Legal Question in Real Estate Law in Illinois

Re: Homeowner association

My recollection is that the ass'n has to maintain a "reasonable" amount of reserves. It wouldn't make sense to have a specific amount because there are so many variables. However, if the reserves have been basically drained, it would seem that this meets no one definition of "reasonable" On the other hand, many associations are experiencing financial difficulties just like everyone else since many owners are not paying their fees.

So in short, it's not clear if your board has been acting responsibly or legally. You do have a right to request (in writing) documents as an association member (be specific). And if you don't receive them, you can sue for them if need be.

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