Condominiums: Deconversion (IL) | Practical Law

Condominiums: Deconversion (IL) | Practical Law

A Practice Note discussing the key issues and requirements for deconverting a condominium in Illinois under the Illinois Condominium Property Act. This Note also discusses the right of a supermajority of unit owners to force a sale of all the condominium units in a condominium association under Section 15 of the Illinois Condominium Property Act to allow a deconversion, the rights of objecting unit owners, the fiduciary duties of the board of managers, and local municipal considerations.

Condominiums: Deconversion (IL)

Practical Law Practice Note Overview w-022-3276 (Approx. 14 pages)

Condominiums: Deconversion (IL)

by R. Kymn Harp, Robbins, Salomon & Patt, Ltd., with Practical Law Real Estate
MaintainedIllinois
A Practice Note discussing the key issues and requirements for deconverting a condominium in Illinois under the Illinois Condominium Property Act. This Note also discusses the right of a supermajority of unit owners to force a sale of all the condominium units in a condominium association under Section 15 of the Illinois Condominium Property Act to allow a deconversion, the rights of objecting unit owners, the fiduciary duties of the board of managers, and local municipal considerations.