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: |
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765 ILCS 605/15 | from Ch. 30, par. 315 |
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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 |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Condominium Property Act is amended by | 5 | | changing 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 | 9 | | greater percentage is provided for in the declaration or
| 10 | | bylaws, and notwithstanding the provisions of Sections 13 and | 11 | | 14 hereof,
a majority of the unit owners where the property | 12 | | contains 2 units, or not
less than 66 2/3% where the property | 13 | | contains three units, and not less
than 75% where the property | 14 | | contains 4 or more units may, by affirmative
vote at a meeting | 15 | | of unit owners duly called for such purpose, elect to
sell the | 16 | | property. Such action shall be binding upon all unit owners, | 17 | | and
it shall thereupon become the duty of every unit owner to | 18 | | execute and
deliver such instruments and to perform all acts as | 19 | | in manner and form may
be necessary to effect such sale, | 20 | | provided, however, that any unit owner
who did not vote in | 21 | | favor of such action and who has filed written
objection | 22 | | thereto with the manager or board of managers within 20 days
| 23 | | after the date of the meeting at which such sale was approved |
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| 1 | | shall be
entitled to receive from the proceeds of such sale an | 2 | | amount equivalent to
the value of his interest, as determined | 3 | | by a fair appraisal, less the
amount of any unpaid assessments | 4 | | or charges due and owing from such unit
owner.
| 5 | | (b) If there is a disagreement as to the value of the
| 6 | | interest of a unit owner who did not vote in favor of the sale | 7 | | of the
property, that unit owner shall have a right to | 8 | | designate an expert in
appraisal or property valuation to | 9 | | represent him, in which case, the
prospective purchaser of the | 10 | | property shall designate an expert in
appraisal or property | 11 | | valuation to represent him, and both of these experts
shall | 12 | | mutually designate a third expert in appraisal or property | 13 | | valuation.
The 3 experts shall constitute a panel to determine | 14 | | by vote of at least 2
of the members of the panel, the value of | 15 | | that unit owner's interest in
the property.
| 16 | | (c) If a unit owner has filed a written objection to a sale | 17 | | with the manager or board of managers within 20 days
after the | 18 | | date of the meeting at which the sale was approved, the unit | 19 | | owner may retain ownership of his or her unit if the fair | 20 | | market value is not at least 90% of the price the unit owner | 21 | | paid for the unit. The changes made by this amendatory Act of | 22 | | the 99th General Assembly apply to sales under this Section | 23 | | that are pending or commenced on and after the effective date | 24 | | of 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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| 1 | | becoming law.
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