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First Unit Owner Board– Key Issue Checklist

Date

June 2, 2009

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1 minute

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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.

 

 

 


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