What is the Illinois condominium Property Act?
The Illinois Condominium Property Act provides that any compensation paid to Board members must be stated in the By-Laws and it usually requires owner approval. Q-35.
How do you remove a condo board in Illinois?
Section 18(b) (5) provides that “special meetings of the members (usually where a board member would be removed) can be called by the president, board of managers or by 20% of unit owners.” The unit owners seeking the removal of a board member or the entire board would then petition the president of the board, with …
What is a common interest community Illinois?
“Common interest community” means real estate other than a condominium or cooperative with respect to which any person by virtue of his or her ownership of a partial interest or a unit therein is obligated to pay for the maintenance, improvement, insurance premiums or real estate taxes of common areas described in a …
How do I leave an HOA?
You can petition the HOA to have the home removed, possibly staging a legal request through the court system. Wait for the HOA or membership to end. HOAs can be dissolved, so if you hear rumblings that the HOA will soon stop, wait it out.
How do you dismiss a board member?
Many governing documents provide that an officer may be removed by a majority vote of the board members, but that an elected board member may only be removed with a vote of the association membership.
How much can HOA fees increase in Illinois?
A. Two provisions provide a limitation on the board’s power to increase assessments or commit the association to expenditures. Section 18(a)(8) of the Illinois Condominium Property Act permits the owners to petition for a vote on all assessment increases exceeding 15 percent from the prior year.
Do HOA fees ever decrease?
Residents of an HOA community often find themselves wondering, “Do HOA fees ever go down?” While it is possible to reduce HOA fees, it does not happen often. But, what do HOA fees cover anyway? Fees will always be a part of a homeowners association. These fees go towards keeping the HOA supported.
What is an ineffective board?
An ineffective board of directors offer a business or organisation the worst of all worlds. Not only do they fail to deliver the necessary guidance and direction to the business, but also the support for it to meet its overall objectives.
How do you impeach a board member?
If they are an elected or appointed member of the board of directors, look to the bylaws/code of regulations about what is required to remove them. AT THIS POINT, THEY ARE STILL BOARD MEMBERS! Usually, the membership must take a vote (majority or 75% often required).
What new rights do prospective condo buyers have under the ordinance?
Prospective purchasers of condo units now have the right to a standard, simplified document that discloses key information about the condo for sale. Tenants in buildings being converted into condos also have several rights new rights under the ordinance.
What rights do tenants have when a building is converted into condos?
Tenants in buildings being converted into condos also have several rights new rights under the ordinance. The Disclosure Summary is a simplified, standardized disclosure document for potential condo purchasers. Developers must make this document available when they offer condos for sale, including at open houses and other showings.
What is chapter 13-72 of the Chicago condo ordinance?
Chapter 13-72 of the Municipal Code of Chicago is the City of Chicago’s Condominium Ordinance. The Condo Ordinance now includes several, strengthened consumer protections. Prospective purchasers of condo units now have the right to a standard, simplified document that discloses key information about the condo for sale.
What is the disclosure summary for condos?
The Disclosure Summary is a simplified, standardized disclosure document for potential condo purchasers. Developers must make this document available when they offer condos for sale, including at open houses and other showings.