With the trend continuing of real estate investors buying out condominium buildings and “de-converting” them into apartment buildings, legislative efforts have been made to protect the rights of condominium unit owners.
Preparing an Accurate Section 22.1 Disclosure- (no one said it would be easy . . .)
Section 22.1 of the Illinois Condominium Property Act is the relevant provision regarding the necessary resale disclosures that must be provided to prospective buyers of condominium units in an association. This article focuses on some of the more difficult questions or challenges that can arise when the board or managing agent completes the several provisions of the Sec. 22.1 disclosure. What follows is an analysis of the several categories of disclosures mandated by Sec. 22.1 of the Act.
Residential real estate purchasers should tread lightly during attorney review given that Sellers may well have multiple buyers on-deck.
Much has been made of how condominium boards must act in the wake of the 2014 Appellate Court decision Palm v. 2800 Lake Shore Drive. While the First District decision did not change the existing condominium law, it re-affirmed the strict guidelines that boards needed to follow before properly making decisions.
The “sharing economy” is upon us and major cities like Chicago are still figuring out how to adopt and regulate these markets. The city has already faced off against companies like Uber and has recently enacted legislation against tech-giants like Airbnb, who allows owners or tenants to list their homes to guests for short-term rentals.