Condo Adviser: Before purchasing a condo, ask to review documents detailing the building’s condition
Airfind news item
By Howard Dakoff
Published on April 12, 2026.
Before purchasing a condominium in Chicago, purchasers are entitled to a disclosure from the association, which includes information about the building's condition and financial condition. These documents include a statement of any liens, capital expenditures anticipated by the condominium association within the current and succeeding two fiscal years, a statement on the amount of the reserve replacement fund and if any portion of the fund is earmarked for a specific project. Current unit owners can also obtain copies of board meeting minutes for up to the proceeding seven years and a copy of reserve study. A refusal by a board of directors to enforce the governing documents, including maintaining the property appropriately or enforcing rules and regulations, could result in a breach of fiduciary duty. However, dissatisfied owners should focus on electing new board members who share a philosophy of improving the community. The new reporting requirement of the Financial Crimes Enforcement Network (FinCEN) is still in effect.
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