Synopsis As Introduced Amends the Condominium Property Act. Provides procedures for addressing distressed condominium property that is a danger, blight, or nuisance to the surrounding community or the public and that is substantially unoccupied, without utilities, or in a serious negative condition. Provides a definition of "distressed condominium property". Provides that a municipality may file a petition in the circuit court and that if the court finds that a property is a distressed condominium property, the court may appoint a receiver to manage the property. Provides also that if a court finds that the property is not viable as a condominium, the court may deem that the entire property is owned in common by the unit owners and may authorize the receiver to sell the entire property without the consent of the unit owners. Provides that if the receiver sells the property pursuant to court authorization, the sale proceeds shall be paid to unit owners according to their respective shares, after sale expenses, taxes, and liens have been paid. Provides that the receiver has the power and authority to secure and insure the premises, make repairs, and otherwise manage the premises.
Senate Committee Amendment No. 1 Makes changes in the definition of "distressed condominium property". Corrects and clarifies cross-references within the provisions. Provides that, in the event of a property sale, the net proceeds of the sale, after payment of all receiver's costs, time, expenses, and fees as approved by the court (rather than as evidenced by the receiver's notes or certificates duly issued and assigned), shall be deposited into an escrow account.