Condominium Disclosures

Condominiums have become a popular form of property ownership for those who want to own their property but do not want to have to take care of a lawn or worry about upkeep and maintenance. Condominiums, which are run by a condominium association that makes sure the property is maintained, offer just this kind of choice. However, because condominiums are different than houses, buyers and sellers should be aware of special disclosure requirements set forth in the Illinois Condominium Property Act.

The Act allows a prospective purchaser to ask the seller to provide him or her with information about the condominium and the condominium association, including a copy of the association's bylaws, information regarding upcoming anticipated expenses and amounts of reserves, and a statement that all of the improvements made to the condominium being sold are in accordance with the association's rules.

Once the prospective purchaser has received this disclosure, both standard real estate contracts and the courts give the purchaser a chance to back out of the deal if he or she finds something he or she dislikes. Despite this danger, sellers and condominium associations should make sure that they make all of the required disclosures accurately, because an inaccurate disclosure that results in a problem in the future is an invitation to a lawsuit. Likewise, buyers should be sure to ask for these disclosures to protect themselves from expensive repairs or pending lawsuits

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