Property Act and the 22.1 disclosures, and will work tirelessly to ensure you receive the best terms possible when buying or selling a condo.