We found no statewide reserve study mandate in the Illinois Condominium Property Act (765 ILCS 605) or the Common Interest Community Association Act (765 ILCS 160). Condominium budgets must include reasonable reserves unless owners waive them by a 2/3 vote, and any reserve study the association has is a record owners may inspect.
Last verified October 12, 2026 by ReservePath research.
| Reserve study required | No statewide requirement found |
|---|---|
| Applies to | Not applicable |
| How often | No interval set by statute |
| Site inspection required | No statewide rule found |
We found no statewide reserve study requirement in the Illinois Condominium Property Act or the Common Interest Community Association Act. When a condominium board sets reserves it must consider any independent professional reserve study the association may obtain [765 ILCS 605/9(c)(2)]. (see sources)
We found no statewide rule on this in the statutes listed under Sources.
We found no statewide rule on this in the statutes listed under Sources.
Condominium budgets must provide for reasonable reserves for capital expenditures and deferred maintenance. In setting the amount, the board must weigh repair and replacement costs, useful life, investment return, any independent professional reserve study, the financial impact on owners, and the ability to borrow. An association with no reserve requirement in its own documents may waive the statutory reserve requirement, in whole or in part, by a vote of 2/3 of the total votes (765 ILCS 605/9(c)). The Common Interest Community Association Act does not set a reserve funding level. (see sources)
Condominium owners must receive the proposed annual budget showing which portions are for reserves. On resale, the seller must provide a statement of the status and amount of any reserve for replacement fund (765 ILCS 605/22.1). Any reserve study is an association record members may inspect (765 ILCS 605/19). If a condominium association waives reserves, that fact must be disclosed. Similar budget, resale and records rules apply to common interest community associations (765 ILCS 160/1-45, 1-35 and 1-30). (see sources)
We found no statewide rule on this in the statutes listed under Sources.
ReservePath supports full studies, updates with a site visit and updates without one, 30-year funding projections, and study renewal reminders based on the cycle you set for each study. It includes in-app compliance guidance for each state as a starting point. The preparer and the association's attorney remain responsible for confirming what the law requires.
We found no statewide reserve study requirement in the Illinois Condominium Property Act or the Common Interest Community Association Act. When a condominium board sets reserves it must consider any independent professional reserve study the association may obtain [765 ILCS 605/9(c)(2)].
Condominium budgets must provide for reasonable reserves for capital expenditures and deferred maintenance. In setting the amount, the board must weigh repair and replacement costs, useful life, investment return, any independent professional reserve study, the financial impact on owners, and the ability to borrow. An association with no reserve requirement in its own documents may waive the statutory reserve requirement, in whole or in part, by a vote of 2/3 of the total votes (765 ILCS 605/9(c)). The Common Interest Community Association Act does not set a reserve funding level.
Condominium owners must receive the proposed annual budget showing which portions are for reserves. On resale, the seller must provide a statement of the status and amount of any reserve for replacement fund (765 ILCS 605/22.1). Any reserve study is an association record members may inspect (765 ILCS 605/19). If a condominium association waives reserves, that fact must be disclosed. Similar budget, resale and records rules apply to common interest community associations (765 ILCS 160/1-45, 1-35 and 1-30).
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