How are special assessments defined in the condo Act?

Specifically, the Condo Act used to have a section, Section 9 (d), which provided that special assessments over a certain amount could not be adopted by a condominium association board without the approval of owners with at least two-thirds (2/3) of the vote in the association.

What are the laws for condominiums in Illinois?

Federal Laws – In addition to state law regulations, the federal government has laws that govern the operation and management of common interest communities, condominiums, cooperatives, and residential properties in Illinois. Illinois Condominium Property Act, 765 ILCS 605/1, et seq.:

Can a partition wall be put up in an Illinois condominium?

A-15. The Illinois Condominium Property Act prohibits partitions in the condominium association, but this a legal term having to do with dividing ownership among tenants in common. It does not prohibit putting up a partition wall in a portion of a unit. Thus, the Illinois Condominium Property Act does not prohibit what you are attempting.

What should be included in a condo association budget?

In summary, condo association boards must take into account a number of factors in order to properly fund the association operating budget and reserves. And proper planning and funding results in the least amount of surprises and stress for ALL the homeowners.

What does the Illinois Condominium Property Act do?

The Illinois Condominium Property Act provides the framework for the creation and governance of condominium associations. Condominium associations may choose to incorporate as Illinois not-for-profit corporations, pursuant to Section 18.1 of the Act, but are not required to do so.

How does the Chicago condominium ordinance work for sale?

Chicago Condominium Ordinance and Deconversion Section 15 of the ICPA governs the sale of a condominium building in its entirety and requires approval of not less than 75% of ownership before a property can be sold. In response to complaints from condominium owners who were forced to

What are the rules of a condominium association?

The bylaws establish how the condominium association is to be managed. If there is a conflict between the bylaws and the declaration, the declaration controls. The rules and regulations promulgated by the condominium association’s board set forth the restrictions on day-to-day interactions between unit owners.