Condo Deconversion & Sale Of All Units

Condo Deconversions and Bulk Unit Sales: Legal Guidance for Community Association

A condominium deconversion (also known as a termination or bulk sale of units) occurs when a significant majority of unit owners in a condo association agree to sell their units to a single purchaser. This sale is usually to a third party (ex. developer, investor) who plans to convert the property into rental apartments. As the demand for rental units continues to increase, the number of condominium deconversions has increased.

While deconversions can offer financial benefits, the process is legally complex and requires experienced community association counsel to navigate this transaction successfully. While deconversions can offer financial benefits, the process is legally complex and requires experienced community association counsel to navigate this transaction successfully. These transactions can also be highly sensitive for unit owners, as they involve decisions about their property, and often, their home. Our legal team is prepared to guide associations through this delicate process with professionalism, transparency, and care.

KSN represents community associations throughout the United States in all aspects of the deconversion process. While we’ve completed numerous deconversion transactions in Illinois and the Chicagoland area, our legal team is fully equipped to handle these matters nationwide. Our attorneys work closely with association boards and owners to ensure that the process is legally compliant, transparent, and in the best interest of the community. We provide strategic guidance from the initial offer to closing, helping associations manage every legal aspect of the transaction with confidence.

KSN's Condominium Deconversion Services

• 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 Illinois 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

Experience Matters

KSN attorneys have handled unit sales and de-conversion transactions for buildings as small as 6 units and to over 400 units, including 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 community 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 KSN today to discuss your legal needs by sending us a message or calling our law firm at 1-855-537-0500.