The City of Chicago’s Municipal Code requires that condo developers make available a detailed property report to any prospective purchaser who requests one, if the building has more than six units.
I’ve heard that sales agents routinely stiff buyers, telling them that the report is only available when a contract is signed. The law requires that the report be made available to “prospective purchasers” not just to actual purchasers.
Here’s the relevant section of the Municipal Code:
13-72-050 Requirements for developer of more than six units.
(A) Not later than the offering for sale of the first unit, a developer of a condominium of more than six units must:
(1) Have a property report available for distribution to each prospective purchaser and for examination by the department. A developer may make a charge, not to exceed $2.00, for each report so distributed;
Developers should be careful about compliance since it’s easy to commit a misdemeanor violation under Section 13-72-110, punishable by up to 6 months in the county jail.