Selling Your Unit
Our goal is to make the selling/refinancing process as easy as possible. Here are some important points to help you through this process.
To be prepared for a closing a seller needs to make the following documents available to a prospective purchaser. This is typically referred to as a 22.1 Disclosure request:
(1) A copy of the Declaration, by‑laws, other condominium instruments and any rules and regulations.
(2) A statement of any liens, including a statement of the account of the unit setting forth the amounts of unpaid assessments and other charges due and owing as authorized and limited by the provisions of Section 9 of the Illinois Condominium Act or the condominium instruments.
(3) A statement of any capital expenditures anticipated by the unit owner’s association within the current or succeeding two fiscal years.
(4) A statement of the status and amount of any reserve for replacement fund and any portion of such fund earmarked for any specified project by the Board of Managers.
(5) A copy of the statement of financial condition of the unit owner’s association for the last fiscal year for which such statement is available.
(6) A statement of the status of any pending suits or judgments in which the unit owner’s association is a party.
(7) A statement setting forth what insurance coverage is provided for all unit owners by the unit owner’s association.
(8) A statement that any improvements or alterations made to the unit, or the limited common elements assigned thereto, by the prior unit owner are in good faith believed to be in compliance with the condominium instruments.
In addition to the above requirements, the Association’s Declaration and Bylaws may require a Right of First Refusal and other documentation prior to closing.
Market conditions have had a profound impact on condominium sales. While the Illinois Condominium Property Act addresses specific document requirements, many lenders are requiring more thorough and detailed questionnaires.
If you are contemplating a sale or refinance we recommend you inventory documents in your possession.
Documentation required for sales and refinancing may be obtained from:
We encourage owners to contact us at the beginning of the sale or refinance process to avoid unnecessary delays and costs.
Please contact our Closing Department at email@example.com for more information.