22.1 Dislcosure| River North Real Estate| River North Condos
The 22.1 Disclosure is the topic of todays River North Real Estate post! Whether you are looking to buy a River North Condo or a condo anywhere else in the city or suburbs, the 22.1 disclosure is a very important document! The 22.1 disclosure is a statement that is completed by the condominium association (Board of Managers) or the Management Company that Reflects The Current Standing Of The Association
This document is incredibly important when you are looking to buy a condo. It basically tells you the buyer if there are any issues with the association, if there are any special assessments looming, how much money is in the reserves, any liens against the building etc..
Section 22.1 of the Illinois Condo Property Act requires that a Condominium Seller must furnish to the prospective buyer the following:
1) Copy of the declaration, by laws, any all other condominium rules and regulations
2) A statement of any liens including a statement of the account of the unit setting forth the amount of any unpaid assessments
3) A statment of any capital adventures anticipated by the condo unit owners association within the current or succeeding 2 fiscal years
4) A statment 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
5) A copy of the statement of the financial condition of the unit owners association for the last fiscal year
6) A statement of the status of any pending suits or judgements in which the unit owner's association is a party
7) A statement setting forth what insurance coverage is provided for all unit owners by the unit owner's association
8) A statement that any improvements or alterations made to the unit or limited commone elements assigned thereto, by the prior unit owner are in good faith believed to be in compliance with the condominium instruments
As a buyer it is very important to have confirmation of this document! Confirm with your attorney that he/she has received it!
