Can a condo owner be forced to sell?

Imagine you own property in a 10-unit condo building and a developer wants to buy the property and convert it to apartments. If 8 out of 10 members agree to a bulk sale, you may be forced to sell — regardless of your objections, because 75 percent of owners agreed. First, your condo’s governing documents matter.

What is Deconversion fee?

A deconversion fee is one that is imposed on you even if you live up to all of your contract terms yet simply wish to end your relationship at the end of the contract term and it will cost you a large lump sum not to continue with your current vendor.

Can you be loud in a condo?

Condos and HOAs can be noisy, and unfortunately, residents will have to tolerate a bit of excessive noise every now and again. It’s part of living in a community. Every board has an obligation to investigate noise disturbances, even if it’s only to determine whether additional actions must be taken.

Do you actually own a condo?

Condos are individually sold units within a communal living complex. They often look just like apartment buildings. Unlike apartments, however, you own your private condo unit. All the common areas, like tennis courts, lounges or pools, are collectively owned by all the complex’s residents.

At any time in the future, those investor-owners can easily decide to sell their units to a bulk buyer, leading the way to a condo termination and deconversion, and a situation where you would be forced to sell your condo, like it or not. Consider your equity position and the timing of a potential sale one, two, five, or ten years in the future.

Do you have to sell your condo in Illinois?

As the following article explains, in Illinois, 75% of unit owners need to vote in favor of selling their entire condominium building or project in a bulk sale. The remaining 25% of unit owners are then forced to sell their units, even if they voted against the deconversion.

Can a condo be sold during a deconversion?

Likewise, condo owners who have invested considerable money in upgrades to their units stand to lose money in a forced sale during a deconversion. If you are buying a condo purely as an investment, you may be able to purchase and resell at the right time.

When is selling entire condo building the best move?

The remaining 25% of unit owners are then forced to sell their units, even if they voted against the deconversion. When is selling entire condo building the best move? A condominium association enters into myriad negotiations for goods and services.