IL HB5496

Requires developers to establish an escrow account or security prior to conveying the first unit's title, for the unit owners' association to pay for code violations and contracted-but-uncompleted improvements in common areas.

Mandates that all first-time condominium unit sales contracts include express developer warranties covering common elements and systems (roof, foundation, walls, electrical, plumbing, HVAC) for 4 years or 2 years after 60% of units transfer, whichever is first.

Requires developers to warrant individual unit mechanical equipment (appliances and systems within units) for 1 year after title transfer.

Specifies permissible warranty exclusions including damage from unauthorized third parties, acts of God, normal wear and tear, and ordinary maintenance.

Establishes escrow accounts equal to 1% of each unit's sales price as a combined joint fund for both common element and unit warranty work, remaining irrevocable until all warranty periods expire.