Legal Question in Real Estate Law in Illinois

"Yes". The Illinois Condominium Property Act ("Act") requires a board of managers; it does not require that the association also be an Illinois corporation (not for profit). Same for a condominium master association. The difference is that an unincorporated association misses out on the benefits of being a corporation that has limited liability, although having proper insurance and keeping the property properly maintained reduces liability exposures (but not entirely). Not being a corporation does have some cost savings, and also eliminates certain archaic record keeping requirements. For smaller associations that want to "self-manage" there can be significant cost savings.

If your association is for single family homes or town homes that are otherwise not condominium-ized, the declaration of homeowner association will govern and again these kinds of associations need not be corporations. The Act does not apply to them either.