The items listed below are key issues a Unit Owner Board should consider during its first year after turnover from a Developer. The list below is not an exhaustive list of all issues in need of attention by the first Unit Owner Board, but is merely a list that should be used as a guideline. An attorney should be consulted for a complete analysis of any legal issues facing a newly formed Association.
- Review construction issues.
- Perform initial review of the Association finances.
- Notify the Developer of warranty claims
- Notify the Developer of financial claims, if any.
- Review and revise the Association budget.
- Draft and approve Rules and Regulations.
- Retain professionals (i.e., architectural engineer, accountant, and an attorney).
- Obtain an accountant's audit of financial records.
- Review long-term contracts that may be terminated pursuant to Section 18.2(e) of the Illinois Condominium Property Act (Act"). A long- term contract is a contract that extends beyond two (2) years after the election of the first Unit Owner Board
- Obtain documents from Developer pursuant to Section 18.2 of the Act.
- Review pending contracts
- Ensure that Unit Owners are paying their assessments and initiate collection procedures for Unit Owners in default.
- Become familiar with the Use and Occupancy restrictions contained in the Declaration.
