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Windy City Management is a Chicago professional property management firm which provides a wide range of property managment services to Chicago Condominium Associations, Chicago Townhome Associations, Chicago Commercial or retail Property Owners, and Chicago Residential Property Owners
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ANSWERS TO FREQUENTLY ASKED QUESTIONS (FAQS) BY MEMBERS OF NEW CHICAGO CONDOMINIUM ASSOCIATIONS
What are the developer's financial obligations to the new Association?
Beginning with the first day of the month after the first claoing and for every month thereafter, the developer is required to pay assessments for every unsold unit. Further, all Associaiton funds, including the assessments paid by the developer, must be kept in a segregated account, separate from other funds of the developer. Within 60 days after the intial meeting of unit owners, the developer must turn over all Association funds and a detailed accounting of Association funds to the board of managers of the new Association. It is very important that the Treasurer of the new Association or an accountant or experienced property management firm employed by the Association carefully review the accounting, as it it is not uncommon for expenses which should have been absorbed by the developer to have been paid with Association funds or for assessments for unsold units to not have been paid.
When must a developer turn over control of a new Condominium Association to Unit Owners?
The developer is required to turn over control within sixty (60) days after the earlier of:
the closing of the sale of units representing at least 75% of the percentage interest in the common elements; or
three (3) years after the date of recording of the Condominium declaration.
The time has passed for our developer to turn over control of our new Association to us, but he simply has not done so. What can we do?
The Illinois Condominium Act has a procedure where owners of at least 20% of the percentage interest in the common elements can petition the developer to call the first meeting of unit owners. If he fails to do so in a timely manner, these unit owners can then call the first meeting themselves.
What are the developer's duties after the unit owners have elected their first board of managers?
Section 18.2 of the Illinois Condominium Act is very specific in requiring the developer to turn over all Association funds and an extensive list of documents and things to the new board within sixty (60) days after the date of election of the new board. For a complete list of what must be turned over, click here.
Our new board has been elected. 60 days have passed. yet our developer has ignored our requests that he complete the turn over of documents and things. Now what do we do?
The Condominium Act provides that the Association may serve a demand that the developer comply with section 18.2 by certified mail, receipt requested. If the developer does not comply within 10 days, the Association can file suit to compel the turn over. The Condominium Act provides that the court shall order the developer to reimburse the Association for all attorney fees and court costs incurred in securing full compliance, after the service of the demand.
Contact Chicago Certified Property Manager Marsha Erenberg now at (773) 394-6400, Ext. 2 or on her cell phone (312-841-1012) to discuss how Windy City Mangement can assist your new Association in meeting its professional property management needs
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