IL Condominium Deconversion: Process and Pitfalls
MCLE approved for 1-hour credit
Registration is Free for IRELA Members
Non-Members* ~ $50
A Section 15 sale on the path to deconversion can be controversial. There are rules but they are often misunderstood or intentionally ignored, frequently by the Board of Managers and their attorneys.
Unit owners can be forced to sell their unit, whether they wish to or not, upon terms determined by others. Opposition unit owners may be liable if they unlawfully obstruct a sale approved by a requisite majority of unit owners. Conversely, board members may find themselves personally liable, even for punitive damages, if they overstep their bounds and violate their fiduciary obligations to unit owners. We’ll discuss.
R. Kymn Harp is a shareholder at Robbins, Salomon & Patt, Ltd. in Chicago, IL and serves as Chair of the firm’s Business and Real Estate Transactions group. He has primarily represented commercial real estate owners, developers, and businesses for over 40 years. In recent years he has become actively involved in condominium deconversion for investors and developers, and occasionally opposes deconversion on behalf of unit owners. He is a frequent author and speaker on real estate related topics for IICLE, the ISBA, and others. Kymn Harp serves as a member of the ISBA Real Estate Law Section Council.
P.O. Box 4956
Oak Brook, IL 60522-4956
Telephone: (312) 600-7720
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