A property report shall contain the following:
A statement indicating name and address of:
The developer and legal and beneficial owner, if different, of the land and improvements, including all general partners of a partnership or principal executive officers and directors of a corporation; provided that for any property report for a condominium project for which a declaration is recorded on or after January 1, 2012, the property report shall also include, if a partnership or limited partnership, the names and addresses of all general partners; if a corporation, the names and address of all principal executive officers and directors, or, if a limited liability company, the names and addresses of all members and managers; provided further that whenever a stock or beneficial interest is held by a corporation, partnership, limited partnership, limited liability company or any other legal entity, other than a natural person, such shareholder or beneficiary shall also make such disclosures as required by this section;
Interim and permanent mortgages or construction lenders secured by a blanket encumbrance;
The principal sales and management agents, attorneys, accountants, architects, engineers and contractors for the project;
A description of all property and improvements including the following:
Map, plat, or architect’s drawing showing location and dimensions of the condominium project and the land it occupies together with all improvements, including recreational facilities, proposed construction and present and planned location of streets and driveways;
The share of ownership of each unit in the common elements. The identity of owners of such condominium unit including the percentage of former renters who have purchased or contracted to purchase a condominium unit when the property is a conversion, if known. If such units are owned in trust or by nominees, the beneficiaries or principal shall be named, if known;
A description of all of the common elements in the project including a description of all existing and proposed recreational facilities, and other such facilities within the project. Limited common elements, if any, and their ownership shall also be indicated;
A description of the nature and ownership of all improvements occupying the same zoning lot but which are not part of the condominium;
Location, nature and ownership of easement streets and driveways on or contiguous to the condominium;
The identification of drawings, architectural plans and other suitable documents setting forth the necessary information for location, maintenance and repair of all condominium facilities and equipment, to the extent these documents exist, their location, and times at which they may be inspected;
Projected initiation and completion dates, for proposed construction, renovation and conversion;
A description of limitations upon uses permitted in individual condominium units as contained in the declaration, and bylaws of the condominium association and applicable zoning provisions. Such description shall state whether or under what conditions the condominium units may be rented together by the unit owner;
Statement as to whether a purchaser may purchase more than one unit and under what circumstances or conditions;
Statement of legal ownership, listing all restrictions, notices, lis pendens and encumbrances of record;
Method of timing of transfer of control of the condominium to the board of managers and the nature and extent of any interest retained by the developer thereafter;
A statement disclosing the existence of penalties if the construction, renovation, or conversion or completion date is not met and the additional costs to be imposed upon unit owners if such date is not met;
The nature and extent of any protection of a purchaser if the developer defaults on blanket encumbrances;
A statement of any litigation which would affect the condominium or the developer’s ability to convey clear title;
A statement of the current taxes and estimated changes in the tax assessment of the condominium units which buyers may encounter during the first two years.
Copies of the forms of sales documents applicable to the individual units, including but not limited to:
Basic purchase contract form being used by the developer;
Deeds of conveyance;
Deed of trust, mortgage and promissory note, if any;
Statement of sales prices, terms, options and conditions of sale of each unsold unit, including estimated closing and settlement costs and transfer taxes;
Statement of estimated monthly payments for each unit to be itemized as to taxes, utilities, operating costs, assessments, parking, recreational facilities and all other payments in the first year after the projected date of assumption of control by the board of managers.
If financed by the developer, the proposed financing of each unit, including percent of sales price required for down payment, duration of the loan interest rate, service charge, appraisal charge, closing charges, and total monthly payment;
A description of all appliances and personal property included with each unit;
(1) Copies of the following documents:
The declaration and plat. However, prior to the recordation of the declaration, a preliminary declaration and plat may be supplied, provided it is accompanied by a statement in type size and style equal to at least ten point boldface type as follows:
THE DESCRIPTION OF UNITS AND PERCENTAGE OF OWNERSHIP INTEREST IN COMMON ELEMENTS HEREIN IS PRELIMINARY AND MAY BE CHANGED IN MATERIAL RESPECTS UPON THE RECORDING OF THE DECLARATION AND PLAT.
The articles of incorporation or charter of the condominium association, if any;
The bylaws and regulations of the condominium association;
The description of the following documents:
Any leases of real or personal property in the condominium expiring later than two years after the first unit is offered for sale;
Any management contract, employment contract, insurance policy, or other contract affecting the use, maintenance or access of all or part of the condominium expiring later than two years after the first unit is offered for sale;
The coverage and amounts of insurance policies applicable to the condominium, maintained by or on behalf of the developer;
A statement of management and expected management costs of the condominium including:
Name of management agent, if any, and the services the agent will perform;
Length of term of any management contract, its costs, and the circumstances if any, under which the charges may be increased;
The conditions, if any, under which the contract may be cancelled or terminated;
A statement stating the relationship between the developer and the management firm and their respective corporate officers and controlling interests, if any;
An estimated operating budget, including the basis on which each item included in such operating budget was formulated for the condominium projected for a period of one year from the expected date that control of the condominium project passes to the board of managers. The operating budget shall include at least the following:
Trash and garbage disposal
Ground and building maintenance
Maintenance and operation of recreational and other facilities
Sidewalks and street maintenance
Other operating costs
Accounting and bookkeeping services
Reserve for improvements
Reserve for unexpected repair work
Reserve for replacement and upkeep of common area and facilities
Reserve for taxes and special assessments.
