All information below comes from the Illinois Condominium Act, 765 ILCS 605.
Your developer is required to turn over control of the property to the condominium association within sixty (60) days after either the closing of the sales of units comprising at least 75% of the percentage interest in the common elements (property shared by owners based on their percentage of ownership), or three (3) years after the date of recordation of the Condominium Declaration, whichever occurs first. If in your case either of these dates (plus 60 days) has passed and the developer has still not completed the required turnover, the Act provides a procedure whereby unit owners holding at least 20% of the percentage interest in the common elements can petition the developer to call the first meeting of unit owners in order for them to elect the first board of directors (commonly called the HOA board). If the developer fails to call the first meeting, then the unit owners can call the first meeting themselves.
From your questions, it appears the election of a board may have occurred and now you are merely attempting to receive information pertaining to the contracts and other operational aspects of the property. Section 18.2 of the Act specifies the various documents and financial information to be provided to the new board within sixty (60) days after the first election. If a new board has been elected and the required documents have not yet been received from the developer, you may serve a demand letter for them via certified mail, return receipt requested. If you still have not obtained the required materials by ten (10) days after this demand, then the association may file suit to compel their production. Because these documents are required by law to be turned over, the Act also provides that the court shall order the developer to reimburse the association for any and all attorney fees and court costs incurred in obtaining compliance.
In regard to your concerns about the financial condition of the association, the developer has obligations whereby after the first day of the month following the first unit¿s sale, and for every month thereafter, the developer must pay assessments for each unsold unit. Moreover, the developer must maintain separate accounts for these funds and turn over all financial records and account information within the above-mentioned sixty (60) day period following the election of the first board.
Your concerns are considerable, especially if your association has a board of directors that has assumed responsibility. Therefore, it is highly recommended that you consult an attorney if the developer is not fulfilling his obligations under the Act because the new board cannot adequately carry out their fiduciary duties without the required information from the developer.
Free review of the Act can be found at the following web link: Condominium Property Act.
-- Michael T. Sawyier
