Stickney — Ch. 19 Condominium Conversions § 19-6

A property report shall contain the following: (1)
The name of the condominium, which must include the word "condominium" or be followed by the words "a condominium."
(2) A statement indicating the name and address of:
a. The developer and legal and beneficial owner, if different, of the land and improvements, including all general partners of a partnership or the principal executive officers and directors of a corporation;
b. Interim and permanent mortgages or construction lenders secured by a blanket encumbrance;
c. The principal sales and management agents, attorneys, accountants, architects, engineers and contractors for the project;
(3) A description of all property and improvements including the following:
a. Map, plat or architect's drawing showing location and dimensions of the condominium project and the land it occupies, together with all improvements, including recreational facilities, proposed construction and present and planned location of streets and driveways;
b. The share of ownership of each unit in the common elements. The identity of owners of such condominium unit including the percentage of former renters who have purchased or contracted to purchase a condominium unit when the property is a conversion, if known. If such units are owned in trust or by nominees, the beneficiaries or principals shall be named, if known;
c. A description of all the common elements in the projects, including a description of all existing and proposed recreational facilities and other such facilities within the project. Limited common elements, if any, and their ownership shall also be indicated;
d. A description of the nature and ownership of all improvements occupying the same zoning lot but which are not part of the condominium;
e. Location, nature and ownership of easements, streets and driveways on or contiguous to the condominium;
f. The identification of drawings, architectural plans and other suitable documents setting forth the necessary information for location, maintenance and repair of all condominium facilities and equipment, to the extent these documents exists, their location and times at which they may be inspected;
g. The projected initiation and completion dates for proposed construction, renovation and conversion;
h. A description of limitations upon uses permitted in individual condominium units, as contained in the declaration, and bylaws of the condominium association and applicable zoning provisions;
i. A statement of legal ownership, listing all restrictions, notices, lis pendens and encumbrances of record;
(4) The method and timing of transfer of control of the condominium to the board of managers, and the nature and extent of any interest retained by the developer thereafter.
(5) An allocation to each unit of a portion of the votes in the condominium association and a percentage of the common expenses of the condominium association, both of which shall be in the same ratio as the percentage of common elements of the condominium.
(6) A statement that the condominium association shall be responsible for the maintenance of the common areas in accordance with applicable codes and ordinances of the village. The individual unit owners are responsible for the individual units as defined in the condominium documents. In the event any unit is rented and not owner occupied, the unit owners grant to the village, by its duly authorized representatives, the right of entry during ordinary business hours for the purpose of inspecting such units. The owner shall be responsible for causing such violations to be abated. The condominium association agrees to cooperate to abate any violations and shall prosecute any violation of condominium association rules, regulations and bylaws vigorously.
(7) A statement that nothing in this declaration shall limit the right of a unit owner who is occupying his unit for himself or his immediate family to offer such unit for sale for occupancy by the successor owner; provided, the board of managers of the condominium association shall have an option to purchase the unit following written notification by the existing owner of his desire to sell such unit. If the association elects not to purchase the unit at the price established by the unit owner, the unit owner may then proceed to convey the unit to an outside purchaser.
(8) A statement disclosing the existence of penalties if the construction, renovation or conversion or completion date is not met, and the additional costs to be imposed upon unit owners if such date is not met.
(9) The nature and extent of any protection of the purchaser, if the developer defaults on blanket encumbrances.
(10) A statement of any litigation which would affect the condominium or the developer's ability to convey clear title.
(11) A statement of the current taxes and estimated changes in the tax assessment of the condominium units, which buyers may encounter during the first two years.
(12) Copies of the forms of sales documents applicable to the individual units, including but not limited to:
a. Basic purchase contract form being used by developers;
b. Deeds of conveyance;
c. Deed of trust, mortgage and promissory note, if any.
(13) A statement of sales prices, terms, options and conditions of sale of each unsold unit, including estimated closing and settlement costs and transfer taxes.
(14) A statement of estimated monthly payments for each unit, to be itemized as to taxes, utilities, operating costs, assessments, parking, recreational facilities and all other payments in the first year after the projected date of the assumption of control by the board of managers.
(15) If financed by the developer, the proposed financing of each unit, including percentage of sales price required for down payment, duration of the loan, interest rate, service charge, points, appraisal charge, closing charges, and total monthly payment.
(16) A description of all appliances and personal property included with each unit.
(17) A statement that no unit shall be used for any other purpose other than a dwelling place for a single-family and for purposes necessarily incident thereto. Notwithstanding any other provisions of the declaration or bylaws, each unit shall be occupied by the owner of that unit except as provided in such declaration or bylaw and no leasehold interest or general tenancy in others shall be created by the owner of any unit except as limited under subsection (18) below.
(18) A statement that notwithstanding the provisions of this declaration, the board of managers may approve the rental of a unit; provided that at no time shall more than 25 percent of the units in the association be occupied by other than the unit owner or his immediate family.
(19) Copies of the following documents:
a. The declaration and plat. However, prior to the recordation of the declaration, a preliminary declaration and plat may be supplied, provided they are accompanied by a statement, in type size and style equal to at least ten-point bold face type, as follows: "THE DESCRIPTION OF UNITS AND PERCENTAGES OF OWNERSHIP INTEREST IN COMMON ELEMENTS HEREIN IS PRELIMINARY AND MAY BE CHANGED IN MATERIAL RESPECTS UPON THE RECORDING OF THE DECLARATION AND PLAT";
b. The articles of incorporation or charter of the condominium association, if any;
c. The bylaws and regulations of the condominium association.
