Property Ownership
What is a 'condominium declaration' and what does it establish under the Illinois Condominium Property Act?
AA declaration by the developer that the project is legally a condominium
BThe recorded legal document that creates the condominium and establishes unit boundaries, common elements, ownership percentages, and the association's powers✓ Correct
CAn annual declaration filed by the association with IDFPR
DA declaration of intent to convert an apartment building to condominiums
Explanation
The condominium declaration is the fundamental legal document that creates and governs a condominium under the Illinois Condominium Property Act. It must be recorded before units can be sold and includes: legal descriptions of all units and common elements, percentage interests for each unit, restrictions on use, and the powers of the association. The declaration, bylaws, and rules govern condominium living.
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