Illinois General Assembly - Full Text of SB2863
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Full Text of SB2863  99th General Assembly

SB2863 99TH GENERAL ASSEMBLY

  
  

 


 
99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2863

 

Introduced 2/17/2016, by Sen. Michael Connelly

 

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

    Amends the Condominium Property Act. Provides that if a unit owner has filed a written objection to a sale of condominium property within 20 days after the date of the meeting at which the sale was approved, the unit owner may retain ownership of his or her unit if the fair market value is not at least 90% of the price the unit owner paid for the unit. Provides that the changes apply to sales that are pending or commenced on and after the effective date. Effective immediately.


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A BILL FOR

 

SB2863LRB099 20646 HEP 45249 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) Except as provided in subsection (c), unless Unless a
9greater percentage is provided for in the declaration or
10bylaws, and notwithstanding the provisions of Sections 13 and
1114 hereof, a majority of the unit owners where the property
12contains 2 units, or not less than 66 2/3% where the property
13contains three units, and not less than 75% where the property
14contains 4 or more units may, by affirmative vote at a meeting
15of unit owners duly called for such purpose, elect to sell the
16property. Such action shall be binding upon all unit owners,
17and it shall thereupon become the duty of every unit owner to
18execute and deliver such instruments and to perform all acts as
19in manner and form may be necessary to effect such sale,
20provided, however, that any unit owner who did not vote in
21favor of such action and who has filed written objection
22thereto with the manager or board of managers within 20 days
23after the date of the meeting at which such sale was approved

 

 

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1shall be entitled to receive from the proceeds of such sale an
2amount equivalent to the value of his interest, as determined
3by a fair appraisal, less the amount of any unpaid assessments
4or charges due and owing from such unit owner.
5    (b) If there is a disagreement as to the value of the
6interest of a unit owner who did not vote in favor of the sale
7of the property, that unit owner shall have a right to
8designate an expert in appraisal or property valuation to
9represent him, in which case, the prospective purchaser of the
10property shall designate an expert in appraisal or property
11valuation to represent him, and both of these experts shall
12mutually designate a third expert in appraisal or property
13valuation. The 3 experts shall constitute a panel to determine
14by vote of at least 2 of the members of the panel, the value of
15that unit owner's interest in the property.
16    (c) If a unit owner has filed a written objection to a sale
17with the manager or board of managers within 20 days after the
18date of the meeting at which the sale was approved, the unit
19owner may retain ownership of his or her unit if the fair
20market value is not at least 90% of the price the unit owner
21paid for the unit. The changes made by this amendatory Act of
22the 99th General Assembly apply to sales under this Section
23that are pending or commenced on and after the effective date
24of this amendatory Act of the 99th General Assembly.
25(Source: P.A. 86-1156.)
 
26    Section 99. Effective date. This Act takes effect upon

 

 

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1becoming law.