(20) The description of the following documents:
a. Any leases of real or personal property in the condominium expiring later than two years after the first unit is offered for sale;
b. Any management contract, employment contract, insurance policy, or other contract affecting the use, maintenance or access to all or part of the condominium, expiring later than two years after the first unit is offered for sale;
c. The coverage and amounts of insurance policies applicable to the condominium, maintained by, or on behalf of, the developer.
(21) A statement of management and expected costs of the condominium, including:
a. The name and address of the management agent, if any, and the services the agent will perform;
b. The length of term of any management contract, its costs, and the circumstances, if any, under which the charges may be increased;
c. The conditions, if any, under which the contract may be cancelled or terminated;
d. A statement stating the relationship between the developer and the management firm and their respective corporate officers and controlling interest, if any.
(22) An estimated operating budget, including the basis upon which each item included in such operating budget was formulated, for the condominium project for a period of one year from the expected date that control of the condominium project passes to the board of managers. The operating budget shall include at least the following:
a. Operating costs:
1. Utilities;
2. Heating fuels;
3. Janitorial services;
4. Trash and garbage disposal;
5. Ground and building maintenance;
6. Security;
7. Maintenance and operation of recreational and other facilities;
8. Building insurance;
9. Elevator maintenance;
10. Sidewalks and street maintenance;
11. Other operating costs.
b. Management costs:
1. Accounting and bookkeeping services;
2. Legal services;
3. Management fees.
c. Reserve costs (If no reserve is provided for any one or more of the costs listed herein, the following statement must be inserted in the property report in a type size and style equal to at least ten-point bold face type: "THE DEVELOPER HAS NOT PROVIDED A RESERVE FOR CERTAIN POSSIBLE FUTURE COSTS OF THE CONDOMINIUM IN HIS BUDGET; ACCORDINGLY, IT MAY BE NECESSARY TO PROVIDE FOR A SPECIAL ASSESSMENT TO ALL CONDOMINIUM UNIT OWNERS TO PAY FOR SUCH COSTS, SHOULD THEY OCCUR."):
1. Reserve for improvements;
2. Reserve for unexpected repair work;
3. Reserve for replacement and upkeep of common areas and facilities;
4. Reserve for taxes and special assessments.
(23) Provisions, if any, the developer has made to cover the proposed operating and maintenance budget, in the event an insufficient number of units is sold.
(24) If a conversion, a report from a qualified licensed engineer or registered architect, describing the condition and expected useful life of the roof, foundation, external and supporting walls, mechanical, electrical, plumbing, heating, and structural elements and all other common facilities, together with an estimate of repair and replacement costs for those items needing repair or replacement, at current market prices. This report shall include the approximate dates of installation of the facilities listed above and the dates of major repairs of such facilities. There shall be attached to such report:
a. A statement of the developer, that no notice of violations of the building provisions of the Municipal Code, pertaining to the condominium building have been received by the owner or his predecessors for ten years preceding the property report and its latest amending; or
b. A list of all notices of violations of the building provisions of the Municipal Code received, together with a detailed statement of all violations referred to in such notices, for the prior ten years.
(25) A statement of whether, and under what circumstances, the unit owners are required to be members of, support, or participate financially in recreational facilities, such as, but not limited to, health clubs, exercise rooms, swimming pools, party rooms and golf putting greens. If any such facility is not part of the common elements, the following warning shall be included in capital letters, in a type size and style equal to at least ten-point bold face type: "THE (NAME FACILITIES HERE) ARE NOT INCLUDED IN THE COMMON ELEMENTS. THESE FACILITIES ARE AVAILABLE TO UNIT OWNERS FOR (HERE DESCRIBE MONTHLY CHARGE AND INITIATION FEE). UNIT OWNERS ARE/ARE NOT (AS APPLICABLE) REQUIRED TO PARTICIPATE FINANCIALLY."
(26) A description of the location, ownership and availability to unit owners and the general public of accessory off-street parking associated with the condominium. If all of such parking facilities are not (a) part of the common elements, or (b) divided as individual parking spaces among and designated as being part of the units, the following statements shall be included in a type and size and equal to at least ten-point bold face type: "PARKING FACILITIES ASSOCIATED WITH THIS BUILDING ARE NOT OWNED BY THE UNIT OWNERS AND MAY BE SUBJECT TO BEING DENIED TO, OR TAKEN FROM, UNIT OWNERS."
(27) The provisions required by the state condominium property act.
(28) A statement, on the first page, conspicuously shown in a type size and style equal to at least ten-point bold face type: "THE VILLAGE OF STICKNEY MAKES NO JUDGMENT ON THE STATEMENTS IN THIS PROPERTY REPORT. ONLY WRITTEN (NOT ORAL) REPRESENTATIONS ARE BINDING ON THE DEVELOPER."
(29) The signature of the executive officer of the developer; and a statement affirming that the report and any supplements, modifications and amendments are true, full, complete and correct.
The developer shall amend the property report from time to time when any material changes occur in any matter contained in such report. Amendments shall be made as soon as practicable after such change occurs or the developer has reason to know of such change. Amendments shall be attached to reports subsequently distributed to prospective purchasers and shall be immediately distributed to all persons who have purchased condominium units.
No later than 30 days prior to the recording of the declaration and plat, the developer shall give notice of any material changes in said declaration and plat, as described in the property report, to each person who as executed a contract to purchase a unit.
The association shall provide to the village attorney, or his designee, annually, a list of units occupied by other than unit owners and shall notify the village within ten days of any transfer of title to a unit or the rental of any unit as permitted under this section.