A. At least four (4) weeks before offering for sale any condominium unit in a condominium project, the developer shall file with the Village a condominium property report and shall certify that all disclosures are true. The developer must provide a copy of the condominium property report filed with the Village pursuant to this section to all existing tenants in a conversion condominium at the same time the developer provides the notice of intent required under section 11-9-4 of this chapter.
B. The condominium property report shall disclose fully and accurately the characteristics of the condominium and the units in the condominium and all unusual and material circumstances and features affecting the condominium.
C. The condominium property report shall contain, but not be limited to, the following information about the condominium and condominium project:
1. Ownership And Responsibility: Each property report shall include a statement of ownership and responsibility, which shall include the following:
a. The name and address of the condominium.
b. The names and addresses of the developer and owner. If the developer and owner are artificial entities such as a corporation, trust or partnership, then the statement shall include all officers and directors of the corporation and all partners of a general partnership. The names and addresses of all persons with an ownership interest in the offering equal to ten percent (10%) or more of the total ownership interest therein shall be included.
c. The names and addresses of all architects, contractors, attorneys, engineers, accountants and principal sales and management agents.
2. Description Of Project: A general description of the condominium, including the number and types of units, any restrictions on use and occupancy of the units, floor plans and arrangements for off street parking and the proportion of units that the developer intends to rent or to market to investors. Each condominium property report shall specifically include the following:
a. A map or plat showing the size and dimensions of the condominium project, together with all improvements, including:
(1) A description of the condominium units offered and the nature and extent of individual ownership in the condominium units.
(2) A description and the nature and extent of ownership of all common elements, general and limited.
(3) A description and nature and ownership of all property and facilities on the site which are not part of the condominium.
(4) A description of all existing and proposed facilities including, but not limited to, recreational facilities within the condominium.
(5) The location, nature and ownership of all existing and proposed streets, parking facilities and roads on and contiguous to the site, as well as all existing and proposed easements on or contiguous to the site.
(6) Drawings, architectural plans and other suitable documents setting forth the necessary information for location, maintenance and repair of all condominium facilities. Such items shall be incorporated in the property report by reference, and shall be located at the sales office site, and shall be turned over to the board of managers upon transfer of control by the developer.
b. Projected initiation and completion dates for any proposed construction, renovation or conversion, including proposed improvements which have not been completed by the date on which the condominium instruments are filed with the Village. The description of each improvement shall specify the type and quality of materials to be used and the estimated cost.
c. The bylaws of the unit owners’ association and applicable zoning provisions, including whether or under what conditions a condominium unit may be rented.
d. A statement as to whether a purchaser may purchase more than one unit and under what circumstances or conditions.
e. A statement of legal ownership, listing all restrictions of record and the condition of title.
3. Management And Operation Information: Each condominium property report shall include a statement of management and expected operation of the condominium and condominium project including, but not limited to:
a. The name of the management agent, if any, and the services the agent will perform.
b. A statement disclosing that under the provisions of this chapter the developer may not enter into any exclusive contract for management or services of a condominium project or permit a clause in the sales contract between a developer and prospective purchaser of a condominium unit that would stipulate an exclusive management contract to exceed a period of one year after the condominium project is given over to the individual unit owners in accordance with section 18.2 of the act.
c. The length of term of any management contract and charges and circumstances, if any, under which the charges may be increased.
d. The conditions, if any, under which the contract may be canceled or terminated.
e. A statement disclosing any relationship between the developer and the management firm and their respective corporate officers and controlling interests.
4. Report On Condition Of Building:
a. A statement of the developer, based on a report prepared by an independent, licensed architect or engineer, providing notification that the report is on file with the Village and describing the present condition of all structural components and major mechanical systems and also including the approximate dates of construction, installation and major repairs, the expected useful life of each item and, for major mechanical systems, the current estimated cost of replacing the same.
b. In the case of a conversion condominium, the property report shall include a report from a qualified licensed engineer or registered architect stating the condition and the rated life and expected useful life of the roof, foundation, external and supporting walls, mechanical, electrical, plumbing and structural elements and all other common facilities, together with an estimate of repair and replacement costs, at current market prices, which shall indicate what the cost per category of the co-owner would be if the co-owners were assessed for the estimated replacement cost. This report shall include the approximate dates of installation of the facilities listed in this subsection and the dates of major repairs to such facilities.
c. A list of any violations of applicable Building, Fire and similar Codes or any other applicable Codes.
5. Warning Statement: Each condominium property report shall contain on the first page the following warning:
The Village of Rosemont has received the condominium instruments, including this property report, for filing on . The Village has reviewed the property report only for compliance with the Village ordinance regulating residential condominium developments containing four (4) or more dwelling units and assumes no liability for the project or the developer's actions or failure to act. The Village has not passed on the merits of this project or given approval of the statements in this property report. Oral representations cannot be relied upon as correctly stating the representations of the developer and are not binding on the developer. Refer to your purchase contract for binding representations.
6. Parking Facilities: Each property report shall include a description of the location, ownership, and availability to unit owners and the general public of accessory off street parking associated with the condominium. If all of such parking facilities are not: a) part of the common elements; or b) divided as individual parking spaces among and designated as being part of the units, the following statement shall be included in a conspicuous caption:
Parking facilities associated with this building are not owned by the unit owners and may be subject to being denied to or taken from unit owners.
7. Distribution Of Property Report: The property report shall not be distributed or used for any promotional purposes before filing the condominium instruments with the Village and afterwards, shall be used only in its entirety.
8. Amendment To Property Report: The Village may require the developer to amend the proposed property report in order to assure full compliance with this section. No material change may be made to the condominium instruments after filing without notifying the Village and making appropriate amendments to the property report.
(Ord. 2004-7-7E, 7-7-2004)