How Millennials Are Changing the Condo and Homeowner Association Demographic

As the years progress, more and more millennials are buying condominiums, townhomes, and single-family homes. With this influx, the Condo Association (COA) and Homeowner’s Association (HOA) demographic has started to saturate and chances are you’re noticing the changes. In case you’re unfamiliar with who falls under the term “millennials,” they are also known as Generation […]

Associations, big and small, must have two funds

Q: I am the acting treasurer of a small condominium association in Chicago. We were recently advised by a Realtor that the new Illinois condominium law requires that we maintain two separate accounts, one for daily expenses and a second for major expenditures. Does this requirement really apply to small associations? If so, what percentage […]

Why we call the Declaration & By-Laws “governing documents”

Too often, new condo owners receive their Declaration & By-Laws at closing and file them away, never to be seen again.  But these documents are the basis for governing your Association.  When there is conflict, the issue can almost always be settled by consulting your Declaration & By-Laws.  Understanding the purpose of these documents will […]