Illinois guide
Illinois condo document review
Illinois condo document review operates under 765 ILCS 605 (the Illinois Condominium Property Act). Section 22.1 requires a detailed resale certificate within 10 business days of seller's written request at a $375 statutory fee cap.
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For Chicago buildings, FISP facade inspections and the 2023 balcony-inspection expansion add overlays. For all Illinois condos, deconversion exposure under Section 15 is a unique structural consideration.
Section 22.1 resale certificate
Required content: governing documents, statement of liens and unpaid assessments, capital expenditure schedule for current and next 2 fiscal years, reserve fund status, recent financial statements, pending litigation summary, insurance coverage summary, and fire/life-safety compliance statements. Delivered within 10 business days of seller's written request. Fee capped at $375 (inflation-adjusted).
No statutory rescission
Illinois provides no statutory rescission period for condo or HOA buyers. Late or incomplete certificate delivery entitles buyers to damages but not automatic cancellation. Contract contingencies are the primary protection.
Chicago FISP and balcony overlays
For Chicago buildings 80 feet and taller, request the most recent FISP report. For Chicago condos 5 stories and above, request the 2023-onward balcony inspection. Compare FISP-identified work to certificate-listed planned capital expenditures — the gap is the diligence finding.
Section 15 deconversion exposure
Read the declaration's deconversion vote threshold (statutory default 75 percent, often higher in well-drafted declarations). Older or investor-heavy buildings face higher deconversion exposure. Read board minutes for any unsolicited offers or deconversion discussion.
Illinois legal references
- 765 ILCS 605 — Illinois Condominium Property Act
- 765 ILCS 605/22.1 — Resale certificate requirements
- 765 ILCS 605/15 — Sale of property (deconversion)
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
- Request the Section 22.1 resale certificate (10 business days, $375 fee cap)
- Verify all required certificate content is included
- For Chicago tall buildings: request the most recent FISP report
- For Chicago 5+ story condos: request 2023+ balcony inspection
- Read the declaration for the Section 15 deconversion vote threshold
- Request 18+ months of board minutes
- Confirm reserve adequacy or any 2/3 owner waiver
- Request fidelity bond details (≥30 unit threshold)
- Verify D&O coverage (mandated when reserves exceed $250,000)
- Address any FISP-identified items not in certificate's planned capex
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Related risk areas
Read these next to round out your due diligence
HOA document review
An HOA document review reads the full association document set — declaration or deed restrictions, CC&Rs, bylaws, resale or disclosure certificate, current budget, audited financials, meeting minutes, and any enforcement history — and surfaces the items that actually affect your ownership cost, your usage rights, and your exposure to surprise assessments.
Reserve studies
A reserve study tells you what the association expects to spend on long-term capital repairs and replacements, and whether it is funding those obligations adequately.
Insurance risk
The association's master insurance policy determines what your personal HO-6 policy needs to cover — and what it does not.
FAQ
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Upload condo or HOA documents for a free risk review. We read reserve studies, budgets, meeting minutes, insurance summaries, and assessment exposure — every finding linked to the exact page.
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