Illinois guide
Illinois condo buying checklist
Buying an Illinois condo means buying into a building governed by two parallel statutes, soft reserve mandates, and rising insurance costs — with mostly private enforcement behind it. That puts the weight on the documents and on you.
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This checklist separates what the association must deliver under 765 ILCS 605/22.1 (condos) or CICAA 1-35 (HOAs) from what you should demand on your own, and centers the questions that decide most Illinois deals: which statute applies, whether reserves are adequate when the law sets no funding floor, what the master insurance actually covers, and whether any special assessment or association loan is coming. Illinois's 10-business-day delivery and capped fee (around $375) help, but there is no statutory rescission, so use your contract's attorney-review window deliberately. Chicago buyers carry an added layer — façade and balcony safety.
Determine the statute first: condo or CICAA HOA
The first Illinois question is classification, because it changes the rules. A condominium falls under the Condominium Property Act (765 ILCS 605), which carries a statutory full-replacement-cost insurance mandate (§12), a statutory lien with judicial foreclosure and the six-month rule (§9), the 75%/3-year developer-turnover rule (§18.2), and the 10-business-day, capped-fee resale certificate (§22.1). A non-condominium HOA or planned community falls under the CICAA (765 ILCS 160), which has no property-insurance mandate (only fidelity for 30+ units), no statutory lien, the 115% budget-referendum rule, and a slower 30-day resale disclosure (1-35). A development can even be both, with condominium buildings inside a master HOA. Confirm which act applies before you apply any rule.
Documents the association must provide
Under 765 ILCS 605/22.1 (condos), the association must furnish, within 10 business days of the seller's written request and for a fee capped near $375, the governing documents, a statement of liens and unpaid assessments, a capital-expenditure schedule for the current and next two fiscal years, the reserve/replacement-fund status, the most recent year's financials, a pending-litigation statement, and an insurance summary. The CICAA 1-35 HOA disclosure is parallel but generally runs up to 30 days for a reasonable fee. Treat the required certificate as the floor — and remember Illinois grants no statutory rescission, so use your contract's attorney-review and document-review windows to act on what it reveals, since late or incomplete disclosure leaves only a lawsuit or renegotiation, not automatic cancellation.
Documents you should request proactively
Illinois's biggest risks live beyond the statutory floor, so request them yourself: the full reserve study and funding plan if one exists (Illinois mandates none) and confirmation of whether reserves were waived by a two-thirds vote; the master-insurance declarations page, deductible schedule, and claim history (not just the certificate's summary); the current and proposed budgets and a budget-to-reserve reconciliation; two to three years of board and annual-meeting minutes for special-assessment, insurance, and litigation discussion; a current delinquency or aging report (not required to be given to buyers); the management contract; a full pending-litigation summary with each complaint and status; any association loan documents; and developer-turnover documents for newer buildings. For Chicago buildings, pull the façade (FISP) inspection records for structures 80 feet or taller and any balcony/deck survey, plus FEMA flood-zone status near the rivers.
The questions that decide the Illinois deal
For every Illinois condo, answer a few questions before you commit. Which statute applies, and are reserves adequate for the building's freeze-stressed roofs, masonry, decks, and balconies when Illinois sets no funding floor — or are they thin or waived with special assessments as the plan? Does the master insurance actually cover the building at full replacement cost (condo §12), and is the deductible within the GSE 5% cap for financing? Is any special assessment or association loan approved or pending? For a Chicago building 80 feet or taller, has it passed its most recent façade (FISP) inspection, and have aging balconies been surveyed? Read everything together — the reserve status against the capital-expenditure schedule, the insurance summary against the declarations page, and the litigation line against the minutes. The buyers surprised by a five-figure Illinois assessment usually had the documents but did not read them together, or did not use their attorney-review window in time.
Illinois legal references
- 765 ILCS 605/22.1 — Condominium resale certificate; 10 business days; fee cap
- 765 ILCS 160/1-35 — CICAA (HOA) resale disclosure; up to 30 days
- 765 ILCS 605/12 — Condominium master insurance (full replacement cost, $1M liability)
- Chicago Façade Inspection & Safety Program (buildings ≥80 ft)
Informational only. Not legal advice. Always confirm against current statute and counsel.
