Kovitz Shifrin Nesbit can advise your Association throughout the complex process of the sale of all units in the Association, sometimes commonly referred to as condominium de-conversion or condominium conversion.
As the demand for rental units continues to increase, a new phenomenon has emerged - the sale of all of the units in a condominium building to a third party (ex. developer) who may then “de-convert” the condominiums into apartments.
With over 30 years of experience providing representation to thousands of associations, Kovitz Shifrin Nesbit is well-equipped to advise on all of the challenging legal factors involved in the sale of all units and/or the de-conversion process.
KSN can provide legal guidance by:
- Counseling the Board and Management as to the sale of property process
- Communications with the Board and Management concerning the transaction
- Attendance at meetings with the Board, management, and Owners
- Reviewing the terms in a solicited or unsolicited letter of intent
- Reviewing Real Estate Contract and/or purchase agreement documents
- Advising the Board regarding the provisions outlined in Section 15 of the Condominium Property Act
- Advising the Board regarding applicable provisions of the Association’s Declaration related to the sale of all units
- Assisting owners in the execution of required sales documents
- Preparation of corporate documents to Obtain Owner Approval including voting documents and notices
- Preparation of Articles of Dissolution of Corporation
- Addressing current contracts to which the Association is a party
- Limited assistance with the winding up of the affairs of the Association
- Unit Closings
- Title Work
Kovitz Shifrin Nesbit attorneys have handled unit sales and de-conversion transactions for buildings as small as 6 units and as large as 449 units (the largest de-conversion project attempted to date in downtown Chicago). Our attorneys can also assist buyers as they convert rental property into individually sold units as condominiums.
If your association has been approached by an interested buyer, your association is in the middle of a potential sale or de-conversion, or you are a buyer interested in converting income property into condominiums, please contact Kovitz Shifrin Nesbit today to discuss your legal needs by sending us a message or calling our law firm at 1-855-537-0500.