Chicago Condo Special Assessment Buyer Checklist

A Chicago condo purchase should be evaluated from the exact unit, association, current resale disclosures, governing documents, financial materials, meeting records, and transaction deadlines. Use this checklist to organize questions about reserves, projects, assessments, and board records without predicting an association decision or substituting general guidance for attorney, lender, inspector, or other professional review.

Confirm the exact unit and association

Record the property address, unit, parking or storage interests, association name, seller, contract dates, and every document delivered for review. Confirm that each file belongs to the correct association and current transaction. Do not borrow conclusions from another building or assume an older disclosure remains current.

Start with the Illinois resale-document workflow

The Illinois General Assembly publishes the Condominium Property Act, including Section 22.1, Section 18.4, and the full Act index. Use the current statute and the transaction team's advice to identify the applicable request and review path. This guide does not interpret the law or state that a particular delivery is complete.

Build a building-specific document index

Record area	What to identify	What remains building-specific
Governing documents	Declaration, bylaws, rules, amendments, policies	Current effect, interpretation, conflicts, and unit applicability
Financial records	Budget, statements, reserve materials, insurance information	Financial condition, reserve sufficiency, coverage, and future needs
Assessments and projects	Notices, approvals, payment schedules, contracts, reports	Current status, scope, cost allocation, timing, and remaining exposure
Board and association records	Minutes, resolutions, correspondence, disclosures	Completeness, context, subsequent action, and legal significance
Unit and transaction	Seller disclosures, inspections, title, lender conditions, contract dates	Unit condition, financing, insurance, obligations, and closing consequences

Track whether each item was received, requested, unavailable, incomplete, or assigned for professional review. Keep missing evidence visible rather than treating silence as proof that no issue exists.

Reconcile assessments with project records

For every represented project or assessment, request the available notice, authorization, scope, contract or estimate, payment schedule, allocation method, and status information. Match the documents to the specific association and unit. Ask what is approved, proposed, paid, outstanding, disputed, changed, or still awaiting a decision without assuming the result.

Review reserves without predicting adequacy

Organize the available budget, reserve materials, financial statements, project information, and meeting records for qualified review. A balance or summary figure does not by itself establish whether reserves are adequate, whether another project will occur, or whether the buyer will face a future assessment. Keep conclusions tied to current building-specific evidence.

Coordinate attorney, lender, inspector, and insurance questions

Provide the same document index to the buyer's attorney, lender, inspector, insurance professional, and other relevant advisers. Record each question, responsible reviewer, supporting document, response date, and unresolved issue. Separate legal, financial, physical-condition, lending, and insurance conclusions so one review is not treated as a substitute for another.

Work backward from the contract calendar

Map document requests, professional review, clarification, inspection, financing, insurance, title, and other applicable decisions to the purchase agreement. Allow time for missing files and follow-up. Do not rely on a general checklist to extend a deadline or establish a contractual right.

Use objective criteria and fair-housing safeguards.

Compare units and buildings using buyer-selected criteria such as price range, property form, intended use, document availability, building obligations, professional findings, financing requirements, and transaction timing. Avoid protected-class targeting, steering, or subjective suitability claims. The HUD Fair Housing Act overview provides the federal framework.

Create a building-specific diligence plan

Summarize the exact unit and association, documents received, assessment and project questions, professional assignments, unresolved issues, and decision deadlines in one working file. JProctor Group can help coordinate the property search and transaction workflow while each licensed or qualified professional addresses matters within their scope.

Request a building-specific Chicago condo diligence plan.