Get the free CONDOMINIUM DISCLOSURE SUMMARY - Chicago

CITY OF CHICAGO DEPARTMENT OF BUSINESS AFFAIRS AND CONSUMER PROTECTION 121 NORTH BASALLY STREET, ROOM 805 CHICAGO, ILLINOIS 60602 TEL: 312.744.6060FAX: 312.744.0246www.cityofchicago.org/BACPCONDOMINIUM

How to fill out condominium disclosure summary

How to fill out condominium disclosure summary

1. To fill out a condominium disclosure summary, follow these steps:
2. Start by obtaining the necessary forms from your condominium association or property management company.
3. Read through the disclosure documents carefully, paying attention to any specific instructions or requirements.
4. Begin by entering your personal information, including your name, address, and contact details.
5. Provide details about the condominium unit you are selling or renting, such as the unit number, size, and any parking or storage spaces included.
6. Fill out information about the condominium association, including the name, address, and contact information.
7. Include any necessary disclosures about the condition or history of the unit, such as past renovations, known defects, or ongoing litigation.
8. Make sure to answer all the questions accurately and honestly, as providing false information can have legal consequences.
9. Review the completed disclosure summary for any errors or missing information before submitting it to the relevant parties.
10. Finally, keep a copy of the filled-out disclosure summary for your records.
11. Note: It is recommended to consult with a real estate attorney or professional if you have any specific concerns or questions while filling out the condominium disclosure summary.

Who needs condominium disclosure summary?

1. The condominium disclosure summary is typically needed by individuals or entities who are selling or renting out a condominium unit.
2. This includes property owners who are listing their unit for sale or lease, as well as real estate agents who are representing these owners in the transaction.
3. Potential buyers or renters may also request to see the condominium disclosure summary as part of their due diligence before making a decision.
4. It is important for both parties involved in the sale or rental of a condominium unit to have access to the disclosure summary to ensure transparency and provide necessary information about the property.

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What is condominium disclosure summary?

Condominium disclosure summary is a document that provides important information about a condominium property, such as its financial status, governing documents, and other relevant details.

Who is required to file condominium disclosure summary?

Property owners or associations are typically required to file the condominium disclosure summary.

How to fill out condominium disclosure summary?

Condominium disclosure summary can be filled out by providing accurate and complete information about the condominium property as per the guidelines provided.

What is the purpose of condominium disclosure summary?

The purpose of the condominium disclosure summary is to inform potential buyers or interested parties about the key details of the condominium property before making any decisions.

What information must be reported on condominium disclosure summary?

Information such as financial status, governing documents, insurance coverage, maintenance agreements, and any known issues or disputes related to the condominium property must be reported on the condominium disclosure summary.