Times Weekly, News
Condominium owners may soon see reduced fees thanks to a new law sponsored by State Senator Meg Loughran Cappel.
“No one should have to pay excessive fees to get the documents required by law to sell their property,” said Loughran Cappel (D-Shorewood). “This new law protects residents from exorbitant fees and will ensure that they receive necessary documentation in a reasonable time.”
Under current law, a seller must provide prospective buyers several documents concerning the condominium owner association, including governance documents, anticipated expenditures, COA funds in reserve, and more. House Bill 5246 caps the amount of fees a condominium association may charge to retrieve or copy those records at $375, and no more than $100 for rush service. The new law further requires that those documents be produced within 10 days of the request.
House Bill 5246 is supported by the Illinois REALTORS and was passed in both chambers of the General Assembly with strong, bipartisan support.
House Bill 5246 was signed on Friday and takes effect on Jan. 1, 2023.