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Condominiums (condos) are private real estate units that are owned within a larger building or complex.  As part of a condo association, individual members own their specific units and they have a joint ownership interest in the common areas.  Condo law is the body of law that governs the rights and responsibilities of individual owners […]

Managing an association’s finances and budget are among the most important duties of an HOA/condo board.  At some point, your association may want to seek a professional, independent evaluation from a Certified Public Accountant (CPA) or a reliable accounting firm. According to the American Institute of Certified Public Accountants (AICPA), timely and accurate financial statements […]

According to data provided by the Homeowners Protection Bureau (HOPB), nearly one in four Americans currently lives in a condo association, a homeowners’ association, or another type of private community.  While these types of communities have become more common, there is often confusion over the differences between condos and HOAs.  While these terms are sometimes […]

For condo associations, assessments are the fuel that keeps the lights on. Without collecting the income owed by individual condo owners, an association will be unable to fulfill its duties. This raises an important question: What action can a condo association take against a delinquent member to collect the unpaid assessments? Illinois Law: Condo Owner […]

January 28, 2020, the U.S. Department of Housing and Urban Development (HUD) released its guidelines related to requests for an animal as a reasonable accommodation under the Fair Housing Act. These guidelines contain step-by-step instructions regarding what information may be requested when considering such a request. In addition, HUD finally addressed under what situations an […]

Collecting assessments and protecting financial assets is one of the most important functions of an association’s board of directors. It is crucial your board has the proper structure and protocols in place to collect the funds owed and to secure those funds. Here, our Chicago condo and HOA lawyers highlight some of the most important […]

Yes. Condo owners have important legal rights and those rights must be respected by the condominium association.  Here, our Chicago condo lawyers provide an overview of the most important things you need to know about condo owner rights in Illinois. An Overview of Condo Owner Rights in Illinois As explained by the Illinois Department of […]

Over the last decade, there has been a trend in Chicago – and many other major American cities – towards converting condo buildings into rental apartments. According to reporting from Loop North News, more than 2,500 individual condo units have been deconverted in Chicago since 2017. Chicago lawmakers are now passing new rules that could […]

June 25, 2019, Illinois Gov. J.B. Pritzker signed the Illinois Cannabis Regulation and Tax Act into law. In doing so, Gov. Pritzker made Illinois the 11th state to legalize both the recreational and medical use of marijuana. The new law has many important implications for individuals and organizations in Illinois, including for condominium associations and […]

For many community associations and non-profit organizations, the start of fall means it is time to budget for the next fiscal year.  The importance of careful and comprehensive budgeting cannot be overstated.  Creating a budget is about far more than simply projecting revenues and expenses — it also includes measuring financial health, planning for security […]

We are proud to announce that Keough & Moody, P.C. has been honored with receiving the Business Partner of Excellence Award from the Illinois Community Associations Institute (CAI-IL).  The credentials associated with this award carry the highest standards for business partners in the community association industry and our law firm stands alone as only one […]

Stay tuned for news on Illinois Condo & Homeowners Association Law…