What is a 22.1 Disclosure?

What is a 22.1 Disclosure?

Buying or selling a condo in Chicago? Then there are three little numbers (and a dot) you’ll need to know: 22.1.

“22.1” refers to the Illinois statute on disclosures for condominiums sold by any owner other than the developer.

On paper, it looks like a lot of legalese. In practice, it refers to the condominium documents and information that the condo association or management company must present to the prospective purchaser upon request.

To successfully comply with Illinois law, a 22.1 disclosure must include:

  • Declaration, by-laws, and any other condominium rules and regulations
  • The name and mailing address of the owner’s association’s principal officer (or another specially designated agent)
  • Any liens, unpaid assessments, or other charges due on the unit
  • The unit owner’s association’s projected budget and capital expenditures for the next two fiscal years, as well as their financial status for the previous fiscal year
  • Any funds reserved or earmarked for reserves and/or specified projects
  • Any lawsuits or legal cases that the association is involved in as a party
  • Information on the insurance coverage provided for owners by the association
  • A statement on any improvements or alterations made to the unit

When the buyer and their representatives request this disclosure information, the board’s designated officer (usually the president or treasurer) must furnish it in writing within 30 days. As the Chicago Tribune points out, many condo associations and management companies have moved this process online, referring "sellers, real estate agents, attorneys and lenders... to a website to choose the documents they want." It's also worth noting that, more often than not, the seller will actually begin this process by notifying their condo association that their unit is under contract; this prompts the association to begin compiling the information and issue a "home under contract" notice.

22.1 disclosures exist in addition to other mandatory disclosures in Illinois, including information about radon, lead-based paint, and any material defects as covered by the Illinois Residential Real Property Disclosure Act, all of which we discuss in some depth here.

Have any more questions about buying or selling a condo in Chicagoland? Our team is here and always ready to help! Feel free to drop us a line with all of your questions and concerns!

Ready to get started looking for a new home, whether it's a condo or detached single family house? Why not check out some of our listings! Want us to cover another aspect of the homebuying or selling process in Illinois? Why not let us know on Facebook or Twitter, and you may see the answer in an upcoming blog post!

Real Group Real Estate

Contact Our Team Today

Contact Us
Please enter your name!
Please enter your email!
Write your message!

Search Our Blog

 

 

Subscribe to our Newsletter


Baird & Warner

2762 N Lincoln Ave C2
Chicago, IL 60614

Login Form

© 2013 - 2017 Real Group Real Estate at Baird & Warner. All Rights Reserved. Designed By Geek Chicago
Baird & Warner, 2762 N Lincoln Ave. Chicago, IL 60614 - Privacy Policy