99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2863
 
Introduced 2/17/2016, by Sen. Michael Connelly
 
SYNOPSIS AS INTRODUCED:






765 ILCS 605/15 from Ch. 30, par. 315

 Amends the Condominium Property Act. Provides that if a unit owner has filed a written objection to a sale of condominium property within 20 days
after the date of the meeting at which the sale was approved, the unit owner may retain ownership of his or her unit if the fair market value is not at least 90% of the price the unit owner paid for the unit. Provides that the changes apply to sales that are pending or commenced on and after the effective date. Effective immediately.



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A BILL FOR
 


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1 AN ACT concerning civil law.


2 Be it enacted by the People of the State of Illinois,

3represented in the General Assembly:



4 Section 5. The Condominium Property Act is amended by 
5changing Section 15 as follows:




6 (765 ILCS 605/15) (from Ch. 30, par. 315)



7 Sec. 15. Sale of property. 

8 (a) Except as provided in subsection (c), unless Unless a 
9greater percentage is provided for in the declaration or

10bylaws, and notwithstanding the provisions of Sections 13 and 
1114 hereof,
a majority of the unit owners where the property 
12contains 2 units, or not
less than 66 2/3% where the property 
13contains three units, and not less
than 75% where the property 
14contains 4 or more units may, by affirmative
vote at a meeting 
15of unit owners duly called for such purpose, elect to
sell the 
16property. Such action shall be binding upon all unit owners, 
17and
it shall thereupon become the duty of every unit owner to 
18execute and
deliver such instruments and to perform all acts as 
19in manner and form may
be necessary to effect such sale, 
20provided, however, that any unit owner
who did not vote in 
21favor of such action and who has filed written
objection 
22thereto with the manager or board of managers within 20 days

23after the date of the meeting at which such sale was approved 
 
 
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1shall be
entitled to receive from the proceeds of such sale an 
2amount equivalent to
the value of his interest, as determined 
3by a fair appraisal, less the
amount of any unpaid assessments 
4or charges due and owing from such unit
owner.

5 (b) If there is a disagreement as to the value of the

6interest of a unit owner who did not vote in favor of the sale 
7of the
property, that unit owner shall have a right to 
8designate an expert in
appraisal or property valuation to 
9represent him, in which case, the
prospective purchaser of the 
10property shall designate an expert in
appraisal or property 
11valuation to represent him, and both of these experts
shall 
12mutually designate a third expert in appraisal or property 
13valuation.
The 3 experts shall constitute a panel to determine 
14by vote of at least 2
of the members of the panel, the value of 
15that unit owner's interest in
the property.

16 (c) If a unit owner has filed a written objection to a sale 
17with the manager or board of managers within 20 days
after the 
18date of the meeting at which the sale was approved, the unit 
19owner may retain ownership of his or her unit if the fair 
20market value is not at least 90% of the price the unit owner 
21paid for the unit. The changes made by this amendatory Act of 
22the 99th General Assembly apply to sales under this Section 
23that are pending or commenced on and after the effective date 
24of this amendatory Act of the 99th General Assembly.
25(Source: P.A. 86-1156.)



26 Section 99. Effective date. This Act takes effect upon 
 
 
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1becoming law.