Quote:
Originally Posted by LifeIsGood01
https://independentamericancommuniti...ike-it-or-not/
Condo owners forced to sell in a deconversion, like it or not
IN CHICAGO, ILLINOIS, 75% OF UNIT OWNERS CAN FORCE A BULK SALE AND TERMINATION OF THE CONDO ASSOCIATION.
This happens in other parts of the country too but the bigger the condo building is the harder it should be to get 75% ownership by one person.
|
Every association has language within their governing documents about the requirements to dissolve the association. Some states/ municipalities have statutes that can trump an association’s governing documents.
The deconversions I am aware, of are mostly studios and 1 br units, majority investor- owned and occupied by renters.
Some condos limit or prevent units that can be rented and do so because a majority of owners prefer their neighbors to be owners.