103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2533

 

Introduced 2/15/2023, by Rep. Jenn Ladisch Douglass

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 605/15  from Ch. 30, par. 315

    Amends the Condominium Property Act. Provides that any unit owner who does not vote in favor of the sale of property has 30 days after the date of the meeting at which a sale was approved to file a written objection to the sale to the manager or board of managers. Provides that if there are any remaining reserve funds left over from the sale of the property, such reserve funds shall be returned in proportion to the unit owner's interest in the property prior to deconversion.


LRB103 30306 LNS 56734 b

 

 

A BILL FOR

 

HB2533LRB103 30306 LNS 56734 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Condominium Property Act is amended by
5changing Section 15 as follows:
 
6    (765 ILCS 605/15)  (from Ch. 30, par. 315)
7    Sec. 15. Sale of property.
8    (a) Unless a greater percentage is provided for in the
9declaration or bylaws, and notwithstanding the provisions of
10Sections 13 and 14 hereof, a majority of the unit owners where
11the property contains 2 units, or not less than 66 2/3% where
12the property contains three units, and not less than 75% where
13the property contains 4 or more units may, by affirmative vote
14at a meeting of unit owners duly called for such purpose, elect
15to sell the property. Such action shall be binding upon all
16unit owners, and it shall thereupon become the duty of every
17unit owner to execute and deliver such instruments and to
18perform all acts as in manner and form may be necessary to
19effect such sale, provided, however, that any unit owner who
20did not vote in favor of such action and who has filed written
21objection thereto with the manager or board of managers within
2230 20 days after the date of the meeting at which such sale was
23approved shall be entitled to receive from the proceeds of

 

 

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1such sale an amount equivalent to the greater of: (i) the value
2of his or her interest, as determined by a fair appraisal, less
3the amount of any unpaid assessments or charges due and owing
4from such unit owner or (ii) the outstanding balance of any
5bona fide debt secured by the objecting unit owner's interest
6which was incurred by such unit owner in connection with the
7acquisition or refinance of the unit owner's interest, less
8the amount of any unpaid assessments or charges due and owing
9from such unit owner. The objecting unit owner is also
10entitled to receive from the proceeds of a sale under this
11Section reimbursement for reasonable relocation costs,
12determined in the same manner as under the federal Uniform
13Relocation Assistance and Real Property Acquisition Policies
14Act of 1970, as amended from time to time, and as implemented
15by regulations promulgated under that Act.
16    (b) If there is a disagreement as to the value of the
17interest of a unit owner who did not vote in favor of the sale
18of the property, that unit owner shall have a right to
19designate an expert in appraisal or property valuation to
20represent him, in which case, the prospective purchaser of the
21property shall designate an expert in appraisal or property
22valuation to represent him, and both of these experts shall
23mutually designate a third expert in appraisal or property
24valuation. The 3 experts shall constitute a panel to determine
25by vote of at least 2 of the members of the panel, the value of
26that unit owner's interest in the property. The changes made

 

 

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1by this amendatory Act of the 100th General Assembly apply to
2sales under this Section that are pending or commenced on and
3after the effective date of this amendatory Act of the 100th
4General Assembly.
5    (c) If there are any remaining reserve funds left over
6from the sale of the property, such reserve funds shall be
7returned in proportion to the unit owner's interest in the
8property prior to deconversion. Only a unit owner who owned
9property at the time of deconversion shall receive a return of
10proportionate reserve funds.
11(Source: P.A. 100-292, eff. 1-1-18.)