Illinois Condo Due Diligence Checklist

Confirm you received these

Commonly provided in the resale package — verify none are missing.

• Governing Documents — Declaration/CC&Rs, Bylaws, Amendments – *Required by law (condo and HOA)*.
• Rules & Regulations — *Required (if any rules were recorded)*.
• Current Budget — *Commonly provided (required to prepare, but not statutorily given to buyers)*.
• Year-End Financials — *Required (last year’s budget/actual statements are in resale certificate)*.
• Balance Sheet/Income Statement — *Commonly provided (part of financial disclosure)*.
• Reserve Study — *Not required by statute (Illinois only “may obtain” a study). Buyers must request proactively; very important in Illinois.
• Reserve Fund Statement — *Required (status of reserve fund is in resale disclosure).*.
• Budget-to-Reserve Reconciliation — *Not required; buyers should compare budget vs any study.*.
• Board Meeting Minutes — *Not statutorily required to provide; commonly request.*.
• Annual Meeting Minutes — *Same as board minutes.*.
• Insurance Master Policy — *Not required to deliver; especially in Chicago—should be requested proactively.*.
• Insurance Declarations Page — *Not required; crucial to verify coverages/deductibles.*.
• Insurance Deductible Schedule — *Not required; buyers should ask.*.
• Claims History — *Not required; often not provided. Risky if hidden large claims. Request if possible.*.
• Pending Litigation Summary — *Required (pending suits list is in certificate), but buyers should ask for details.*.
• Special Assessment Notices — *Not automatically given unless they occurred prior to sale. Check association minutes or ask explicitly if any special assessment is authorized.*.
• Loan Documents — *Not required; but if association took loans (e.g., bank loan), buyers should ask for terms.*.
• Engineering/Structural Reports — *Chicago condos: Facade Inspection Reports (FISP) – not given by law, but in Chicago these are public records. Balcony/Structural surveys: seldom given; request especially for buildings >20 years old.*.
• Facade/Balcony/Milestone Reports — *Similarly, not provided automatically; request/consult city records.*.
• Violation Notices — *Not required; rarely given, but patterns of violations (if repeated fines) can indicate governance issues.*.
• Delinquency Report — *Not given by law; a snapshot of dues collection is a key red flag. Buyer should request a current report of owner delinquencies.*.
• Management Contract — *Not required by law; often withheld. Useful to review fees and term.*.
• Developer Transition Documents — (if new) *Delivery letter and any turnover docs – associations must receive these (see Sec.18.2). Buyer should verify that turnover has occurred properly.*.