101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1585

 

Introduced , by Rep. Sara Feigenholtz

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 605/15  from Ch. 30, par. 315

    Amends the Condominium Property Act. Makes a technical change in a Section concerning the sale of property.


LRB101 07379 LNS 52419 b

 

 

A BILL FOR

 

HB1585LRB101 07379 LNS 52419 b

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) Unless a greater percentage is provided for in the
9declaration or bylaws, and and notwithstanding the provisions
10of Sections 13 and 14 hereof, a majority of the unit owners
11where the property contains 2 units, or not less than 66 2/3%
12where the property contains three units, and not less than 75%
13where the property contains 4 or more units may, by affirmative
14vote at a meeting of unit owners duly called for such purpose,
15elect to sell the property. Such action shall be binding upon
16all unit owners, and it shall thereupon become the duty of
17every unit owner to execute and deliver such instruments and to
18perform all acts as in manner and form may be necessary to
19effect such sale, provided, however, that any unit owner who
20did not vote in favor of such action and who has filed written
21objection thereto with the manager or board of managers within
2220 days after the date of the meeting at which such sale was
23approved shall be entitled to receive from the proceeds of such

 

 

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1sale an amount equivalent to the greater of: (i) the value of
2his or her interest, as determined by a fair appraisal, less
3the amount of any unpaid assessments or charges due and owing
4from such unit owner or (ii) the outstanding balance of any
5bona fide debt secured by the objecting unit owner's interest
6which was incurred by such unit owner in connection with the
7acquisition or refinance of the unit owner's interest, less the
8amount of any unpaid assessments or charges due and owing from
9such unit owner. The objecting unit owner is also entitled to
10receive from the proceeds of a sale under this Section
11reimbursement for reasonable relocation costs, determined in
12the same manner as under the federal Uniform Relocation
13Assistance and Real Property Acquisition Policies Act of 1970,
14as amended from time to time, and as implemented by regulations
15promulgated under that Act.
16    (b) If there is a disagreement as to the value of the
17interest of a unit owner who did not vote in favor of the sale
18of the property, that unit owner shall have a right to
19designate an expert in appraisal or property valuation to
20represent him, in which case, the prospective purchaser of the
21property shall designate an expert in appraisal or property
22valuation to represent him, and both of these experts shall
23mutually designate a third expert in appraisal or property
24valuation. The 3 experts shall constitute a panel to determine
25by vote of at least 2 of the members of the panel, the value of
26that unit owner's interest in the property. The changes made by

 

 

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1this amendatory Act of the 100th General Assembly apply to
2sales under this Section that are pending or commenced on and
3after the effective date of this amendatory Act of the 100th
4General Assembly.
5(Source: P.A. 100-292, eff. 1-1-18.)