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Hi Michael:
Below is a link for your state statutes and part of the statute describing what is to be turned over to homeowners after the period of declarant control. Also below is a document that was uploaded a while back by RogerB and which may be helpful.
http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=076501600HArt%2E+1&ActID=3273&ChapterID=62&SeqStart=100000&SeqEnd=1850000
(765 ILCS 160/1 50)
Sec. 1 50. Administration of property prior to election of the initial board of directors.
(d) Within 60 days following the election of a majority
of the board, other than the developer, by unit owners, the developer shall deliver to the board:
(1) All original documents as recorded or filed
pertaining to the property, its administration, and the association, such as the declaration, articles of incorporation, other instruments, annual reports, minutes, rules and regulations, and contracts, leases, or other agreements entered into by the association. If any original documents are unavailable, a copy may be provided if certified by affidavit of the developer, or an officer or agent of the developer, as being a complete copy of the actual document recorded or filed.
(2) A detailed accounting by the developer, setting
forth the source and nature of receipts and expenditures in connection with the management, maintenance, and operation of the property, copies of all insurance policies, and a list of any loans or advances to the association which are outstanding.
(3) Association funds, which shall have been at all
times segregated from any other moneys of the developer.
(4) A schedule of all real or personal property,
equipment, and fixtures belonging to the association, including documents transferring the property, warranties, if any, for all real and personal property and equipment, deeds, title insurance policies, and all tax bills.
(5) A list of all litigation, administrative action,
and arbitrations involving the association, any notices of governmental bodies involving actions taken or which may be taken concerning the association, engineering and architectural drawings and specifications as approved by any governmental authority, all other documents filed with any other governmental authority, all governmental certificates, correspondence involving enforcement of any association requirements, copies of any documents relating to disputes involving unit owners, and originals of all documents relating to everything listed in this paragraph.
(6) If the developer fails to fully comply with this
subsection (d) within the 60 days provided and fails to fully comply within 10 days after written demand mailed by registered or certified mail to his or her last known address, the board may bring an action to compel compliance with this subsection (d). If the court finds that any of the required deliveries were not made within the required period, the board shall be entitled to recover its reasonable attorney's fees and costs incurred from and after the date of expiration of the 10 day demand.
(e) With respect to any common interest community
association whose declaration is recorded on or after the effective date of this Act, any contract, lease, or other agreement made prior to the election of a majority of the board other than the developer by or on behalf of unit owners or underlying common interest community association, the association or the board, which extends for a period of more than 2 years from the recording of the declaration, shall be subject to cancellation by more than one half of the votes of the unit owners, other than the developer, cast at a special meeting of members called for that purpose during a period of 90 days prior to the expiration of the 2 year period if the board is elected by the unit owners, otherwise by more than one half of the underlying common interest community association board. At least 60 days prior to the expiration of the 2 year period, the board or, if the board is still under developer control, the developer shall send notice to every unit owner notifying them of this provision, of what contracts, leases, and other agreements are affected, and of the procedure for calling a meeting of the unit owners or for action by the board for the purpose of acting to terminate such contracts, leases or other agreements. During the 90 day period the other party to the contract, lease, or other agreement shall also have the right of cancellation.
(f) The statute of limitations for any actions in law or
equity that the board may bring shall not begin to run until the unit owners have elected a majority of the members of the board.
(Source: P.A. 96 1400, eff. 7 29 10.)
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