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.
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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.
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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
Want this same review on your actual documents? We do it free, with page citations you can verify.
Get my free risk report →Want every document to request before you buy in Illinois — with the local red flags and the statute behind each? See the complete Illinois condo due-diligence checklist →
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 document review 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.
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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.
Related reading
Guides for Illinois buyers and owners
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.
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.
How to Read a Reserve Study Before Buying: Is the Funding a Red Flag?
Reserve studies are dense engineering-financial documents. Learn what percent funded and baseline funding mean, how to spot unfunded repairs, and when the numbers are a special-assessment red flag — before you buy.
Condo Master Insurance Red Flags: What to Check Before Closing
Master-policy gaps, large deductibles, exclusions, and loss assessments can become the buyer's problem after closing. Learn what each section of the master insurance certificate discloses — and the red flags to check before you close.
Already own in Illinois?
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.
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Every finding cites the exact page in your documents
“The board approved a $15,000-per-unit special assessment for façade repairs, payable over 12 months.”
Source: Board meeting minutes, p. 12 — quoted and linked in your report so you can verify it in seconds.
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We surface what your documents actually say so you can ask better questions of your attorney, lender, and inspector.
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