Stickney — Ch. 19 Condominium Conversions § 19-1

For the purpose of this chapter, the following words and phrases shall have the meanings respectively ascribed to them by this section:
Blanket encumbrance : A trust deed, mortgage, judgment or other lien or encumbrance, including an option or contract to sell or a trust agreement affecting a condominium, including any lien or other encumbrances arising as a result of the imposition of any tax assessment by a public authority.
Board of managers : The board of managers provided and referred to in the Illinois Condominium Property Act.
Closing of the sale : The operation of transferring ownership of a condominium unit to the purchaser from the developer.
Common elements : All of the condominium except the condominium units. "Common elements" also includes limited common elements.
Condominium project : A form of property established pursuant to the Illinois Condominium Property Act.
Condominium or unit : A separate three-dimensional area within the condominium, identified as such in the declaration and on the condominium plat, and shall include all improvements contained within such area except those excluded in the declaration.
Conversion or convert, or like words: The offering for sale, by a developer or his agent, of a condominium unit occupied or rented for any purpose by any person before commencement of a condominium project which includes such unit.
Declaration : The declaration referred to in the Illinois Condominium Property Act.
Developer : Any person who submits property legally or equitably owned by him to the provisions of the Illinois Condominium Property Act, including any successor to such developer's entire interest in the property; or any person who offers units legally or equitably owned by him for sale in the ordinary course of business. "Developer" does not include a corporation owning and operating a cooperative apartment building, unless more than six units are to be sold to persons other than current stockholders of the corporation.
Offering : Any inducement, solicitation, advertisement, publication or announcement by a developer, to any person or the general public, to encourage a person to purchase a condominium unit in a condominium or prospective condominium.
Person : A natural individual, corporation, partnership, trustee or other legal entity capable of holding title to real property.
Property report : The property report required in accordance with this chapter.
Prospective purchaser : A person who visits the condominium project site for the purpose of inspection for possible purchase, or to request the property report.