ILCS » Chapter 765 · Act 605
Illinois Compiled Statutes

765 ILCS 605/22 (2026)

Full disclosure before sale

✓ current as of May 2026
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(765 ILCS 605/22) (from Ch. 30, par. 322)
    Sec. 22. Full disclosure before sale. In relation to the initial sale or offering for sale of any condominium unit, the seller must make full disclosure of, and provide copies to the prospective buyer of, the following information relative to the condominium project:
    (a) the Declaration;
    (b) the Bylaws of the association;
    (c) a projected operating budget for the condominium unit to be sold to the prospective buyer, including full details concerning the estimated monthly payments for the condominium unit, estimated monthly charges for maintenance or management of the condominium property, and monthly charges for the use of recreational facilities; and
    (d) a floor plan of the apartment to be purchased by the prospective buyer and the street address of the unit, if any, and if the unit has no unique street address, the street address of the project.
    (e) in addition, any developer of a conversion condominium shall include the following information:
        (1) A specific statement of the amount of any initial
    
or special condominium fee due from the purchaser on or before settlement of the purchase contract and the basis of such fee;
        (2) Information, if available, on the actual
    
expenditures made on all repairs, maintenance, operation, or upkeep of the subject building or buildings within the last 2 years, set forth tabularly with the proposed budget of the condominium and cumulatively, broken down on a per unit basis in proportion to the relative voting strengths allocated to the units by the bylaws. If such building or buildings have not been occupied for a period of 3 years then the information shall be set forth for the last 2 year period such building or buildings have been occupied;
    (3) A description of any provisions made in the budget
    
for reserves for capital expenditures and an explanation of the basis for such reserves, or, if no provision is made for such reserves, a statement to that effect;
        For developments of more than 6 units for which the
    
notice of intent to convert is issued after the effective date of this amendatory Act of 1979, an engineer's report furnished by the developer as to the present condition of all structural components and major utility installations in the condominium, which statement shall include the approximate dates of construction, installation, major repairs and the expected useful life of such items, together with the estimated cost (in current dollars) of replacing such items; and
        (5) Any release, warranty, certificate of insurance,
    
or surety required by Section 9.1.
    All of the information required by this Section which is available at the time shall be furnished to the prospective buyer before execution of the contract for sale. Thereafter, no changes or amendments may be made in any of the items furnished to the prospective buyer which would materially affect the rights of the buyer or the value of the unit without obtaining the approval of at least 75% of the buyers then owning interest in the condominium. If all of the information is not available at the time of execution of the contract for sale, then the contract shall be voidable at option of the buyer at any time up until 5 days after the last item of required information is furnished to the prospective buyer, or until the closing of the sale, whichever is earlier. Failure on the part of the seller to make full disclosure as required by this Section shall entitle the buyer to rescind the contract for sale at any time before the closing of the contract and to receive a refund of all deposit moneys paid with interest thereon at the rate then in effect for interest on judgments.
    A sale is not an initial sale for the purposes of this Section if there is not a bona fide transfer of the ownership and possession of the condominium unit for the purpose of occupancy of such unit as the result of the sale or if the sale was entered into for the purpose of avoiding the requirements of this Section. The buyer in the first bona fide sale of any condominium unit has the rights granted to buyers under this Section. If the buyer in any sale of a condominium unit asserts that such sale is the first bona fide sale of that unit, the seller has the burden of proving that his interest was acquired through a bona fide sale.
(Source: P.A. 91-616, eff. 8-19-99.)

