Federal Court halts Corporate Transparency Act Enforcement: What does it mean for Condos and Homeowners Associations? The Corporate Transparency Act (“CTA”) has been a significant concern for community associations in 2024. The CTA requires corporate entities, including many condominium and homeowners associations, to report personal information
When buying into a condominium in Illinois, one thing that should be reviewed is whether the condo association where the unit is being purchased is part of a “master” or “umbrella” association. Master associations are a statutory creature whereby multiple condos are run by one
Anyone who has ever purchased or sold a condo in Illinois understands that there are certain disclosures about the condominium and the condominium association that must be made by the seller. Section 22.1 of the Illinois Condominium Property Act outlines the manner in which these
The Board of Managers for a condo association has many roles and responsibilities, including everything from collecting assessments to maintaining common elements throughout the condominium. One of those roles, and the one that can create the most conflict with condo unit owners, is the enforcement
Unexpected things happen in our daily lives, and sometimes those things happen in our home. It is great, if possible, to save monies for a “rainy day” so that one major issue, or a series of issues, does not drain your resources. The same analysis
As Illinois’ First District Appellate Court recently stated, “[c]ondominiums are creatures of statute and, thus, any action taken on behalf of the condominium must be authorized by statute.” Glazer v. Priv. Residences at Ontario Place Condo. Ass'n2022 IL App (1st) 210156, ¶ 22. Along those
