I'm a Chicago agent who works with condo buyers, buyers in general, sellers and people who work from home. For a condo, I'd define knowing the rules as reading the association's documents with you before your review windows close, and knowing which parts of the declaration will affect how you live in the unit. Chicago condos come with a package of association paperwork (the Illinois "22.1" disclosure), short deadlines on the standard contract, and house rules that can change what you can do with the unit. This article sets out how I work through that, so you can judge any agent, me included, by the same questions.
What is the 22.1 package, and why does an agent need to know it?
When someone sells a resale condo in Illinois, the seller has to get a set of documents from the association's board and make them available to the buyer. This is Section 22.1 of the Illinois Condominium Property Act. Illinois attorneys describe the package as including the declaration, bylaws and rules, the budget and reserve status, the association's financial condition, pending lawsuits, and a statement of unpaid assessments. A separate paid assessment letter usually comes with it. Unpaid assessments can become a lien on the unit under the same Act, which is why that statement matters.
Part of my job is making sure the package is requested early and that you actually receive all of it. The paid assessment letter on its own is not the package. When I work with condo buyers, I read the documents alongside you and flag what to ask your attorney about before anything is final.
How long do I have to back out of a condo purchase over the documents?
Illinois attorneys who write about the standard multi-board residential contract describe a sequence of short windows. The seller applies for the 22.1 documents within ten business days of acceptance. The attorney review and inspection periods are five business days each. You then have five business days after you receive the documents to cancel on the grounds the contract allows. Your notice has to list the deficiencies, and staying silent can waive the right.
The practical problem is that the documents can arrive after the attorney and inspection windows have already closed. So I ask for them at the start, check what has come in against what should have come in, and keep the dates in front of you. Your attorney confirms the exact deadlines against your signed contract. I make sure nobody forgets them.
What do I look for in the condo documents?
I start with the things that cost money later: the reserve balance against the age of the building, any special assessment that is current or being discussed, pending lawsuits, and unusually large insurance deductibles. Board minutes are useful because they show problems the budget doesn't. Repeated operating deficits, big planned projects with thin reserves, and management turnover are the patterns I point out.
I read the house rules next, because they are what you live with every day. These are the rental restrictions, pet rules, move-in procedures and rules on noise, guests and deliveries. Lenders also look at the building as well as at you, and problems like litigation or weak finances can complicate financing. Your lender can tell you how your own loan treats a particular building.
What about HOAs, and working from home in a condo?
Condos and homeowner associations are not governed by the same law. Illinois condo associations fall under the Condominium Property Act, and homeowner associations fall under the Common Interest Community Association Act. Both require certain resale disclosures to a buyer, so I check which one applies to the property before I tell anyone what to expect.
For clients who work from home, I read the declaration with that in mind. I look for rules on running a business from the unit, client visits, deliveries, and noise during the day. I also look at the practical things that decide whether a unit works as an office, like a second room, light, and what the building permits for internet service. If you rely on your home for income, the paperwork has to support that as well as the floor plan.
How does this work if I'm selling a condo?
Sellers carry the other half. Because the seller has to apply for the package, I like to order it before listing so that a buyer's attorney isn't waiting on the association. I read it first, and if reserves are low or a project is coming, we prepare a plain explanation instead of leaving a buyer to find it. That tends to keep deals together once the buyer's review window opens.
Questions people ask
What is a Chicago condo 22.1 disclosure?
It is the set of association documents a resale condo seller must get from the board and make available to a buyer on demand under Section 22.1 of the Illinois Condominium Property Act. It covers the governing documents, budget and reserves, litigation and unpaid assessments. I go through it with buyers before the contract's review windows close.
Can an unpaid special assessment become my problem as a buyer?
It can. Unpaid assessments are a lien on the unit under Illinois law, and an assessment that is approved but not yet paid may pass to the buyer unless the contract says otherwise. That is why the statement of account and the contract language matter, and why your attorney should review both.
Do I need an attorney to buy a condo in Chicago?
Most Chicago-area purchases use an attorney review period written into the standard contract, and that attorney handles the legal reading of the documents. My part is the practical side: getting the package in on time, spotting what to ask about, and keeping the deadlines in view.
