| Category | Financial | ||
| Title | NEW CONDOMINIUM ASSOCIATION SERVICES | ||
| Description | NEW CHICAGO CONDOMINIUM ASSOCIATION TURNOVER OF CONTROL ADVISORY SERVICES The Illinois Condominium Property Act provides that the Developer of a new condominium must turn over control of the condominium association and deliver specified records when 75% of the units have been sold. The control turn over process is often a stressful, bewildering and perilous process for the homeowner and fledgling board members of new associations, especially those associations too small for ongoing professional management or those managed by a developer affiliated or controlled management company. Over the last several years, both experienced and completely inexperienced Chicago and suburban developers have created literally hundreds of new Illinois condominium associations, large and small. Unfortunately and far too frequently, some developers have left new Chicago and suburban associations in the lurch, without turning over all funds to which the association is entitled and without turning over proper accounting and other records, and providing no assistance in the process of establishing an effective and proper condominium regime. Further, these same developers have often left new associations with incomplete or improperly completed common areas, with no Certificate of Occupoancy from the local municipal authorioties and at times, even with open building code violations. WINDY CITY MANAGEMENT saw the need of new Unit Owners and Board Members of these fledgling associations and now offers both full management services even to small, start up associations as well as a unique new package of services to assist new associations in the process of devloper turnover of control. For an affordable one time fixed fee, WINDY CITY MANAGEMENT offers valuable services to assist new Chicago and suburban condominium associations in getting off to the right start. These services can be tailored to the needs of the new association and include: • Advice as to procedures for turnover of control. • Assistance in obtaining required Association records from the Developer. • Review of developer warranties as to the common areas and analysis of records turned over to the Association by the Developer pursuant to Section 18.2 of the Condominium Property Act. • Assistance in setting up assessment billing and collection procedures as well as the Association’s accounting systems and bank accounts. • Review of Association insurance. • Inspection of the common areas for defects. • Preparation of reports to the newly elected Board of Managers as to common area condition and developer warranty issues and as to accounting and insurance matters. WINDY CITY is also ready to take over professional management of the new Chicago or suburban condominium association and to provide a menu of services tailored to the new association’s needs and preferences. The funds of each association, regardless of size, are always kept in a separate account, completely segregated from funds of other associations and from the manager's own funds. Services include: • Billing and Accounting. • Common Area Inspection. • Supervision of Cleaning, Maintenance and Repairs. • Bidding and Supervision of Capital Improvements. • Preparation of Annual Budgets. • Attendance and Preparation of Minutes for Board Meetings. • Conducting Annual Meetings of Homeowners. • Assessment collections. • Bill Payment. • Monthly and Annual Statements. Windy City Management is fully licensed, insured and bonded and is one of the select firms designated as an Accredited Management Organization (AMO™) by the National Association of Realtors AN ACCREDITED MANAGEMENT ORGANIZATION® (AMO®) SHOULD MANAGE YOUR REAL ESTATE. Whether your real estate investment is a rental investment property or a condominium or town home, you know the difference good management makes. If an ACCREDITED MANAGEMENT ORGANIZATION ® manages your real estate assets, there is no question about management expertise, financial stability, professional excellence and stability. For more than 50 years, AMO® organizations have set the bar for the highest standards of excellence in the management of all types of properties. An AMO® firm has the credentials you can rely upon for maximum, professional management services. When you employ WINDY CITY MANAGEMENT, a Certified Property Manager® (CPM®) will manage your real estate. The CPM designation is the most widely recognized professional property management credential among institutional investors, and it is attained only by individuals who complete extensive course study, who have met experience requirements in both fiscal and operational management, and who adhere to a professional code of ethics Why not let the best in property management manage your real estate investment? Visit our Website at www.windycitymanagement.com or e-mail us at merenberg@windycitymanagement.com. Or simply call Marsha Erenberg at (773) 394-6400, extension 2. WINDY CITY MANAGEMENT 3001 W. ARMITAGE AVE. CHICAGO, IL. 60647 (773) 394-6400; fax (773) 394-6443 Chicago New Condominium Association Manager, Chicago New Condominium Association Management, Chicago New Condominium Association Turn Over of Control Manager |
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| Location | All | ||
| Website | Windy City Management | ||
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