The IL Condo Act requires that certain information about a condominium association be made available to prospective buyers. These so-called "22.1 Disclosures", named after the section of the IL Condo Act that describes them, are generally requested and reviewed by the buyer's attorney. Banks will also request information from the association if the buyer is seeking a mortgage for the property. This documentation should be reviewed closely by the prospective buyer, not just by the buyer's attorney and financing bank, as it could raise flags about the association's financial condition. High delinquency rates, low reserves, and a general lack of documentation should make a prospective buyer wary about their potential investment.
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