Both Acts contain provisions regarding certain resale disclosure requirements to prospective purchasers of units within the association. In Illinois, condominium associations are governed by the Illinois Condominium Property Act (“ICPA”) while homeowner associations are governed by the Illinois Common Interest Community Association Act (“ICICAA”). No Comments Association Disclosures Under Section 22.1 of the Illinois Condominium Property Act The focus of this article is to provide a brief overview on the disclosures provided in Illinois by a condominium association to a prospective buyer of a unit and: (a) what is mandated by law (b) what current practice is (c) associations’ and board members’ exposures to claims for failure to comply and (d) action needed to remedy the ills that exist in the market today.
