A. Two provisions provide a limitation on the board’s power to increase assessments or commit the association to expenditures. Section 18(a)(8) of the Illinois Condominium Property Act permits the owners to petition for a vote on all assessment increases exceeding 15 percent from the prior year.
Who regulates condo associations in Illinois?
Illinois Department of Financial and Professional Regulation
Illinois Department of Financial and Professional Regulation (DFPR) – The Department is responsible for the licensure, education, and discipline of real estate professionals in Illinois, including community association managers and community association management firms. 225 ILCS 427/30, 225 ILCS 427.
What is the Illinois condo Act?
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. Assessments are determined according to the percentage of ownership in the Common Elements set forth in the association’s Declaration.
What are condo rights?
Your rights As the owner of a condo unit you can: vote at owners’ meetings. request a meeting of owners and request that an issue be added to a meeting agenda (e.g., the agenda for the annual general meeting) get a court order to make the corporation carry out a duty required under the Condominium Act.
Can HOA fees be claimed on taxes?
If your property is used for rental purposes, the IRS considers HOA fees tax deductible as a rental expense. If you purchase property as your primary residence and you are required to pay monthly, quarterly or yearly HOA fees, you cannot deduct the HOA fees from your taxes.
How much is too much for HOA fees?
HOA fees typically vary from $100 to $500 a month. But they can climb to well above $2,000. It ultimately depends on the extent and quality of the amenities your community offers. Property size and value by location also heavily influence the bulk of your HOA fees.
Who is responsible for water damage in a condo Illinois?
unit owner
Section 9.1(a) of the Illinois Condominium Property Act states a unit owner is responsible for damage to another unit or the common elements caused by the operation of the unit.
What are the responsibilities of a condo owner?
Unit owners are obligated to maintain, repair, and replace physical assets designated as within the boundaries of the Unit or Limited Common Elements. Common Elements mean all portions of the Condominium other than the Units. Portions of the walls, floor, and ceilings/attic are considered part of the Common Elements.
How do you deal with a difficult condo owner?
Always deal with owners and each other in a calm, business-like, and polite way. Always respond to non-abusive owner communications. Always let the owners know what’s going on. For example, if something is broken on the common property, let the owners know that you’re working on it.
What’s the worst an HOA can do?
While an HOA can’t outright kick you out of your home, it can take action against you in other ways. If you’ve accrued a large past due balance for HOA fees, some states allow an HOA to place a lien against your home. If you remain unable to make payments, the HOA can use the unpaid lien to then foreclose on your home.
What do you need to know about Illinois condominium law?
The Condominium Property Act and the Illinois forcible entry and detainer statute (735 ILCS 5/901, et seq.) establish the process for a condominium board to deal with a unit owner’s failure to meet his or her obligations.
Who is the Attorney for the condominium board in Illinois?
In this Learn About Law podcast & videoblog, attorney Kevin O’Flaherty of O’Flaherty Law discuss common disputes between condominium owners and condominium associations, condominium boards, and individual members of condominium boards in Illinois.
Are there any new Illinois condo law changes?
Recent case law has encouraged the Illinois legislature to change the requirements for the way your board can notify unit owners of upcoming board meetings. The new laws impose certain time requirements when your association sends out email notice of meetings.
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
