22.1 Disclosure Checklist

When an owner sells, the buyer’s attorney sends the seller a list, the seller asks the association for it in writing, and from the day that written request arrives, the board has ten business days to produce the package Section 22.1 of the Illinois Condominium Property Act requires. Outside Illinois it goes by another name — a resale certificate, an estoppel letter — but the list is close to the same.

Ten business days is rarely the problem. Copying documents takes an afternoon. What takes longer are the items that only exist if the board has already done the work, and a board finds out which ones those are when it reads the list. This checklist is that list, in the three groups the video walks through, so you can find out before a neighbour’s sale is waiting on you.

Three groups, by how hard they are to produce

Pull it in an afternoon. The governing documents with their amendments, the seller’s account balance and any liens, proof of insurance, and the point of contact — usually the president.

Takes a little more digging. The statement that, as far as the board knows, anything the seller changed in their unit follows the governing documents. To say that, somebody has to know what was changed. Without a record of what owners asked permission to do, the board is working from memory.

Only exists if the board has done the work. The capital projects list for this year and the next two, the reserve balance and anything earmarked, last year’s financial statement, and the status of any lawsuits. The capital projects list is where boards usually get stuck, because it isn’t something you can look up — it’s a decision. Make it at the next budget meeting and put it in the minutes.

The buyer’s lender reads the package too. That is not a reason to soften anything in it; if a disclosure turns out to be wrong, the seller comes back to the board. It is a reason to know what your package says before an owner finds out on their own.

Keep most of it on hand

Most of the package barely changes from one request to the next. The checklist marks each item as keep on hand or per request, with a suggested refresh — at each policy renewal, monthly for the reserve balance, each budget cycle for capital projects. Keep the on-hand items current and in one place, and a new request only needs two things prepared fresh: the unit’s balance and the renovation statement.

Write the policy once

The second tab is a sample policy to adapt and adopt: who puts the package together, how a request is made, how quickly it’s turned around, and what the association charges. Once it’s written down, a request doesn’t need a board discussion — somebody just runs the process. The fee cap is adjusted each year for inflation, so confirm the current figure before setting or changing yours.

From January 1, 2027, Illinois adds a tenth item: a copy of the collection policy. It won’t change often, so it’s worth having ready before then.

For the full walk-through of each item, see The Illinois 22.1 Disclosure: What Your Board Needs to Have Ready.

Not legal advice. Statutes change — have your association’s attorney review the policy before you adopt it.