Full Text of HB1585 101st General Assembly
HB1585 101ST GENERAL ASSEMBLY |
| | 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 |
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Amends the Condominium Property Act. Makes a technical change in a Section concerning the sale of property.
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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,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Condominium Property Act is amended by | 5 | | changing 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 | 9 | | declaration or
bylaws, and and notwithstanding the provisions | 10 | | of Sections 13 and 14 hereof,
a majority of the unit owners | 11 | | where the property contains 2 units, or not
less than 66 2/3% | 12 | | where the property contains three units, and not less
than 75% | 13 | | where the property contains 4 or more units may, by affirmative
| 14 | | vote at a meeting of unit owners duly called for such purpose, | 15 | | elect to
sell the property. Such action shall be binding upon | 16 | | all unit owners, and
it shall thereupon become the duty of | 17 | | every unit owner to execute and
deliver such instruments and to | 18 | | perform all acts as in manner and form may
be necessary to | 19 | | effect such sale, provided, however, that any unit owner
who | 20 | | did not vote in favor of such action and who has filed written
| 21 | | objection thereto with the manager or board of managers within | 22 | | 20 days
after the date of the meeting at which such sale was | 23 | | approved shall be
entitled to receive from the proceeds of such |
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| 1 | | sale an amount equivalent to
the greater of: (i) the value of | 2 | | his or her interest, as determined by a fair appraisal, less | 3 | | the
amount of any unpaid assessments or charges due and owing | 4 | | from such unit
owner or (ii) the outstanding balance of any | 5 | | bona fide debt secured by the objecting unit owner's interest | 6 | | which was incurred by such unit owner in connection with the | 7 | | acquisition or refinance of the unit owner's interest, less the | 8 | | amount of any unpaid assessments or charges due and owing from | 9 | | such unit owner. The objecting unit owner is also entitled to | 10 | | receive from the proceeds of a sale under this Section | 11 | | reimbursement for reasonable relocation costs, determined in | 12 | | the same manner as under the federal Uniform Relocation | 13 | | Assistance and Real Property Acquisition Policies Act of 1970, | 14 | | as amended from time to time, and as implemented by regulations | 15 | | promulgated under that Act.
| 16 | | (b) If there is a disagreement as to the value of the
| 17 | | interest of a unit owner who did not vote in favor of the sale | 18 | | of the
property, that unit owner shall have a right to | 19 | | designate an expert in
appraisal or property valuation to | 20 | | represent him, in which case, the
prospective purchaser of the | 21 | | property shall designate an expert in
appraisal or property | 22 | | valuation to represent him, and both of these experts
shall | 23 | | mutually designate a third expert in appraisal or property | 24 | | valuation.
The 3 experts shall constitute a panel to determine | 25 | | by vote of at least 2
of the members of the panel, the value of | 26 | | that unit owner's interest in
the property. The changes made by |
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| 1 | | this amendatory Act of the 100th General Assembly apply to | 2 | | sales under this Section that are pending or commenced on and | 3 | | after the effective date of this amendatory Act of the 100th | 4 | | General Assembly.
| 5 | | (Source: P.A. 100-292, eff. 1-1-18 .)
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