This episode of the Common Interest Podcast features Kerry Bartell from Kovitz Shifrin Nesbit.
Under Section 22.1, the Illinois Condominium Property Act includes a requirement for Condominium Associations to provide disclosures to prospective buyers. The act specifically states what information must be provided to the best of the board’s knowledge, intending to inform buyers on the status of the unit and association they are buying into. A board’s failure to disclose items required under Section 22.1 could result in liability or loss of revenue for a Condominium Association. Listen to this episode of Common Interest to find out more about how your association should prepare its 22.1 disclosures to avoid potential pitfalls.
22.1 Disclosures in Condo Associations
Kerry Bartell from Kovitz Shifrin Nesbit shares an overview of section 22.1 of the Illinois Condominium Property Act requiring disclosures from Associations to prospective buyers, including some stories on how to avoid potential pitfalls.
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