December 5, 2024
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 for individuals exercising substantial control of these entities by the end of 2025. Individuals that qualify as beneficial owners under the Corporate Transparency Act would need to report names, dates…
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December 1, 2022
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'n, 2022 IL App (1st) 210156, ¶ 22. Along those lines, “[t]he affairs of condominium associations are controlled by the Condominium Property Act,” and…
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October 12, 2022
Assessments (or dues) provide the lifeblood for condominium associations so that they can provide necessary services to the unit owners within the association, including the maintenance of common areas such as roads, sidewalks, parking areas, utilities, and elevators. In most condominium associations, the only source of revenue to pay for common elements are these assessments, so when certain unit owners…
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September 15, 2022
Assessments (or dues) are essential for condominium and common interest community associations to provide necessary services to the unit owners within the association, including the maintenance of common areas such as roads, sidewalks, parking areas, utilities, and elevators. Typically, the only source of funds for condominium associations are payments from the unit owners. Many times, when a unit owner believes…
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August 2, 2022
There are certain circumstances where the best interests of a condominium is to change from a condominium structure to a rental structure for the building or buildings. One common reason given is the market at that time favors rental units over condominiums, especially if financing is difficult to obtain for prospective purchasers. Other issues may also drive this decision, including…
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July 5, 2022
One of the lasting effects of the COVID-19 pandemic is an increase in home based businesses in condominium and homeowners associations. The Small Business Administration estimates that over fifty percent of all small businesses in the United States are home-based, with an even larger percentage of small businesses in certain sectors such as construction and professional technical services being based…
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