Need help applying these Illinois statutes to your specific situation? We can connect you with state-licensed counsel and specialists familiar with this exact regulatory environment.
Find a Illinois specialist →Reviewer's checklist
- Determine whether the property is a condominium (765 ILCS 605) or a CICAA HOA (765 ILCS 160) — the rules differ
- Confirm the §22.1 certificate was delivered within 10 business days for a fee within the cap (around $375)
- Identify and calendar your contract's attorney-review window (Illinois grants no statutory rescission)
- Read the reserve status and capital-expenditure schedule; check whether reserves were waived (2/3 vote)
- Request the full reserve study and a budget-to-reserve reconciliation (no Illinois study mandate)
- Pull the master-insurance declarations page; confirm full replacement cost (condo §12) and the deductible vs the GSE 5% cap
- Request two to three years of minutes, the delinquency report, and a full pending-litigation summary
- Ask the board about any approved or pending special assessment or association loan
- For Chicago buildings ≥80 ft, pull façade (FISP) records and any balcony/deck survey; check FEMA flood status near the rivers
Want this same review on your actual documents? We do it free, with page citations you can verify.
Get My Free Risk Report →Source documents
- Declaration & bylawsthe rules
- Budget & financialsthe money
- Reserve studythe big repairs
- Meeting minuteswhat the board fears
Cross-reference
The risk lives in the contradiction between documents.
An assessment in the minutes but not the estoppel; a reserve the budget never funds.
Risk report
Severity-graded across 8 categories.
Every finding cites the document, page number, and quoted text.
How CondoSignal reviews this
We read the reserve study, operating budget, and 24 months of meeting minutes together — illinois condo buying checklist risk usually lives in the contradiction between documents, not in any single one of them. Every finding cites the source document, the page number, and the quoted text behind it.
See our 8-category framework →Risk Intelligence
Review the documents before your contingency ends
Most buyers get 7–14 days to review condo documents. Upload the packet — we read the reserve study, budget, minutes, and insurance summary and flag the risks, every finding linked to the exact page. Free.
Expert Matching
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We can connect you with vetted real estate lawyers, mortgage brokers, and insurance brokers familiar with the specifics of condo and HOA transactions.
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Related risk areas
Read these next to round out your due diligence
Condo Resale Certificate Review
In Texas, a resale certificate is the statutory document that gives a prospective condo or HOA unit buyer a snapshot of the association's financial and legal standing at the moment of sale.
Condo Insurance Requirements
Most condo buyers spend more time choosing their unit's paint colors than understanding how insurance works in a condominium.
HOA Fee Analysis
Monthly HOA and condo fees are a fixed ownership cost that compounds over your entire holding period.
Related reading
Guides for Illinois buyers and owners
The Complete Condo Buying Checklist (2026)
A four-phase due diligence framework — pre-offer through post-closing — covering documents, fees, reserves, insurance, lender requirements, and governance risk.
Chicago FISP and Balcony Inspections: What Condo Buyers Should Verify
Chicago's FISP facade inspection program plus 2023 balcony-inspection expansion creates a unique diligence overlay. Here is how to read the reports and compliance status.
Chicago Condo Deconversion Risk: What Buyers Should Know About Section 15 Exit Exposure
Chicago is the country's most active condo deconversion market. Under 765 ILCS 605/15, a 75% owner vote can force you to sell at a price you didn't agree to. Here is how to read the documents for it.
What to Look for in Condo Documents: A Buyer's Complete Guide
A resale package contains roughly a dozen documents. Learn what each one discloses, what most buyers overlook, and which sections to read closely before you close.
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Owner guides for the notice you just got
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Reviewed by Kirk Hasley, Founder. Every claim here is checked against current Illinois statute and primary sources, using the same documented review framework we run on every file. Last reviewed June 13, 2026.
FAQ
Frequently asked questions
Risk Intelligence
Review the documents before your contingency ends
Most buyers get 7–14 days to review condo documents. Upload the packet — we read the reserve study, budget, minutes, and insurance summary and flag the risks, every finding linked to the exact page. Free.
Expert Matching
Need a real estate lawyer or mortgage specialist?
We can connect you with vetted real estate lawyers, mortgage brokers, and insurance brokers familiar with the specifics of condo and HOA transactions.
- HOA lawyer
- Mortgage broker
- Insurance broker