Illinois General Assembly - Bill Status for HB5496

Amends the Condominium Property Act. Provides for an escrow account to be established prior to the conveyance of title to the first unit for the benefit of the unit owners' association to pay for any necessary corrections in the common areas. Provides that all sales contracts for the first-time sale of any condominium unit shall contain express warranties concerning common elements and systems and the individual unit's mechanical equipment. Provides that permissible warranty exclusions are damage caused by acts of unauthorized third parties; acts of God and accidents; normal wear and tear; normal deterioration; and ordinary maintenance and repairs. Provides that the person or entity providing the warranty shall have the option to repair or replace warranted systems or elements, or to pay for the repair or replacement, provided existing manufacturers' warranties were first enforced. Provides that the person or entity issuing the warranty shall set up escrows or other appropriate security to provide security for the warranties. Provides that the escrow accounts or other appropriate security shall be in an amount constituting 1% of the sales price of each unit sold and shall be in a combined joint fund available for both common element warranty work and unit warranty work.

×