Illinois Condo & HOA Guide
Key condo laws, HOA regulations, and reserve study requirements for Illinois (IL). Understanding your state's specific rules is essential because they override or supplement your CC&Rs in many situations.
Governing Law
Illinois Condominium Property Act (765 ILCS 605)
Key Provisions
- Reserve studies recommended but not mandated statewide
- Sellers must provide buyer with condo declaration and financial statements
- Board meetings must be open to unit owners
- Assessment liens attach automatically — no separate recording needed
- Right to attend and record board meetings
Reserve Study Requirements
No state mandate, but the Illinois CPA strongly recommends adequate reserve funding. Chicago has additional local requirements.
Notable Rules & Considerations
- Chicago has one of the largest condo markets in the US
- Deconversion (condo to rental) has been a significant trend
- Strong tenant/owner protections in Chicago ordinances
- Board must provide annual budget to owners
Important: This is a general overview of Illinois condo laws and is not legal advice. State laws change frequently. Always consult a Illinois-licensed attorney for specific legal questions about your HOA or condo association.
Related Guides
Other State Guides
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