Part 2 of 3: Live or work in an Illinois condo community? Here’s what you need to know:
In the first part of this series, we talked about important changes to the Toronto condo scene. Part 2 (below), takes you through changes to the Illinois condo community”. As of January 1st, 2018, there are several new amendments to the Condominium Property Act that you need to be aware of as they will affect how you manage your community on a day to day basis.
The first amendment you should be aware of is that a unit owner is entitled to inspect condominium documents without providing a specified purpose for such a review. (It should be noted that the documents or their review must not be for commercial purposes.) This amendment is listed under Section 19 of the act. Property Managers and Board Association Members should be aware that such documents must be provided within ten business days of the request.
Next, when a unit owner is amalgamating two or more units, he or she is permitted to use a portion of the common elements not necessary or practical for use by the owners of any other units without unanimous consent of all unit owners. In other words, when two units are combined, there are no by-laws specifically pertaining to how the space is used beyond basic legal and commonly practiced stipulations.
Third, condominiums with one hundred or more units must now conduct all accounting using generally accepted processes and systems. For more information on how Concierge Plus can assist with that, click here.
For a full list of amendments to House Bill 189, click here.