This is one of a series of articles regarding changes in the IL Condo Act that will become effective in 2018.

Your condo association's Declaration will outline the requirements for changing the Declaration itself. Your Declaration may require notification or approval of a proposed amendment by mortgagees. Mortgagees are the lenders or banks holding mortgages on the units in the building.

Mortgagees can be difficult to communicate with. It seems that this reality is now being addressed by 2018 changes to the IL Condo Act.

A change to Section 27 of the IL Condo Act provides that if amendments to condominium instruments require the approval of a mortgagee, the mortgagee is deemed to have approved the request unless they deliver a negative response within 60 days of mailing a request for approval by certified mail by the Association.

Amendments should always be created with the help of an experienced condo law attorney to ensure that the proper procedures are followed.

Search Articles...

Membership Plans

Subscribe to the Chicago Condo Resource to access our Members Only Content.

Subscribe to Newsletter

Seminars & Events

Fri Feb 22 @12:00AM
CAI Illinois HOA Conference & Expo
Sat Feb 23 @12:00AM
CAI Illinois HOA Conference & Expo
February 2019
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28