    
Notes of Decisions
Cited in 15 cases, 1995–2020 · leading case: Jacqueline Goldberg v. 401 N. Wabash Venture, L.L.C., 755 F.3d 456 (7th Cir. 2014).
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Jacqueline Goldberg v. 401 N. Wabash Venture, L.L.C., 755 F.3d 456 (7th Cir. 2014). · cites it 3× “A pretrial “itemization of damages” that the plaintiff filed in the district court requested an interest rate of between 3 and 6 percent, which is broadly consistent with the default rate. Other possibilities are the Illinois Condo Act’s disclosure provision, which specifies…”
D'Attomo v. Baumbeck, 2015 IL App (2d) 140865 (Ill. App. Ct. 2015). · cites it 3× “1, because a different provision of the Act, section 22 (765 ILCS 605/22 (West 2012)), references only a pre-closing remedy.”
Bd. of Managers of Weathersfield Condo. Ass'n v. Schaumburg Ltd. P'ship, 717 N.E.2d 429 (Ill. App. Ct. 1999). · cites it 3× “2d 1192 (1995), and section 22 of the Illinois Condominium Property Act (765 ILCS 605/22 (West 1996)), taken together, would constitute an inequitable and unconstitutional taking of defendants’ property; (3) the individual board members owed a fiduciary duty to plaintiffs; (4)…”
D'Attomo v. Baumbeck, 2015 IL App (2d) 140865 (Ill. App. Ct. 2015). · cites it 3× “1, because a different provision of the Act, section 22 (765 ILCS 605/22 (West 2012)), references only a preclosing remedy.”
Apple II Condo. Ass'n v. Worth Bank & Trust Co., 659 N.E.2d 93 (Ill. App. Ct. 1995). “765 ILCS 605/22, 22.1 (West 1994). The Harmons do not contest having received timely notice of the contents of either the original Declaration or the Amendment.”
The Henderson Square Condo. Ass'n v. Lab Townhouses, 2014 IL App (1st) 130764 (Ill. App. Ct. 2014). “3d at 618 (citing 765 ILCS 605/22 (West 1996) ("Failure on the part of the seller to make full disclosure as required by this Section shall entitle the buyer to rescind the contract for sale at any time before the closing of the contract and to receive a refund of all deposit…”
Goldberg v. 401 North Wabash Venture LLC, 904 F. Supp. 2d 820 (N.D. Ill. 2012). · cites it 2× “the Declaration; (b) the Bylaws of the association; (c) a projected operating budget for the condominium unit to be sold to the prospective buyer, including full details concerning the estimated monthly payments for the condominium unit, estimated monthly charges for maintenance…”
Seth v. Aqua at Lakeshore East, 2012 IL App (1st) 120438 (Ill. App. Ct. 2012). · cites it 3× “Plaintiffs seek to rescind their contracts under section 22 of the Act (765 ILCS 605/22 (West 2006)) and section 2 of the Illinois Consumer Fraud and Deceptive Business Practices Act (815 ILCS 505/2 (West 2006)).”
Henderson Square Condo. Ass' v. LAB Townhomes, L.L.C., 2014 IL App (1st) 130764 (Ill. App. Ct. 2014). “3d at 618 (citing 765 ILCS 605/22 (West 1996) (“Failure on the part of the seller to make full disclosure as required by this Section shall entitle the buyer to rescind the contract for sale at any time before the closing of the contract and to receive a refund of all deposit…”
21 Kristin Condo. Ass'n v. Pioneer Eng'g & Env't Servs., LLC, 2020 IL App (1st) 191868 (Ill. App. Ct. 2020). · cites it 2× “The Association alleged: -4- September 30, 2020 “Developers and Kristin provided a condominium disclosure statement that contained a copy of the Property Condition Assessment to prospective purchasers of units in the Condominium to comply with various laws including [the…”
21 Kristin Condo. Ass'n v. Pioneer Eng'g & Env't Servs., LLC, 2020 IL App (1st) 191868 (Ill. App. Ct. 2020). · cites it 2× “The Association alleged: “Developers and Kristin provided a condominium disclosure statement that contained a copy of the Property Condition Assessment to prospective purchasers of units in the Condominium to comply with various laws including [the Condominium Property Act,] 765…”
The Henderson Square Condo. Ass'n v. LAB Homes, L.L.C., 2014 IL App (1st) 130764 (Ill. App. Ct. 2014). “3d at 618 (citing 765 ILCS 605/22 (West 1996) ("Failure on the part of the seller to make full disclosure as required by this Section shall entitle the buyer to rescind the contract for sale at any time before the closing of the contract and to receive a refund of all deposit…”
Show all 15 citing cases →
— 765 ILCS 605/22(a) — 1 case
Jacqueline Goldberg v. 401 N. Wabash Venture, L.L.C., 755 F.3d 456 (7th Cir. 2014). “A pretrial “itemization of damages” that the plaintiff filed in the district court requested an interest rate of between 3 and 6 percent, which is broadly consistent with the default rate. Other possibilities are the Illinois Condo Act’s disclosure provision, which specifies…”
— 765 ILCS 605/22(c) — 1 case
Jacqueline Goldberg v. 401 N. Wabash Venture, L.L.C., 755 F.3d 456 (7th Cir. 2014). “A pretrial “itemization of damages” that the plaintiff filed in the district court requested an interest rate of between 3 and 6 percent, which is broadly consistent with the default rate. Other possibilities are the Illinois Condo Act’s disclosure provision, which specifies…”
— 765 ILCS 605/22(e) — 1 case
21 Kristin Condo. Ass'n v. Pioneer Eng'g & Env't Servs., LLC, 2020 IL App (1st) 191868 (Ill. App. Ct. 2020).
— 765 ILCS 605/22(e)(4) — 3 cases
Bd. of Managers of Weathersfield Condo. Ass'n v. Schaumburg Ltd. P'ship, 717 N.E.2d 429 (Ill. App. Ct. 1999). “2d 1192 (1995), and section 22 of the Illinois Condominium Property Act (765 ILCS 605/22 (West 1996)), taken together, would constitute an inequitable and unconstitutional taking of defendants’ property; (3) the individual board members owed a fiduciary duty to plaintiffs; (4)…”
21 Kristin Condo. Ass'n v. Pioneer Eng'g & Env't Servs., LLC, 2020 IL App (1st) 191868 (Ill. App. Ct. 2020). “The Association alleged: -4- September 30, 2020 “Developers and Kristin provided a condominium disclosure statement that contained a copy of the Property Condition Assessment to prospective purchasers of units in the Condominium to comply with various laws including [the…”
21 Kristin Condo. Ass'n v. Pioneer Eng'g & Env't Servs., LLC, 2020 IL App (1st) 191868 (Ill. App. Ct. 2020). “The Association alleged: “Developers and Kristin provided a condominium disclosure statement that contained a copy of the Property Condition Assessment to prospective purchasers of units in the Condominium to comply with various laws including [the Condominium Property Act,] 765…”
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