Updated Booklet: Illinois Condominium Property Act And Common Interest Community Association Act

In This Issue:

- Short title

- Definitions

- Applicability

- Submission of property

- Declaration--Contents

- Construction, interpretation, and validity of Condominium Instruments

- Plat to be recorded

- Recording--Effect

- Descriptions in deeds, etc.

- Partition of common elements prohibited

- Sharing of expenses--Lien for nonpayment

- Other liens; attachment and satisfaction; Board of Managers’ standing and capacity

- Other remedies

- Eminent domain proceedings; standing

- Eminent domain proceedings; notice

- Separate taxation

- Tax deeds

- Insurance

- Insurance risk pooling trusts

- Application of insurance proceeds to reconstruction

- Disposition of property where insurance proceeds are insufficient for reconstruction

- Disposition or removal of any portion of the property

- Street and utilities dedication

- Granting of easement for laying of cable television cable

- Granting of easement to a governmental body for protection against water damage or erosion

- Distressed condominium property

- Sale of property

- Removal from provisions of this Act

- Amendments to the declaration or bylaws

- Contents of bylaws

- Incorporation as not-for-profit corporation

- Administration of property prior to election of initial board of managers

- Unit Owners’ Association

- Powers and Duties of Board of Managers

- Master Associations

- Display of American flag or military flag

- Standards for community association managers

- Records of the association; availability for examination

- Exemption from rules of property

- Severability

- Full disclosure before sale

- Resales; disclosures; fees

- Resale approval

- Encroachments

- Deposits by Purchase

- Add-on Condominiums

- Transfer of Limited Common Elements

- Amendment of Condominium Instruments

- Alterations within Units

- Conversion condominiums; notice; recording

- Conversion of apartments

- Subdivision or combination of units

- Alternate dispute resolution; mediation; arbitration

- Excerpt from Definitions:

§ 2. Definitions. As used in this Act, unless the context otherwise requires:

(a) “Declaration” means the instrument by which the property is submitted to the provisions of this Act, as here-in after provided, and such declaration as from time to time amended.

Please see full publication below for more information.

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Topics:  Community Associations, Condominium Property Act, Condominiums

Published In: Business Organization Updates, General Business Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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