Full Text of HB5110 103rd General Assembly
HB5110 103RD GENERAL ASSEMBLY |
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 HB5110 Introduced 2/8/2024, by Rep. Daniel Didech 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 a majority of unit owners or not less than 85% (rather than 75%) of unit owners where the property contains 4 or more units may, by affirmative vote at a meeting of unit owners, elect to sell the property.
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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) Unless a greater percentage is provided for in the | 9 | | declaration or
bylaws, and notwithstanding the provisions of | 10 | | Sections 13 and 14 hereof,
a majority of the unit owners where | 11 | | the property contains 2 units, or not
less than 66 2/3% where | 12 | | the property contains 3 three units, and not less
than 85% 75% | 13 | | where the property contains 4 or more units may, by | 14 | | affirmative
vote at a meeting of unit owners duly called for | 15 | | such purpose, elect to
sell the property. Such action shall be | 16 | | binding upon all unit owners, and
it shall thereupon become | 17 | | the duty of every unit owner to execute and
deliver such | 18 | | instruments and to perform all acts as in manner and form may
| 19 | | be necessary to effect such sale, provided, however, that any | 20 | | unit owner
who did not vote in favor of such action and who has | 21 | | filed written
objection thereto with the manager or board of | 22 | | managers within 20 days
after the date of the meeting at which | 23 | | such sale was approved shall be
entitled to receive from the |
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| 1 | | proceeds of such sale an amount equivalent to
the greater of: | 2 | | (i) the value of his or her interest, as determined by a fair | 3 | | appraisal, less the
amount of any unpaid assessments or | 4 | | charges due and owing from such unit
owner or (ii) the | 5 | | outstanding balance of any bona fide debt secured by the | 6 | | objecting unit owner's interest which was incurred by such | 7 | | unit owner in connection with the acquisition or refinance of | 8 | | the unit owner's interest, less the amount of any unpaid | 9 | | assessments or charges due and owing from such unit owner. The | 10 | | objecting unit owner is also entitled to receive from the | 11 | | proceeds of a sale under this Section reimbursement for | 12 | | reasonable relocation costs, determined in the same manner as | 13 | | under the federal Uniform Relocation Assistance and Real | 14 | | Property Acquisition Policies Act of 1970, as amended from | 15 | | time to time, and as implemented by regulations promulgated | 16 | | under that Act.
| 17 | | (b) If there is a disagreement as to the value of the
| 18 | | interest of a unit owner who did not vote in favor of the sale | 19 | | of the
property, that unit owner shall have a right to | 20 | | designate an expert in
appraisal or property valuation to | 21 | | represent him, in which case, the
prospective purchaser of the | 22 | | property shall designate an expert in
appraisal or property | 23 | | valuation to represent him, and both of these experts
shall | 24 | | mutually designate a third expert in appraisal or property | 25 | | valuation.
The 3 experts shall constitute a panel to determine | 26 | | by vote of at least 2
of the members of the panel, the value of |
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| 1 | | that unit owner's interest in
the property. The changes made | 2 | | by this amendatory Act of the 100th General Assembly apply to | 3 | | sales under this Section that are pending or commenced on and | 4 | | after the effective date of this amendatory Act of the 100th | 5 | | General Assembly.
| 6 | | (Source: P.A. 100-292, eff. 1-1-18 .)
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