Condominium Property Act: Requiring Onsite Governance in 2022
In 2021, Illinois activated several new laws for the real estate industry, including the Condominium Property Act. While Illinois did not make any changes to the law in 2020, this latest addition represents the sole change for 2021.
As the Act nears 60 years since its original institution, Illinois lawmakers decided to make the recent change in response to the coronavirus pandemic and how condominium units are governed.
Understanding the Condominium Property Act
Dating back to 1963, the Illinois legislature passed the original Condominium Property Act to address a new form of homeownership. At the time living condominium units was primarily a novel idea. With the first iteration of the bill, Illinois introduced 10 legal definitions, containing 21 sections.
As a starting point, the original act permitted real estate developers to convert apartment buildings into condominiums. As time went on, Illinois passed additional amendments to grant more power to the tenants. Now, it resembles a full support tool, orchestrating how condominium units can be governed.
2021’s Amendment to the Condominium Property Act
As of July 2021, the Illinois Senate passed the latest amendment to the Illinois Condominium Act. With the onset of 2020’s coronavirus pandemic, condominium managers sought to keep their tenants safe. The most recent amendment helps to do that by requiring the majority of condominium board members to actually reside on the property.
Also, each board member’s condominium unit must be their primary residence. With this amendment, the internal governance of condominium buildings falls to the those most likely to be impacted by the decision-process.
Additional Act Changes in 2022
As of July 1st, 2022, the Condominium Property Act has a section facing repeal. Section 35, set for repeal, requires every unit owners’ association to comply with the Condominium and Common Interest Community Ombudsperson Act and its corresponding provisions.
While Illinois’ COVID-19 mitigations lessened over recent months, this Act may face further changes as the world still confronts the coronavirus. To learn more about the Condominium Property Act or for legal guidance pertaining to other aspects of Illinois real estate law, please schedule an appointment with the attorney at Lee Scott Perres, P.C.
