Bill Text: IL HB5110 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-02-08 - Referred to Rules Committee [HB5110 Detail]

Download: Illinois-2023-HB5110-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5110 Introduced , by Rep. Daniel Didech SYNOPSIS AS INTRODUCED:
765 ILCS 605/15 from Ch. 30, par. 315
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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AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Condominium Property Act is amended by
changing Section 15 as follows:
(765 ILCS 605/15) (from Ch. 30, par. 315)
Sec. 15. Sale of property.
(a) Unless a greater percentage is provided for in the
declaration or bylaws, and notwithstanding the provisions of
Sections 13 and 14 hereof, a majority of the unit owners where
the property contains 2 units, or not less than 66 2/3% where
the property contains 3 three units, and not less than 85% 75%
where the property contains 4 or more units may, by
affirmative vote at a meeting of unit owners duly called for
such purpose, elect to sell the property. Such action shall be
binding upon all unit owners, and it shall thereupon become
the duty of every unit owner to execute and deliver such
instruments and to perform all acts as in manner and form may
be necessary to effect such sale, provided, however, that any
unit owner who did not vote in favor of such action and who has
filed written objection thereto with the manager or board of
managers within 20 days after the date of the meeting at which
such sale was approved shall be entitled to receive from the

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proceeds of such sale an amount equivalent to the greater of:
(i) the value of his or her interest, as determined by a fair
appraisal, less the amount of any unpaid assessments or
charges due and owing from such unit owner or (ii) the
outstanding balance of any bona fide debt secured by the
objecting unit owner's interest which was incurred by such
unit owner in connection with the acquisition or refinance of
the unit owner's interest, less the amount of any unpaid
assessments or charges due and owing from such unit owner. The
objecting unit owner is also entitled to receive from the
proceeds of a sale under this Section reimbursement for
reasonable relocation costs, determined in the same manner as
under the federal Uniform Relocation Assistance and Real
Property Acquisition Policies Act of 1970, as amended from
time to time, and as implemented by regulations promulgated
under that Act.
(b) If there is a disagreement as to the value of the
interest of a unit owner who did not vote in favor of the sale
of the property, that unit owner shall have a right to
designate an expert in appraisal or property valuation to
represent him, in which case, the prospective purchaser of the
property shall designate an expert in appraisal or property
valuation to represent him, and both of these experts shall
mutually designate a third expert in appraisal or property
valuation. The 3 experts shall constitute a panel to determine
by vote of at least 2 of the members of the panel, the value of

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that unit owner's interest in the property. The changes made
by this amendatory Act of the 100th General Assembly apply to
sales under this Section that are pending or commenced on and
after the effective date of this amendatory Act of the 100th
General Assembly.
(Source: P.A. 100-292, eff. 1-1-18.)