Buying/Selling A Condo - 22.1, Paid Assessment Letter & Docs
The purchaser of a condominium in Illinois is entitled to review a variety of documents about a condo association at least 30 days prior to closing. And to receive the answers to certain stipulated points of disclosure about the association and the unit.
This is commonly referred to as a "22.1" package, as its contents are specified by Section 22.1 of the Illinois Condominium Property Act (765 ILCS 605/22.1).
If you're buying a unit in one of our buildings, you want this form. You also want all the supporting documents.
The seller of a unit has direct access to the Association Drive, a portal with financial reports, budgets, governing documents, and more.
Researching and completing these required disclosures is one of the few tasks for which we charge the unit owner an additional fee. It's $30. Unless you need it yesterday. Then it's $60.