KSN 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, KSN is well-equipped to advise on all of the challenging legal factors involved in the sale of all units and/or the Illinois condo 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 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
KSN 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 KSN today to discuss your legal needs by sending us a message or calling our law firm at 1-847-537-0500.
Please contact us today to discuss your legal needs. Call us at 1-847-537-0500 or complete our Contact form to send us a message.
Sign Up For Our Newsletter
Join over 20,000 peers and receive free industry news, legal updates, and details on our upcoming events.
Download the KSN app today! Free mobile-friendly access to articles, laws, ordinances, and more.