May 28, 2026
Illinois condo developers have a fiduciary and statutory duty to fund adequate reserves before turnover. Learn what the Weathersfield ruling means for boards.
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March 12, 2026
Illinois condominium association boards frequently face difficult decisions when unexpected building repairs arise, especially when those repairs require large special assessments. A recent Illinois appellate decision provides important guidance on when an Illinois condominium board may impose a significant special assessment without first obtaining unit owners’ approval. In Dedic v. Bd. of N. Shore Towers Condo. Ass’n, 2018 IL App…
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July 21, 2025
Illinois’ 2025 legislative session began January 8 and adjourned May 31. Nearly 7,900 bills were introduced during the 2025 session. HB 2563/SB 1703 is legislation that would require condominium associations governed under the Illinois Condominium Property Act (765 ILCS 605/1 et. seq) and homeowners associations governed under the Illinois Common Interest Community Association Act (765 ILCS 160/1 et. seq) with…
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July 11, 2024
In community associations, a frequently debated topic is whether board members should receive discounted assessments as compensation or recognition for their service. This issue is particularly relevant in Illinois, where community associations must navigate both legal frameworks and ethical considerations. Legal Framework According to the Illinois Condominium Property Act, no provision allows for the discounting of assessments for any unit…
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August 1, 2023
The Surfside condominium collapse led to significant reform in the condominium lending industry. In Lender Letter LL-2021-14, Fannie Mae and Freddie Mac implemented temporary lending guidelines in 2021 for condominium purchasers that desired to secure a mortgage as was previously discussed in Prepare your Condo for the new Fannie Mae and Freddie Mac Lending Requirements. At the request of FHFA,…
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January 11, 2023
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 applies in a condo association or common interest community. Having funds set aside for major…
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