You can do everything right in a Loop condo deal and still miss your closing date if the association is slow. If you’re buying or selling in the Chicago Loop, HOA timelines often control everything, from disclosures to lender sign-off. You want a smooth, on-time closing without last-minute surprises. This guide shows you exactly which HOA steps matter, how long they take, and how to keep your deal moving. Let’s dive in.
What your HOA must provide
Illinois law requires specific condo resale disclosures, commonly called the Section 22.1 package. Expect the declaration and bylaws, house rules, financials, reserve details, insurance info, litigation status, and a statement of any unpaid assessments for the unit. These items are listed in the Illinois Condominium Property Act, Section 22.1. You can review the statute’s scope and language in the Illinois Condominium Property Act.
Associations are widely treated in practice as having up to 30 days to furnish Section 22.1 disclosures after a written request from the seller. That is why you should order immediately once your contract is signed. CAI‑Illinois offers a helpful overview of what Section 22.1 covers and why timing matters for closings in Illinois communities. See the CAI‑Illinois summary of Section 22.1.
Order on day 0
The clock starts when the seller makes a written request. Have your attorney or title company submit the Section 22.1 package request the same day your contract is executed. Illinois law also contains separate member-records provisions with a 10‑business‑day denial rule for certain record requests, but resale disclosures typically follow the 30‑day framework in practice. You can confirm the relevant sections in the Illinois Condominium Property Act.
Resale package vs. estoppel
A Section 22.1 resale package is the disclosure set for your buyer. An estoppel or statement of account is a payoff-style confirmation of the unit’s financial standing that title and lenders rely on. In Illinois, you often need both. Industry providers outline what estoppels include and typical delivery windows. For a clear overview, see what an HOA estoppel covers and how it is delivered.
Typical Loop delivery times
Turnaround varies by building size, whether the association is self‑managed or professionally managed, and whether a third‑party vendor is involved. In many Chicago buildings, estoppels and resale packages arrive in about 7 to 21 calendar days, with 24 to 72‑hour rush options available for a fee. High‑rise Loop associations can be faster or slower depending on staffing and volume. If your contract window is tight, consider a rush request. See vendor timing norms in this estoppel services overview.
Fees and who pays
Illinois allows associations to charge a reasonable fee for providing resale information, and recent amendments address fee frameworks and rush options. Contracts often allocate these costs to the seller, but this is negotiable. Always confirm the current allowable fees and the association’s schedule before you quote numbers. For statewide advocacy context and transfer-fee policy guidance, review CAI’s Illinois sales disclosure and transfer fee overview.
Lender project reviews that can stall closings
Even when your HOA delivers fast, lenders still must approve the condo project itself. Conventional, FHA, and VA loans use project-level rules around reserves, delinquencies, litigation, and structural issues. If a Loop building fails a project review, financing can be delayed or denied. Ask your lender to check the project early using Fannie Mae’s Condo Project Manager. Learn more about the process in Fannie Mae’s Condo Project Manager guidance.
New 2025 resale-approval note
Illinois updated Section 22.2 effective January 1, 2025. Associations cannot refuse a sale solely because the buyer’s loan is FHA‑guaranteed. This underscores how financing rules and association approvals intersect. You can read the statute and amendments in the Illinois Condominium Property Act.
Co‑ops take longer
Some Loop buildings are co‑ops, not condos. Co‑op boards do not use Section 22.1. They require an application package, financial review, and often an interview. In practice, budget 4 to 8 weeks or more for board approval. Start preparing that package as soon as you are under contract.
If the association delays
Slow or incomplete disclosures are common friction points. Litigation is rarely a quick fix for a near‑term deadline, but there are practical steps you can take. Illinois cases show how disputes over timing and vendor fees can play out, so document requests carefully and escalate early. You can read an example of fee and vendor‑process disputes in this Illinois case summary.
Here is a simple escalation checklist:
- Confirm your written request and proof of delivery to the manager or board.
- Ask for a firm delivery date and whether a rush service is available and permitted.
- If a third‑party portal is involved, get direct contact details and status.
- Notify title and the lender early if there will be a delay and seek extensions if needed.
- If information appears wrong, document it and request corrections in writing. For vendor guidance and realistic timing tactics, see this estoppel services overview.
A Chicago Loop docs-to-done timeline
Use this as a planning baseline. Actual timing varies by building and lender.
- Day 0: Contract ratified. Seller’s attorney or title submits written Section 22.1 and estoppel requests to the association or manager. See statutory basis in the Illinois Condominium Property Act.
- Days 0 to 3: Title opens; lender starts condo project eligibility checks. For the project review process, see Fannie Mae’s Condo Project Manager.
- Days 3 to 14: Association or vendor assembles and delivers the resale package and estoppel; pay rush if needed. See typical provider timelines in this estoppel services overview.
- Days 14 to 21: Buyer and lender review disclosures. If a new issue appears, contingencies or negotiations may extend the timeline. For practitioner background on timing and 22.1 practice, see CAI‑Illinois on Section 22.1.
- Days 30 to 45: Target closing if lender underwriting, project approval, and title are clear.
Quick checklist to stay on track
- Order both the Section 22.1 package and estoppel on day 0.
- Build 2 to 4 weeks for HOA deliveries into your contract contingencies.
- Confirm fee amounts, who pays, and whether a rush is allowed.
- Ask your lender to run a project eligibility check early.
- For co‑ops, start the board package right away and allow extra time.
- Use a title team familiar with Loop high‑rises and common vendor portals.
Ready to move from docs to done with confidence? If you want a clear plan, tight communication, and a concierge experience tailored to the Chicago Loop, connect with Aaron Gaines. We will help you order early, anticipate bottlenecks, and protect your timeline from contract to keys.
FAQs
What is included in a Chicago condo Section 22.1 resale package?
- It typically includes governing documents, unit account status, budgets and reserves, last fiscal year financials, insurance summary, pending suits or judgments, and a statement on alterations, as outlined in the Illinois Condominium Property Act.
How long do Chicago Loop HOAs have to deliver 22.1 disclosures?
- In practice, associations are commonly treated as having up to 30 days after a written request to furnish the Section 22.1 materials, so you should order right after contract acceptance; see CAI‑Illinois guidance.
What is an HOA estoppel and when do I get it?
- An estoppel is a payoff-style statement confirming the unit’s account status and key facts relied on by buyers, title, and lenders, often delivered within about 7 to 21 days in Chicago buildings, with rush options available; see this estoppel overview.
Who pays HOA resale and estoppel fees in Illinois?
- It is commonly a seller expense unless your contract says otherwise, and Illinois law allows reasonable fees and rush options, so confirm current limits and policies; see CAI’s Illinois transfer-fee overview.
Can an association refuse a sale because the buyer uses FHA financing?
- Starting January 1, 2025, associations cannot exercise a right of refusal solely due to FHA financing under Section 22.2; see the Illinois Condominium Property Act.
How do lender project reviews affect my Loop closing timeline?
- If the building fails project eligibility due to reserves, delinquencies, litigation, or similar issues, lenders can delay or deny financing, so ask your lender to check early using Fannie Mae’s Condo Project Manager.
