§ 13-72-025

Condominium disclosure summary

A.

For a condominium project for which a declaration is recorded on or after January 1, 2012, the developer of the project shall prepare a condominium disclosure summary, which shall include a description of the following information:

1.

The condominium property;

2.

Parking;

3.

Appliances, heating, air conditioning, and hot water equipment, including warranties;

4.

Amenities and recreational facilities;

5.

Estimated operating expenses, reserves and assessments;

6.

If the project is a conversion condominium, a description of the renovation of the property, if any;

7.

Limitations and restrictions on sale, lease or use of units;

8.

Waste removal;

9.

Telecommunications services;

10.

Construction warranties;

11.

Windows;

12.

Type of masonry, if applicable;

13.

Elevators, if any;

14.

Security systems, if any;

15.

A list of all contractors and subcontractors, including the state and city license or registration numbers of the contractors and subcontractors who worked on any part of the building for conversion or construction as a condominium project; and

16.

Any other pertinent information required by the commissioner.

The developer shall attach to each disclosure summary a statement that notifies a prospective purchaser that, pursuant to the municipal code of Chicago, a certificate of occupancy that certifies that the unit complies with all applicable zoning or building code requirements may be required to be obtained, prior to occupying the residential condominium unit.

The disclosure summary shall be in the form prescribed by the commissioner in rules and regulations.

B.

The developer shall file a copy of the condominium disclosure summary with the commissioner no later than 90 days prior to the first offering for sale of any residential condominium unit. Any material changes or amendments to the disclosure summary shall be filed with the commissioner within 30 days of the change or amendment.

(Added Coun. J. 5-4-11, p. 118299, § 3)

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