- Community Associations, Condo Deconversions, Firm News
- Illinois
Kovitz Shifrin Nesbit attorneys including David M. Bendoff recently represented a Chicago condominium association in the sale of all of the units in the condominium to a third party. They also represented the association in the removal of the property from the provisions of the Condominium Property Act.
The sale of the property and removal from the provisions of the Act were approved by a vote of the unit owners under Section 15 and Section 16 of the Illinois Condominium Property Act.
“A transaction of this type demonstrates the diversity of services that KSN delivers to its association clients,” said attorney David Bendoff.
Attorney David Bendoff also represented another Chicago condominium association and a north suburban condominium association in similar transactions.
Rarely seen until recently, there is a demand by real estate developers to acquire entire condominium projects and convert them to rentals to take advantage of the strong residential leasing market. The Condominium Property Act provides a procedure that permits the sale of the entire condominium property with (typically) approval of 75% of the unit owners.
KSN is available to assist condominium associations throughout Illinois in these transactions. Contact us at 855-537-0550 or visit our contact page.
Since 1983, KSN has been a legal resource for condominium, homeowner, and townhome associations. Additionally, we represent clients in real estate transactions, collections, landlord/tenant issues, and property tax appeals. We represent thousands of clients and community associations throughout the US with offices in several states including Florida, Illinois, Indiana, and Wisconsin.
This article is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By reading this article you understand that there is no attorney client relationship between you and the article author. This article should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. © 2023 Kovitz Shifrin Nesbit, A Professional Corporation.
