For the purposes of this chapter, the following words and phrases shall have the meanings respectively ascribed to them by this section:
“Blanket encumbrance” means a trust deed, mortgage, judgment or other lien on a condominium including any lien or other encumbrance arising as a result of the imposition of any tax assessment by a public authority.
“Board of managers” means the board of managers provided and referred to in the Illinois Condominium Property Act.
“Closing of the sale” means the operation of transferring ownership of a condominium unit to the purchaser from the developer.
“Commissioner” means the commissioner of business affairs and consumer protection.
“Common elements” means all of the condominium except the condominium units. “Common elements” also includes limited common elements.
“Condominium” means a form of property established pursuant to the Illinois Condominium Property Act.
“Condominium Disclosure Summary” or “Disclosure Summary” means the summary required in accordance with section 13-72-025.
“Condominium project” means the sale of or plan by a developer to sell or the offering for sale of residential condominium units in an existing building or building to be constructed or under construction, and shall include a conversion condominium.
“Condominium unit” or “unit” means a separate three-dimensional area within the condominium identified as such in the declaration and on the condominium plat and shall include all improvements contained within such area except those excluded in the declaration.
“Conversion”, “convert”, or like words means the offering for sale by a developer or his agent of a condominium unit occupied or rented for any purpose by any person before commencement of a condominium project which includes such unit.
“Declaration” means the declaration referred to in the Illinois Condominium Property Act.
“Developer” means any person who submits property legally or equitably owned by him to the provisions of the Illinois Condominium Property Act including any successor to such developer’s entire interest in the property; or any person who offers units legally or equitably owned by him for sale in the ordinary course of his business.
“Offering” means any inducement, solicitation, advertisement, publication or announcement by a developer to any person or the general public to encourage a person to purchase a condominium unit in a condominium or prospective condominium.
“Property report” means the property report required in accordance with Section 13-72-020 of this chapter.
“Prospective purchaser” means a person who visits the condominium project site for the purpose of inspection for possible purchase or who requests the property report or disclosure summary.
“Residential condominium unit” means a condominium unit arranged, designed, used or intended to be used primarily for residential occupancy.
“Conversion condominium,” “Parcel,” “Person” and “Record” have the same meaning ascribed to those terms in the Illinois Condominium Act, 765 ILCS 605 et seq., as amended.
“Landlord,” “Rent,” “Rental Agreement” and “Tenant” have the same meaning ascribed to those terms as in section 5-12-030.
(Prior code § 100.2-1; Amend Coun. J. 5-4-11, p. 118299, § 3; Amend Coun. J. 11-16-11, p. 13798, Art. X, § 3)