If no reserve is provided for any one or more of the costs listed herein, the following statement must be inserted in the property report in a type the size and style equal to at least ten point bold type:
THE DEVELOPER HAS NOT PROVIDED A RESERVE FOR CERTAIN POSSIBLE FUTURE COSTS OF THE CONDOMINIUM IN HIS BUDGET. ACCORDINGLY, IT MAY BE NECESSARY TO PROVIDE FOR A SPECIAL ASSESSMENT TO ALL CONDOMINIUM UNIT OWNERS TO PAY FOR SUCH COSTS SHOULD THEY OCCUR.
Provisions, if any, the developer has made to cover the proposed operations and maintenance budget in the event an insufficient number of units are sold;
(1) If a condominium conversion, a report from a qualified licensed engineer or registered architect describing the condition and expected useful life of the roof, foundation, external and supporting walls, mechanical, electrical, plumbing, heating, and structural elements and all other common facilities, together with an estimate of repair and replacement costs, for those items needing repair or replacement, at current market prices. This report shall include the approximate dates of installation of the facilities listed above and the dates of major repairs to such facilities. There shall be attached to such report (1) a statement of the developer that no notice of violations of the building provisions of the Municipal Code pertaining to the condominium building have been received by the owner or his predecessors for ten years preceding the property report and its latest amending or (2) a list of all notices of violations of the building provisions of the Municipal Code received, together with a detailed statement of all violations referred to in such notices, for the prior ten years;
For all condominium projects which are not a condominium conversion and for which a declaration is recorded on or after January 1, 2012, a report that is signed and sealed either by a licensed architect or engineer that certifies that the building plans are in compliance with the requirements of the applicable provisions of the building code, and that estimates the expected useful life of the roof, foundation, external and supporting walls, mechanical, electrical, plumbing, heating, and structural elements and all other common facilities;
(1) A statement of whether, and under what circumstances, the unit owners are required to be a member of, support, or participate financially in recreational facilities, such as but not limited to health clubs, exercise rooms, swimming pools, party rooms and golf putting greens. If any such facility is not part of the common elements, the following warning shall be included in capital letters, in a type size and style equal to at least ten point bold type:
THE (HERE NAME FACILITIES) ARE NOT INCLUDED IN THE COMMON ELEMENTS. THESE FACILITIES ARE AVAILABLE TO UNIT OWNER FOR (HERE DESCRIBE MONTHLY CHARGE AND INITIATION FEE). UNIT OWNERS ARE/ARE NOT (AS APPLICABLE) REQUIRED TO PARTICIPATE FINANCIALLY.
A description of the location, ownership, and availability to unit owners and the general public of accessory off-street parking associated with the condominium. If all of such parking facilities are not (a) part of the common elements or (b) divided as individual parking space among and designated as being part of the units, the following statement shall be included in a type and size and equal to at least ten point bold type:
PARKING FACILITIES ASSOCIATED WITH THIS BUILDING ARE NOT OWNED BY THE UNIT OWNERS AND MAY BE SUBJECT TO BEING DENIED TO OR TAKEN FROM UNIT OWNERS.
A statement, if there are any restrictions upon the free sale, transfer, conveyance, encumbrance or leasing of a unit.
THE SALE, LEASE OR TRANSFER OF YOUR UNIT IS RESTRICTED OR CONTROLLED.
Immediately following this statement, there shall appear a reference to the documents, articles, paragraphs, and pages in the property report where the restriction, limitation or control on the sale, lease or transfer of units is set forth or described in detail.
A statement on the first page the following warning in capital letters, in a type size and style equal to at least ten point bold type:
CITY OF CHICAGO LAW SPECIFICALLY PROHIBITS ANY REPRESENTATION TO THE EFFECT THAT THE CITY HAS PASSED UPON THE MERITS OF OR GIVEN APPROVAL TO MAKE OR CAUSE TO BE MADE TO ANY PROSPECTIVE PURCHASER ANY REPRESENTATIONS WHICH DIFFER FROM THE STATEMENTS IN THIS PROPERTY REPORT. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER AND ARE NOT BINDING ON THE DEVELOPER. REFER TO THE PROPERTY REPORT FOR BINDING REPRESENTATIONS.
The signature of the executive officer of the developer and statement affirming that the report and any supplements, modifications and amendments are true, full, complete and correct.
The developer shall amend the property report from time to time when any material changes occur in any matter contained in such reports. Amendments shall be made as soon as practicable after such change occurs or the developer has reason to know of such change. Amendments shall be attached to reports subsequently distributed to prospective purchasers and shall be immediately distributed to all persons who have purchased or agreed to purchase condominium units.
No later than 30 days prior to the recording of the declaration and plat, the developer shall give notice of any material changes in said declaration and plat as described in the property report to each person who has executed a contract to purchase a unit.
(Prior code § 100.2-2; Amend Coun. J. 5-4-11, p. 118299, § 3)