Illinois §22.1 · common questions

Who prepares the 22.1 disclosure in a self-managed condo building?

The board does — there is no property manager to hand it to. Under 765 ILCS 605/22.1(b), the association's principal officer or a designated officer must furnish the information. In a typical self-managed Chicago building (a 2- to 12-unit walk-up with a volunteer board), that means the president or treasurer assembles all nine statutory items themselves, within 10 business days of the written request.

What the officer actually has to gather

• Declaration, bylaws, and rules (copies — usually PDFs the board already has)
• The unit's account status: unpaid assessments, other charges, any liens
• Capital expenditures anticipated in the current and next two fiscal years
• Reserve fund status, amount, and any project earmarks
• The association's most recent financial statement
• Status of any pending suits or judgments involving the association
• A summary of the association's insurance coverage for unit owners
• A good-faith statement on prior unit improvements' compliance
• The name and mailing address of the officer designated for notices

Why this stalls closings

Chicago real-estate agents and closing attorneys report that small self-managed buildings are the most common source of 22.1 delays — the volunteer officer has never done one before, doesn't know what a "statement of financial condition" means, and has ten business days to figure it out. That's the problem 22.done exists to solve: it walks the officer through each statutory item in plain English and produces the complete packet the same day.