Not later than the offering for sale of the first residential condominium unit, a developer of a condominium project of more than six units shall:
Have a property report available for distribution to each prospective purchaser and for examination by the commissioner. A developer may make a charge, not to exceed $2.00, for each report so distributed;
Make available for inspection by prospective purchasers copies of all documents that were filed or required to be filed in connection with the condominium project with the recorder of deeds of Cook County;
Keep a receipt signed by each purchaser acknowledging that the person entering a contract to purchase has received and has had an opportunity to review the property report. Such receipts are to be kept on file in the possession of the developer for a period of three years from the date of signature of the purchaser and such receipts are subject to the inspection by the commissioner or the commissioner of business affairs and consumer protection at any reasonable time.
For all condominium projects, regardless of the number of units, for which a declaration is recorded on or after January 1, 2012, the developer shall comply with the requirements of subsection (A) of this section. In addition to the requirements of subsection (A), the developer shall* make the disclosure summary available with marketing materials and distribute it at open houses and any showings; (ii) furnish the disclosure summary to a prospective buyer before the execution of any contract for the initial sale of a residential condominium unit; and (iii) keep a receipt signed by each purchaser acknowledging that the person entering a contract to purchase has received and has had an opportunity to review the condominium disclosure summary.
* Editor’s note– As set forth in Coun. J. 5-4-11, p. 118299, § 3. Intended text is probably: “…the developer shall: (i) make….” Future legislation will correct the provision if needed.
The board of managers shall keep a copy of the latest property report and condominium disclosure summary, if applicable, for seven years following the date of their initial distribution. Upon reasonable notice the property report shall be made available for inspection by any prospective purchaser of a unit from a unit owner.
(Prior code § 100.2-5; Amend Coun. J. 5-4-11, p. 118299, § 3)